Post by
DaneOddments on Jun 27, 2024 9:10am
Case study: How to steal control of a public company
Tom Finke and the other pawns of the Jefferies / MassMutual private placement buyers won the vote, supposedly. But if we remove the 10.5 mil. shares that were wrongfully issued to them at less than half of Aimia's liquidation value a mere 8 months ago, and the 5 mil. wrongfully issued to Paladin also at less than half of Aimia's liquidation value just over 1 month ago, then the 54.6% votes in favor becomes only 43.9%, a very different outcome.
So I guess the lesson here boys and girls is to win, by any means possible, and worry about your code of ethics and other ESG nonsense later.
Now get ready for phase 2: the cementing of control. I expect a cash and stock merger with Tom Finke's busted SPAC, Alliance Entertainment (AENT $31.17) should do the trick, or maybe a Jefferies client might be more deserving of Aimia's seemingly endless largesse.
I would say "Oh, Canada" but these are Americans.
Comment by
Growthnvalue on Jun 27, 2024 11:02am
Agreed. Though the ruling was disappointing, the private placement was at least addressed witht he courts. But the AGM delay and convenient, self interested issuance to Paladin should be illegal. Why would Mithaq stay invested here?