U.S. Markets close in 3 hrs 31 mins

Mittleman Brothers File Statement of Defence and Counterclaim Against Aimia Inc. and Certain Current and Former Directors

NEW YORK, Sept. 10, 2019 /PRNewswire/ -- Mittleman Brothers LLC ("Mittleman" or "we"), a value-oriented investment firm which through subsidiaries and with affiliates is the largest shareholder of Aimia Inc. (TSX: AIM) ("Aimia" or the "Company") owning or exercising control over approximately 23.2% of its outstanding shares, today filed a statement of defence with the Ontario Superior Court in response to Aimia Inc.'s specious July 22, 2019 legal action to disenfranchise Mittleman of its right to vote, in order to entrench current directors. 

Mittleman also filed a counterclaim today with the Ontario Superior Court against Aimia, as well as against current and former directors William G. McEwan, Jeremy Rabe, Thomas D. Gardner,  Robert C. Kriedler,  Emma Griffin and Robert E. Brown, seeking, among other remedies, an aggregate of CAD$125 million in compensatory and punitive damages for breach of contract and defamation as well as CAD$30 million in compensatory damages from current and former directors Jeremy Rabe and Robert E. Brown for tortious misrepresentations in connection with the sale of Aeroplan to Air Canada.

Mittleman will vigorously pursue its defence and counterclaims against Aimia and its current and former directors.

"It is extremely disappointing that Aimia's board of directors (the "Board") has chosen to waste corporate assets through a campaign of litigation and entrenchment, rather than undertake meaningful engagement with its largest shareholder," said Chris Mittleman, Chief Investment Officer of Mittleman.

Mittleman remains committed to assisting Aimia in improving value of for all stakeholders, and we believe that entails, first and foremost, a Board with seasoned, independent, investment and business professionals, experienced in operations and in M&A not only as agents but as principals putting capital at risk with discernible track records of success.  Shareholders deserve nothing less.

Mittleman believes that Aimia, with the proper oversight, is uniquely positioned to deploy its liquid assets, leverage its debt free balance sheet, and legacy tax losses into accretive acquisitions of operating businesses, and harvest the significant value of its existing investments.

About Mittleman Brothers LLC:

Mittleman Brothers LLC is a holding company, which wholly owns Mittleman Investment Management LLC ("MIM"), an SEC-registered investment adviser that provides discretionary portfolio management to institutional investors and high-net-worth individuals. MIM pursues superior returns through long-term investments in what it deems to be extremely undervalued securities, while maintaining its focus on limiting risk.

As of the date hereof, MIM exercised control or direction over 25,143,332 common shares of Aimia Inc. ("Common Shares") on behalf of accounts over which MIM exercises control or direction through its discretionary investment authority (the "Accounts"). This represents approximately 23.2 % of the issued and outstanding Common Shares disclosed by Aimia.  Included in the security holdings of the Accounts are 12,500 Common Shares beneficially owned by Mittleman Brothers LLC ("MB"), an affiliate and joint actor of MIM.

In addition, 359,847 Common Shares are beneficially owned by MIM's officers and employees. 

About Aimia:

Aimia Inc. (TSX: AIM) is a loyalty and travel consolidator focused on growing earnings through its existing investments and the targeted deployment of capital in loyalty solutions and other sub-sectors of the loyalty and travel markets.

Aimia's investments in travel loyalty include the Club Premier program in Mexico, which it jointly controls with Grupo Aeroméxico through its investment in PLM, and an investment alongside Air Asia in travel technology company BIGLIFE, the operator of BIG Loyalty.

Aimia also operates a loyalty solutions business, which is a provider of next-generation loyalty solutions for many brands in the retail, CPG, travel & hospitality, and financial services verticals.

For more information about Aimia, visit www.aimia.com.

Cision

View original content:http://www.prnewswire.com/news-releases/mittleman-brothers-file-statement-of-defence-and-counterclaim-against-aimia-inc-and-certain-current-and-former-directors-300915491.html

  • Guggenheim Says Market a ‘Ponzi Scheme’ That Must Collapse
    Business
    Bloomberg

    Guggenheim Says Market a ‘Ponzi Scheme’ That Must Collapse

    Scott Minerd has a message for his fellows at Davos who are applauding rallying markets: Things aren't as good as they seem. The Guggenheim Partners investment chief likened the inflation of asset prices caused by the loose money policies of central banks to a “ponzi scheme” that eventually must collapse. “We will reach a tipping point when investors will awake to the rising tide of defaults and downgrades,” he wrote in a letter from the World Economic Forum meeting.

  • Five Things for Tuesday, including Intel layoff reports
    Business
    American City Business Journals

    Five Things for Tuesday, including Intel layoff reports

    Intel's Data Center Group could make job cuts of 25 to 33 percent, according to tech websites as well as the Oregonian. An Intel spokesperson would not comment on the reports to the Portland Business Journal on Friday, but noted that the company will hold its fourth-quarter conference call Thursday. A drive through the Portland area could cost more than just the aggravation of stop-and-go traffic.

  • How Are Dividends on IRAs Taxed?
    Business
    Investopedia

    How Are Dividends on IRAs Taxed?

    Dividend-earning stocks and mutual funds can help your retirement portfolio grow more quickly, as long as you reinvest the dividends. In a regular investment account, the dividends and capital gains you earn benefit from capital gains tax treatment. For example, if you are in the 10% or 15% tax bracket, you would pay 0% taxes on dividends and long-term capital gains.

  • `Substantial' Market Correction Is Unlikely, Fidelity's Richards Says
    Business
    Bloomberg

    `Substantial' Market Correction Is Unlikely, Fidelity's Richards Says

    Anne Richards, chief executive officer of Fidelity International, discusses the outlook for the global economy, financial markets and active management in 2020. She speaks with Francine Lacqua on "Bloomberg Markets" at the World Economic Forum's annual meeting in Davos, Switzerland.

  • 11 self-made millionaires reveal the best advice they ever got
    Business
    USA TODAY

    11 self-made millionaires reveal the best advice they ever got

    The best (and worst) advice I ever received came in the form of an insult from my long-term boyfriend and business partner. 4. “All events in your life are neutral until you label them.” During my recovery from a near-death cycling accident, I struggled with many “life isn't fair” moments.

  • 9 Signs You Are Not Financially OK to Retire
    Business
    Investopedia

    9 Signs You Are Not Financially OK to Retire

    What it really takes to retire is a solid grasp of your budget, a carefully considered investment and spending plan for your life savings, debt that's under control, and a plan you're excited about for how you'll spend your days. With that in mind, here are 10 signs you might not be ready to retire yet. Struggling to Pay Current Bills It goes without saying that if you're struggling to pay your bills with a paycheck from work, retiring won't make things easier.

  • What to expect in Netflix's 4Q 2019 earnings results
    Business
    Yahoo Finance

    What to expect in Netflix's 4Q 2019 earnings results

    Netflix (NFLX) is poised to report fourth-quarter results on Tuesday after market close, giving investors their first look at the company's performance after the launch of new streaming services including Disney+ and Apple TV+. Here are the main figures expected from the report, based on consensus data from Bloomberg: Revenue: $5.45 billion, vs. $4.19 billion Y/Y Adjusted earnings per share: 75 cents, vs. 45 cents Y/Y For the fourth quarter, Netflix guided toward adding 7.6 million net streaming subscribers globally, comprising 600,000 adds in the U.S. and 7 million internationally.

  • The Next $1 Trillion Stock After Microsoft, Apple, Alphabet Is ...
    Business
    Investor's Business Daily

    The Next $1 Trillion Stock After Microsoft, Apple, Alphabet Is ...

    And analysts think the company's shares will hit 2,177.96 a share in 12 months, says S&P Global Market Intelligence. If Amazon hits that target the company would be worth $1.1 trillion. Amazon would be the fourth S&P 500 stock to be worth $1 trillion, after Google parent Alphabet did it last week.

  • Gurus Back Micron Amidst the Revival of the Semiconductor Industry
    Business
    GuruFocus.com

    Gurus Back Micron Amidst the Revival of the Semiconductor Industry

    The semiconductor industry is cyclical, and picking companies to invest in can turn out to be a tricky task. The uncertainty surrounding the sector often leads to the mispricing of securities, which provides great investment opportunities. For example, I published an article on Skyworks Solutions (SWKS) on Sept. 20, 2019, when shares were trading at around $81, in which I assigned a target price of $109.

  • Artificial Intelligence Stocks To Buy And Watch Amid Rising AI Competition
    Business
    Investor's Business Daily

    Artificial Intelligence Stocks To Buy And Watch Amid Rising AI Competition

    Instead, look for companies using AI technology to improve products or gain a strategic edge. Chipmaker Intel, for example, on Dec. 16 acquired Israel-based Habana Labs for $2 billion. Intel in 2016 bought Nervana Systems in an earlier move to take on AI chip leader Nvidia.

  • Is Exact Sciences Corporation (NASDAQ:EXAS) Trading At A 40% Discount?
    Business
    Simply Wall St.

    Is Exact Sciences Corporation (NASDAQ:EXAS) Trading At A 40% Discount?

    How far off is Exact Sciences Corporation (NASDAQ:EXAS) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by taking the expected future cash flows and discounting them to today's value. This is done using the Discounted Cash Flow (DCF) model.

  • Boeing plans to stage first flight of 777X plane this week: sources
    Business
    Reuters

    Boeing plans to stage first flight of 777X plane this week: sources

    Boeing plans to carry out the first test flight of its delayed 777X airplane later this week, said two people familiar with the matter on Tuesday. A source close to one of the wide-body jet's nine firm customers said the flight would take place on Thursday or Friday at Boeing's commercial base outside Seattle, depending on weather. Another person familiar with the program said the flight would happen this week.

  • Stock market news live: Stocks dip as global elite flock to Davos; Beyond Meat spikes on Starbucks climate plan
    Politics
    Yahoo Finance

    Stock market news live: Stocks dip as global elite flock to Davos; Beyond Meat spikes on Starbucks climate plan

    Stocks were under some pressure Tuesday morning coming off a three-day weekend in the U.S., with concerns over a potentially deadly virus outbreak in China knocking global markets. With a light line-up of corporate earnings results and economic data on the schedule for the session, attention instead turned to the World Economic Forum in Davos, Switzerland, and the start of President Donald Trump's impeachment trial in the U.S. Senate. p.m.

  • When blockchain arrives in fintech, Visa, PayPal and other companies will feel the pain
    Business
    MarketWatch

    When blockchain arrives in fintech, Visa, PayPal and other companies will feel the pain

    In fact, PayPal charges merchants even if a customer is refunded. After acquiring Venmo, the peer-to-peer (P2P) payment app celebrated as a way to send free payments, PayPal continues to charge merchants 2.9% plus a 30-cent transaction fee when collecting from the Venmo app. From that perspective, Venmo and P2P apps don't really innovate at all, as retailers coughed up a whopping $108 billion in electronic-payment costs last year.

  • Tesla Created Demand for Electric Cars, But Only for Teslas
    Business
    Bloomberg

    Tesla Created Demand for Electric Cars, But Only for Teslas

    A top American executive for Toyota Motor Corp., whose market value is still more than double Tesla's even after Elon Musk's epic run, recently warned of electric-car catastrophe. The cause for concern remains as EVs start to appear in showrooms in greater numbers. The models on the market will swell almost sevenfold to 121 models in the next half decade, from 18 now, according to LMC Automotive.

  • 3 Healthcare Stocks That Can Double in the Next Year
    Business
    TipRanks

    3 Healthcare Stocks That Can Double in the Next Year

    With this in mind, TipRanks' Stock Screener pointed us in the direction of three Healthcare stocks the experts on the Street think could soar in the year ahead. As an added bonus, all three currently have a Strong Buy consensus rating from the Street. The company was founded after CEO Daniel de Boer's newborn son was diagnosed with cystic fibrosis.

  • UBS misses targets, dials back ambitions
    Business
    Reuters Videos

    UBS misses targets, dials back ambitions

    Famous for wealth management, UBS suffered in Q4 as wealthy clients took $4.7 billion of their money elsewhere. Tuesday's (January 21) update from the Swiss bank also shows that despite a near 130% rise in quarterly net profit it missed profit and cost targets for 2019, prompting it to dial back on some financial goals. Like others, UBS is hurting badly from the low-to-no interest rate environment.

  • Business
    MarketWatch

    Novavax shares jump 60% in premarket trading

    Shares of Novavax Inc. nvax) rallied 60% in premarket trading on Tuesday on heavy volume. The biotechnology company is developing vaccines, such as NanoFlu, its experimental season flu vaccine that is in late-stage clinical trials.

  • Oops — Santa Clara's attempt to ban fuel cell technology is struck down
    Business
    American City Business Journals

    Oops — Santa Clara's attempt to ban fuel cell technology is struck down

    The Santa Clara city ordinance passed last summer that effectively banned Bloom Energy's natural gas-powered fuel cells as an electricity source was struck down Friday by the Santa Clara County Superior Court. Bloom's stock, which had been hammered repeatedly since its IPO in July 2018 for failure to achieve profitability promised by CEO KR Sridhar, closed at $9.71 on the New York Stock Exchange, up 4.6 percent from the previous day's close. “Officials in the City of Santa Clara made the inaccurate claim that their policy was good for the environment and would contribute to reduced emissions — ignoring the views of environmental experts on the policy's potential environmental harm and the needs of the community for clean, resilient power sources,” Josh Richman, Bloom's vice president of business development and policy, stated in a press release.

  • TG Therapeutics, Inc. (NASDAQ:TGTX) Insiders Increased Their Holdings
    Business
    Simply Wall St.

    TG Therapeutics, Inc. (NASDAQ:TGTX) Insiders Increased Their Holdings

    It is not uncommon to see companies perform well in the years after insiders buy shares. It is perfectly legal for company insiders, including board members, to buy and sell stock in a company. We don't think shareholders should simply follow insider transactions.

  • Why This Top-Notch Biotech Stock Just Plunged By Double Digits
    Business
    Investor's Business Daily

    Why This Top-Notch Biotech Stock Just Plunged By Double Digits

    Further, Big Pharma rivals are likely to launch cardiovascular and lipid drugs with massive sales forces before Arrowhead reaches the market, he said. "We see the next 12 months as far more challenging than the past two years as Arrowhead faces sky-high expectations in the face of increasingly clear competitive headwinds," he said in a note to clients. Foroohar initiated coverage with an ARWR stock price target of 32.

  • Business
    GuruFocus.com

    Marathon Petroleum and Auto Nation Are on the Casualty List

    Buying the stocks of good companies on bad news is my favorite investing method. The trick is to find bad news that is real but probably temporary. Each quarter in this column I compile my Casualty List.

  • Simple, Practical Strategy For Boosting Your Retirement Savings By $300,000
    Business
    Investor's Business Daily

    Simple, Practical Strategy For Boosting Your Retirement Savings By $300,000

    How much retirement savings will you need for a comfortable life once you retire? IBD can show you a simple way to get a handle on how much your retirement savings should be based on your age and income. If your savings pattern is like many other people's, this strategy can boost your retirement savings nest egg by $300,000, or 20%.

  • Business
    Bloomberg

    Peter Schiff Says He’s Lost His Bitcoin After Wallet Freeze-Out

    Cryptocurrency skeptic Peter Schiff said he can't access his Bitcoin holdings after his digital wallet stopped accepting his password. I just lost all the Bitcoin I have ever owned,” Schiff, chief global strategist at Alliance Global Partners, said in a series of posts on his unverified Twitter account. My wallet got corrupted somehow and my password is no longer valid.

  • Avoid Paying Taxes on Social Security Income
    Business
    Investopedia

    Avoid Paying Taxes on Social Security Income

    With no inflation adjustment having been made to these benchmarks since 1983, they're now exceeded by most taxpayers who receive Social Security benefits and have other sources of income, too. A number of strategies, both before and after you retire, can limit the amount of tax you pay on Social Security benefits. Reducing your taxable income during the years in which you're drawing Social Security can have other benefits, too, such as lowering your Medicare premiums, which vary by income.