Thread by @yomeeks

This is your daily pension announcement. The Pension War Room™️reveals the 💣bombshell💣 from the @aimcoinvests Annual Report. The pension plans, presumably LAPP, SFPP, and PSPP, are suing AIMCO for $1.33 billion dollars. WOW. This is for compensation for the VOLTS losses. #AbLeg

Let me explain. Notes to these financial statements are super important where AIMCO is required to reveal **significant** financial details. One can surmise that the pension plans are alleging that @aimcoinvests was grossly negligent in executing the VOLTS strategy. #AbLeg

If you sign an investment management agreement with @aimcoinvests you agree that if you sue the you don't do it in Queen's Bench but rather you go to arbitration. So that is where we are at: as I type this in some law office in Edmonton this hearing is happening right now.

What is precedent setting is the amount: $1.3 billion with a B dollars (all numbers in the Note are in thousands). That is twice @aimcoinvests annual budget.
#AbLeg #handsoffmypension

What is worse is that AIMCO is wholly owned by the Government of Alberta. Travis being the responsible Minister of TBF at the time.

So if AIMCO loses this hearing, either in whole or in part, the GOA will have to write a cheque from taxpayers to cover the gross negligence.

That is nasty. It is also one of the reasons you don't have investment managers that are solely owned by governments. The GOA picks up all liabilities from AIMCO as their owner. #ABLeg

This hearing is held in secret. The decision is likely secret with binding nondisclosure agreements on all parties. This is wrong, the worst of GOA secrecy.

However, whatever the decision is will come out in financial statements eventually... #AbLeg

Travis, as you will remember, was the Minister at all material times. He did **checks notes** NOTHING. He allowed the AIMCO Board to conduct an inquiry into itself.

I can't wait for @SPhillipsAB to let er rip in question period on this very topic.

I have been asked to give my assessment of likelihood of success of this arbitration hearing.

I have no inside information. But, my opinion is that AIMCO responsible in a significant way. Like hundreds of millions dollars at least.

As you can imagine, I will be discussing this issue all week.

Not being represented in any way on the @aimcoinvests Board we must seek accountability through Twitter. #AbLeg