Recent Newsletters

AIM to Buy Back 500
Debentures

In December 2003, AIM's Board of Directors received permission from the State of Alabama, Department of Insurance, to buy back 500 debentures. The debentures to be bought back are all dated June 23, 1989, and are among the earliest purchased. Holders of the 500 lowest numbered debentures of that date will be offered an opportunity to sell their debentures to AIM for their face amount of $1,000. This buy back is voluntary. There is no date certain for the next buy back so it is in the best interest of debenture holders to sell their debentures to AIM.

The buy back began just before Christmas and is continuing. Holders of the debentures subject to buy back are notified by mail. They receive a buy back agreement to be executed and returned to AIM with their debenture certificate. Holders selling their debentures to AIM must comply with the deadline notice. Failure to do so will result in AIM's offer terminating as to that holder. In that event AIM will then make an offer to the next debenture holder in chronological order of purchase.

This is the first general limited buy back of debentures since November 2001 when the buy back of 300 debentures was authorized. This buy back is made possible by the positive financial growth AIM continues to experience.

Additionally, in December 2003, AIM received permission from the State of Alabama, Department of Insurance, to buy back debentures originally issued to those who are now full time judges. Another buy back category is now expanded. Previously, AIM had Department of Insurance permission to buy back debentures of attorneys 75 years of age and older who no longer require malpractice insurance. This category is now expanded to include those who are 65 years of age and no longer require malpractice insurance.

Other eligible categories include: Estates of deceased attorneys; attorneys who have ceased to practice law in Alabama and have no right to obtain or maintain membership in good standing with the Alabama State Bar, or have moved from Alabama and maintain only a special license under Ala. Code 1975, ' 34-3-18; and, those who have filed bankruptcy or have entered into a formal arrangement for the benefit of creditors.

Attorneys needing forms to transfer ownership registration of debentures or to advise of a change of address are encouraged to contact AIM.