Recent Newsletters

AIM Calls for Redemption of Debentures

Founded in 1989, AIM was capitalized by the voluntary purchase of  "units" by Alabama attorneys. Debentures, in the face amount of $1,000, were part of each unit as well as a non-refundable contribution to the surplus of varying amounts (generally $250 to $500).

AIM continued to require the purchase of units as one of the requisites to obtain insurance until May of 2000. In that year, AIM' s financial stature no longer required the infusion of additional capital. Over the years, various categories of attorneys were made eligible to have their debentures bought back. The estates of deceased attorneys were the first category eligible for buy-back of debentures. Eventually categories were expanded to include retired attorneys no longer requiring malpractice insurance, elected judges as well as others.

Approximately 3,097 units were sold to found and, later, to continue the support of AIM. At the end of 2005, 1,914 debentures remained outstanding on AIM's books. AIM's board of directors called for the redemption of the remaining debentures during the fall of 2006 as an effort to clear AIM's book of its' last debt and to repay those who helped found and support AIM.

As of the date of this newsletter, 503 debentures remain to be redeemed. Debenture holders have the option of surrendering their debentures with a transmittal letter to obtain the face value of $1,000 for each debenture that is surrendered. The redemption process is presently on-going and will continue until May 1, 2007. Debenture holders who do not elect early surrender of their debentures and submit transmittal letters will receive a check in the amount of $1,000, on or about May 1, 2007, mailed to their last known address. Debenture holders requiring more information are welcome to contact AIM or visit AIM's website at: www.attysinsmut.com.