AIC Ltd., the company owned by Michael Lee-Chin has been sold to Manulife for an estimated value of $150 million dollars. The asset value of the company was approximately $3.8 billion dollars at the time of the sale. Mr. Lee-Chin had built this company from the ground up, starting with $1 million in assets, turning this company and himself into a billion dollar business. However in recent times the value of the company shares had fallen dramatically, due mainly to the recession. Mr. Lee-Chin has indicated that he wants to pursue other goals, such as the development of NCB and the building of resorts in the Portland area of Jamaica. He also intends to sell Columbus Communications, which operates FLOW, a cable/Internet/telephone giant in the Caribbean. One is not sure why the 'fire sale', even though he has said it is to further his overall plans. However it should be noted that Mr. Lee-Chin had to seek a court injunction to stall in paying out dividends to NCB shareholders a couple months ago. It seems to me that the recession is taking its toll. Time will tell what happens next.....