AAR - PFS Incoming - What Can We Expect, page-89

Not sure if I’d classify the AAR register as tightly held. For example Peter Stern is still a top 20 investor, but if you look at his trading history, sales of AAR stock is a regular occurrence for him over the past 5 to 10 years . But yes, A broad number of Top 20 entities currently hold about 60% of stock , Stern is currently the biggest holder of direct AAR stock on the AAR Management team. Personally, I’d like to see a big Mining company take a substantial position and send a message to the market as to what we’ve really might have here .