It may not go that far....
From ACE website:
Ace Aviation Announces Sale Of Air Canada Shares And Warrants
MONTRÉAL, November 14, 2012 – ACE Aviation Holdings Inc. (ACE) announced today that it has sold to Cormark Securities Inc., as investment dealer, a total of 31 million shares of Air Canada and 2.5 million warrants to purchase Air Canada shares at exercise prices of $1.51 (1.25 million warrants) and $1.44 (1.25 million warrants), for total net proceeds to ACE of approximately $58 million. As a result, ACE no longer holds any shares or warrants in the capital of Air Canada.
Cormark's cost for 33.5 million shares is 1.99. 1.6ish is a steal..