March 27 (Reuters) - Laughing Water Capital LP:
* LAUGHING WATER CAPITAL ISSUES OPEN LETTER TO BOARD OF AIMIA INC
* LAUGHING WATER CAPITAL - CALLED ON AIMIA'S LEGACY DIRECTORS TO RESIGN FROM BOARD
* LAUGHING WATER CAPITAL-IF AIMIA'S LEGACY DIRECTORS REFUSE TO RESIGN, WOULD ASK THAT MITTLEMAN BROTHERS BE RELEASED FROM TERMS OF STANDSTILL AGREEMENT
* LAUGHING WATER CAPITAL -IS OF VIEW THAT AIMIA SHOULD NOW FOCUS ON GENERATING TAX SHIELDED FREE CASH FLOW THROUGH EFFECTIVELY DEPLOYING CASH HOARD