DTEJD1997 Posted March 5, 2014 Share Posted March 5, 2014 I take a peek at it every few days... I am surprised it is trading as high as $.90/share! I don't think I've ever seen a clearer case of poor management whose interest works against shareholders. The restrictions on the Titanic artifacts clearly impair their value. They've got competition... They get paid big kash... Barring some type of sudden interest in the artifacts from a huge money source (China?), I just don't see how this ends well for shareholders. Link to comment Share on other sites More sharing options...
SFValue Posted March 5, 2014 Share Posted March 5, 2014 can the artifacts be sold as is? so far the answer is no.... if management is the problem that could be solved with activism, i suppose. Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted March 5, 2014 Share Posted March 5, 2014 if management is the problem that could be solved with activism, i suppose. That's how current management got there! (And apparently the team before them.) LOL Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted March 5, 2014 Share Posted March 5, 2014 During the Arnie Geller era, Premier's lawyers fought tooth and nail to get permission to sell off pieces of the Titanic collection. The judge denied them and actually hated Premier's lawyers for constantly trying to get permission to do that. One of the VIC (valueinvestorsclub.com) writeups link to a court document where all of that is described. Of course I never thought that Premier was a good long and shorted it for a small profit. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted March 10, 2014 Share Posted March 10, 2014 http://www.sec.gov/Archives/edgar/data/796764/000117184314001184/newsrelease.htm for the peeps still clinging to PRXI, should be an interesting call cheers! Link to comment Share on other sites More sharing options...
Gamecock-YT Posted March 10, 2014 Share Posted March 10, 2014 They should have been doing this months ago. Link to comment Share on other sites More sharing options...
gg Posted March 10, 2014 Share Posted March 10, 2014 http://www.sec.gov/Archives/edgar/data/796764/000117184314001184/newsrelease.htm for the peeps still clinging to PRXI, should be an interesting call cheers! I'd imagine there's no way they'll have Q&A, so might not be as fun as it would be otherwise. My guess is that this company will have to revisit bankruptcy courts and have the rules on the ownership of Titanic assets changed before it can get sold. Link to comment Share on other sites More sharing options...
APG12 Posted March 11, 2014 Share Posted March 11, 2014 http://www.sec.gov/Archives/edgar/data/796764/000117184314001184/newsrelease.htm for the peeps still clinging to PRXI, should be an interesting call cheers! Anticlimactic call. So they retained JPM. I wish management would stop pretending like anyone cares about the operating business. Link to comment Share on other sites More sharing options...
gg Posted March 11, 2014 Share Posted March 11, 2014 http://www.sec.gov/Archives/edgar/data/796764/000117184314001184/newsrelease.htm for the peeps still clinging to PRXI, should be an interesting call cheers! Anticlimactic call. So they retained JPM. I wish management would stop pretending like anyone cares about the operating business. What was the purpose of making it a conference call, instead of a press release? Seems like an enormous waste of time to have a call simply to announce that they hired JP Morgan Link to comment Share on other sites More sharing options...
OracleofCarolina Posted October 22, 2014 Share Posted October 22, 2014 Sellers finally threw in the towel..he found someone to buy all his shares for $1.05....who is the Armada Group? http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001193125%2D14%2D377541%2Etxt&FilePath=%5C2014%5C10%5C21%5C&CoName=PREMIER+EXHIBITIONS%2C+INC%2E&FormType=SC+13D%2FA&RcvdDate=10%2F21%2F2014&pdf= Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted October 22, 2014 Share Posted October 22, 2014 Thanks for the link. I found the letter at the end somewhat interesting. Looks like his nightmare is over. Dear Partners: Below is an excerpt from my letter dated May 31, 2013: The saga of the Fund’s investment in Premier Exhibitions has been a long and interesting, and sometimes arduous, journey. The road has turned out to be longer than I thought it would be when we began the journey almost five years ago. I hope many of you will continue traveling with me until I can see things to a close. I want to thank all of you for your patience and support. “Almost five years ago” has turned into “almost seven years ago.” But today I’m happy to announce that finally, we have entered into a deal to sell our entire position in Premier for $1.05 a share to the Armada Group, a company based in Florida. This represents a 42% premium to the stock price on the day of signing. While I still believe in the underlying premise of our investment in Premier, the company continues to have significant unmet capital and operational needs to become successful. Unfortunately, the Fund and Sellers Capital are unable to fulfill those needs for Premier. In fact, the continued holding of our position may be an impediment to the company’s growth. The potential distribution of our shares (representing more than a year’s total trading volume) and the insufficiency of capital necessary to stabilize and grow the business may be holding back the stock price. As a result, the realization of greater value for the Fund’s investment is unlikely in any reasonably foreseeable time frame for the Fund. That is why I’ve decided to sell our block to Armada, as it is both willing and capable of purchasing the Fund’s investment outright on superior terms relative to current market conditions and Premier’s current status. In short, I believe that this is a prudent time to sell, and a fair and reasonable opportunity to do so. We hope to close this sale by the end of October and will provide a distribution shortly thereafter. Over the next two weeks, we will be in contact with all of you to get account information so the proceeds of the distribution can be wired into your account. There will be a final, small distribution early next year after we complete the year-end accounting. We expect the funds and Sellers Capital will be closed down after this. Please contact me with any questions you may have. Thank you. Sincerely, /s/ Mark Sellers III Link to comment Share on other sites More sharing options...
OracleofCarolina Posted November 19, 2014 Share Posted November 19, 2014 Thanks for the link. I found the letter at the end somewhat interesting. Looks like his nightmare is over. We hope to close this sale by the end of October and will provide a distribution shortly thereafter. Over the next two weeks, we will be in contact with all of you to get account information so the proceeds of the distribution can be wired into your account. There will be a final, small distribution early next year after we complete the year-end accounting. We expect the funds and Sellers Capital will be closed down after this. Please contact me with any questions you may have. Thank you. Sincerely, /s/ Mark Sellers III Maybe the deal is falling through..it was suppossed to close late October? Link to comment Share on other sites More sharing options...
usdtor05 Posted November 19, 2014 Share Posted November 19, 2014 Why do you think the deal fell through? Have you heard people not getting distributions? Link to comment Share on other sites More sharing options...
OracleofCarolina Posted November 19, 2014 Share Posted November 19, 2014 I would think Sellers would have to file a new 13D when he transfers ownership to The Armada group, right? Link to comment Share on other sites More sharing options...
usdtor05 Posted November 19, 2014 Share Posted November 19, 2014 Right I think within 2 days typically and Armada within 10 or so...you're right I haven't seen anything either. Link to comment Share on other sites More sharing options...
mattone Posted December 1, 2014 Share Posted December 1, 2014 the deal hasnt gone through: http://www.sec.gov/Archives/edgar/data/796764/000119312514428610/d828887dsc13da.htm Link to comment Share on other sites More sharing options...
OracleofCarolina Posted December 1, 2014 Share Posted December 1, 2014 http://www.sec.gov/Archives/edgar/data/796764/000119312514428610/d828887dsc13da.htm welp, looks like as we suspected, the deal is off...the saga continues for Sellers Capital Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted December 1, 2014 Share Posted December 1, 2014 Crazy. His nightmare continues. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted December 8, 2014 Share Posted December 8, 2014 it's only $725,000...but this is the 1st time I have seen PRXI win a lawsuit. They are usually the one's paying out, but not this time. http://www.sec.gov/Archives/edgar/data/796764/000117184314005814/f8k_120814.htm Link to comment Share on other sites More sharing options...
usdtor05 Posted April 3, 2015 Share Posted April 3, 2015 http://finance.yahoo.com/news/premier-exhibitions-inc-enters-definitive-020250857.html Link to comment Share on other sites More sharing options...
OracleofCarolina Posted April 3, 2015 Share Posted April 3, 2015 This is good news..maybe fresh ideas and an entreprenuer in charge will turn this company around. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted October 12, 2015 Share Posted October 12, 2015 http://www.mlive.com/business/west-michigan/index.ssf/2015/09/titanic_lawsuit_sellers_premie.html I don't have a horse in this race but this has been an interesting saga! Link to comment Share on other sites More sharing options...
portfolio14 Posted October 12, 2015 Share Posted October 12, 2015 http://www.mlive.com/business/west-michigan/index.ssf/2015/09/titanic_lawsuit_sellers_premie.html I don't have a horse in this race but this has been an interesting saga! Wow. I haven't paid attention to this for a while. It's much worse than I remember. I was once long, admitted it was a mistake when they took on debt in 2013, took a meaningful loss and moved on. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted January 21, 2016 Share Posted January 21, 2016 Well, some folks were thinking that this would be the year PRXI catches a break. They have a new CEO and board members so maybe things will go their way for once. Well, I hate to burst your bubble, but take a look at this filing today. Item 8.01. Other Events. On December 9, 2015, Premier Exhibitions, Inc. (the “Company”) entered into a Secured Promissory Note and Guarantee (the “Note”) with Mr. Yanzi Gao as agent for the lenders listed therein (the “Lenders”), with an aggregate principal sum not to exceed US$5,000,000. The Note provides that the Company will make draws of: (i) $1,000,000 on or before December 10, 2015; (ii) $1,000,000 within five business days after delivering written notice to the Lenders requesting the second draw, on or before December 18, 2015; and (iii) $1,000,000 within five business days after delivering written notice to the Lenders requesting the third draw, on or before December 31, 2015, provided in each case there is no event of default under the Note. The Note provides the Company may request an additional advance in the amount of $2,000,000 at any time during the term of the Note, provided the Lenders shall have the option to grant or deny the request in their sole and absolute discretion. The proceeds of the Note shall be used in the normal course of the Company’s business operations. On January 4, 2016, the Company agreed to delay the second draw until January 15, 2016, and the third draw until January 28, 2016. Interest on these amounts would not accrue until the amounts were received by the Company. The Note otherwise remained unchanged and in full effect. While the first $1,000,000 draw was timely made in accordance with the terms of the Note, the Company did not receive the $1,000,000 draw that was scheduled for January 15, 2016, and has not received the draw to date. The Company has provided notice to the Lenders of the failure to deliver this draw in accordance with the terms of the Note, and is in discussions with the Lenders to determine when and if the funds will be delivered to the Company. Link to comment Share on other sites More sharing options...
Jurgis Posted January 22, 2016 Share Posted January 22, 2016 PRXI is a great example of a broken company existing for years and drawing in a new set of patsies investors every year. I paid for my lesson in 2008 or thereabouts. Link to comment Share on other sites More sharing options...
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