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Premier Exhibitions


premfan

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One thing to mention that no one has thought about here and the value blogs. There was a painting that sold for $230 million dollars and it was one painting. Look at the titanic auction, there are thousands of items that are being sold so I think the appraised value of $190 million is being conservative but who knows and we will find out on April 15th.

 

 

 

The Titanic artifacts may very well sell for a lot more than the $190 million appraised, but I think the comparison above may not be a fair comparison. I am guessing that the painting did not have any of the covenants that the Titanic assets have.  I am also confident that it did not have an overhang about a judge deciding if a buyer would be a suitable curator or not, neither were there any stipulations about what the seller could/couldn't do with the painting as it is with the Titanic assets. I am not sure about the insurance costs but the maintenance costs for 5000+ artifacts would definitely be more than a single painting, which an intelligent buyer would definitely take into account while bidding for the artifacts. Moreover, PRXI's latest financials point to a more tepid reaction from the public towards the Titanic exhibitions.

 

In fact, I am very curious about the recent deal with QVC about selling "Titanic-inspired" products on QVC. Would a company make such a deal with a third party on the eve of a historic auction - especially when it knows that it's going to wash its hands off the assets. What is the motivation here ? I don't know. Maybe they are trying to sweeten the deal but I cannot help but be a little suspicious about the recent developments. PRXI is just hoping a greater fool comes along and takes the assets off its hands, and I am hoping someone does.

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About the QVC deal, well since it is the 100th anniversary. I am sure there are creating products to make money from the occasion. I guess they still own the rights so why not make money on the anniversary. True the covenants may seem to limit the potential bidders. At the end of the day this company needs to be liquidated since peter sellers has to return the capital to his partners. So we will have to wait until April 11th at the press conference.

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ATLANTA, April 4, 2012 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI - News), a leading presenter of museum-quality touring exhibitions around the world, announced that due to the level of interest in its auction of the Titanic artifact collection and the late entry of additional potential bidders, the Company has extended the deadline for the submission of bids to 5 p.m. on Monday, April 9, 2012. As stated previously, the Company will announce additional information on April 11, 2012

 

so people have been trading on insider info this past few days?.....

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..announced that due to the level of interest in its auction of the Titanic artifact collection and the late entry of additional potential bidders, the Company has extended the deadline for the submission of bids to 5 p.m. on Monday, April 9, 2012. As stated previously, the Company will announce additional information on April 11, 2012

 

 

Who knows? It's difficult to prove though. I find the press release amusing, however, apparently 3 months was not enough to get enough "potential" bidders that they now have to increase it by 7 days. They cleverly left out "high" or "low" level of interest from the release. My guess is the bids were much lower than expected so they will now try to negotiate with each bidder to up their bids.  We will find out soon enough.

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That's how I read it too, although in auctions timming  and deadlines do have an effect on participants.  base case was appraised value of 190 mill, who knows, since this is not a cash flow based investment it could be all over the place. More interest is net positive and sellers is definitely aligned with shareholders.

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  • 2 weeks later...

http://www.inquisitr.com/220855/titanic-auction-original-ticket-lunch-menu-sos-message-sold-to-private-buyers/

 

A telegraph that wasn't even on the ship sold for "just" $27,500... Multiply that by 5K, and you get more than the market cap of the company in cash.

 

The problem with this company is that it has the potential to be similar to a land company that sells off a few acres of land, and people think that it is worth a ton, whereas there are not buyers for all of their land at one point. The pieces are worth less than the whole, sort of thing.

 

That said, I do find the company interesting.

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it is complicated (judge approval etc) regarding the parts and the whole, did not Buffett once said sell a little bit of you have and that is market price? just for argument's sake.

 

I really don't know but find it fascinating and looking forward to what happens here.

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  • 2 weeks later...

Because it would be very interesting to see if the appraisal went into how it assessed the items. For example, with real estate, you often have comparable sales, as well as a cash flow analysis.

 

That would be really valuable in determining what may happen with this stock... It's a devil is in the details sort of thing.

 

 

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  • 1 year later...

Am I crazy, or did I read something on here (maybe elsewhere) that said that Sellers was now distributing the last remaining holding of PRXI to the individual partners in his fund? I seem to remember him saying that he would be holding onto his own shares, but that this was said in a letter to his partners...

 

For some reason I am having trouble finding it? Any clarity?

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Guest deepValue

did not Buffett once said sell a little bit of you have and that is market price?

 

No, I think that was someone at GS or JPM. I can't find the quote right now, but I'm pretty sure it wasn't Buffett.

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Am I crazy, or did I read something on here (maybe elsewhere) that said that Sellers was now distributing the last remaining holding of PRXI to the individual partners in his fund? I seem to remember him saying that he would be holding onto his own shares, but that this was said in a letter to his partners...

 

For some reason I am having trouble finding it? Any clarity?

 

June 30th the lock up is over. Letter attached.

 

I read somewhere (can't remember where ATM) that the recent sell off could of been Greggory Schneider reducing his stake. But consider that pure speculation as I have no data to back it up.

Sellers_Capital_Fund_Update_May_31_2013.pdf

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compoundinglife,

 

Many thanks for the letter. Much appreciated.

 

I read somewhere (can't remember where ATM) that the recent sell off could of been Greggory Schneider reducing his stake. But consider that pure speculation as I have no data to back it up.

 

He owns more than 5%, so he'd have to report sales. He has been calling for a sale of the exhibitions side of the business and management seems to be going the other way based on recent comments.

 

Best,

Ragu

 

 

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I read somewhere (can't remember where ATM) that the recent sell off could of been Greggory Schneider reducing his stake. But consider that pure speculation as I have no data to back it up.

 

"Read somewhere"????

No need to rumor monger  ;)  Unless Gregg files an amendment to his 13D, I wouldn't start jumping to conclusions.

Read Whopper's latest write-up on SeekingAlpha. Gregg's in the comments.

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He owns more than 5%, so he'd have to report sales. He has been calling for a sale of the exhibitions side of the business and management seems to be going the other way based on recent comments.

 

Best,

Ragu

 

Fixing up the business doesn't mean they aren't open to a sale. In fact, it makes more sense to try to sell after the business is fixed than to try to sell while it's still broken. Hopefully, management chooses to follow whichever route generates the most value for shareholders.

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