WSJ:More Details on Premier Bankruptcy Filing

1bigisland(WIkipedia)
1bigisland(WIkipedia)

Some interesting facts from Lillian Rizzo’s blog entry at Wall Street Journal on the Titanic bankruptcy filing:

1. Premier owes owes $12 million to unsecured creditors.
2. The company states that just the sale of four artifacts from the French Collection could fetch $10 million or more at auction.
3. The money raised from the sale would be used to pay off creditors,help the shareholders and keep the company afloat.

Source:Premier Exhibitions Floats Sale of Titanic Items(Wall Street Journal,22 June 2016)

Premier Exhibitions Update:Wants to Monetize 1987 Artifacts

PremierExhibitionslogoIn a recent report to the U.S. Securities & Exchange Commission (SEC), Premier Exhibitions reported:

“On June 20, 2016, the Company filed a number of motions in the Bankruptcy Court. Among the motions filed was a motion seeking permission to sell a portion of the Titanic artifacts awarded to the Company pursuant to a 1993 French administrative decree, which are from time to time referred to as the 1987 Artifacts in Company filings. At this time the Company does not know when the Bankruptcy Court will rule on this motion, and does not know the likely outcome of the motion.”

Since those artifacts are not part of the salvage award decision in the U.S., those stringent conditions imposed for sale do not apply here.

Source:
Premier Exhibitions (2016, June 20)Form 8-K
https://www.sec.gov/Archives/edgar/data/796764/000117184316010750/f8k_062016.htm


Summer Solstice

The sun rising over Stonehenge on summer solstice(2005) Photo:Andrew Dunn (Wikimedia)
The sun rising over Stonehenge on summer solstice(2005)
Photo:Andrew Dunn (Wikimedia)

Today is the Summer Solstice in the Northern Hemisphere. For those below the equatorial line, it is the Winter Solstice. The June Solstice usually takes place between June 20-22. For those in the Northern Hemisphere, it usually is the longest day of sunlight as the North Pole tilts directly towards the sun. Which translates into more sunlight particularly the further north you live. For those more closer to the North Pole (Alaska, parts of Canada, and Scandinavian countries)the sun literally never sets during this time of year. Of course the reverse is true in the Southern Hemisphere. They get less sunlight on the June Solstice and the closer you are to the Antarctic Circle means less sunlight or total night.

The coming of summer is usually a time for celebration in many cultures. Festivals in Northern Europe celebrate summer and the fertility of the Earth. Bonfires are lit and homes are decorated to mark the festival. Many cultures honor the sun in some fashion. Modern day pagans and druids also celebrate the day with their own festivals and many go to Stonehenge in England to witness the first rays of summer.

Premier Exhibitions Stock Heading Into Deeper Negative Territory

graphdwnBefore the news broke about the bankruptcy filing, the stock was trading at 51¢ but at the close of trading yesterday fell 27% to land finally at 37¢. The value of the stock is getting slimmer by the day.

Source: NASDAQ Unusual Volume: Premier Exhibitions Inc. (benchmarkmonitor.com, 15 June 2016)

Premier Exhibitions Seeks Reorganization in Bankruptcy Court

PremierExhibitionslogoPremier Exhibitions, the owner of RMS Titanic Inc and operates many touring exhibitions that includes Titanic:The Artifact Exhibition, has filed for Chapter 11 bankruptcy protection. The company states in its press release:

United_States_Bankruptcy_Court_SealDespite aggressive efforts to manage these issues, the burden of the
Company’s lease in New York City and other legacy business issues remain obstacles to the Company’s ability to conduct business. Faced with these obstacles and upcoming lease payments due, the company has
determined that it would be in the best interest of its stakeholders to
file for reorganization relief under Chapter 11. Operating under the
protection of Chapter 11 will provide the company’s most important
vendors with assurances that they will be paid. Further, the company
intends to create a restructuring plan that should allow Premier to
emerge as a stronger business. Further, as part of its restructuring
efforts, the company will continue to assess the productivity of all
assets, review additional cost-cutting initiatives and explore strategic
alternatives to maximize the value of the business.

Well this is both good and bad news for shareholders. Shareholders have seen the value of their shares fall (and suffered a double bounce as well)considerably. But the voluntary move to reorganize the company in bankruptcy court means it can reduce the liabilities causing it considerable problems. It also means they must open their books up for the court to examine (which will use independent auditors)to determine what the assets and liabilities are. Secured creditors will get paid but how much will be determined by the court.

Of course there is one big asset namely the Titanic Artifact Collection. And the bankruptcy court will now be handling its disposition. Interesting to see how that plays out down the road.

Sources:
1.Premier Exhibitions, Inc. to Reorganize Under Chapter 11 (Nasdaq
Globe Newswire, 14 June 2016)
2. Premier Exhibitions in Chapter 11 bankruptcy (Atlanta Journal Constitution, 14 June 2016)

Information:
Bankruptcy(U.S.Courts.gov)
Learn about bankruptcy (Chapter 7, Chapter 13, and Chapter 11) for consumers and business owners.(Nolo.com)

Titanic Themed Graduation

The Grand Staircase of the RMS Olympic Photo:Public Domain (Wikipedia)
The Grand Staircase of the RMS Olympic
Photo:Public Domain (Wikipedia)

When I graduated from 8th grade back in the stone age, there was no dance. There was a ceremony to mark the occasion and not much else as I recall. Some places though go the extra step and have a dance for the graduating eighth graders as they head off to four years of high school. The graduating eighth graders of Canyon Lake Middle in Canyon, CA had a memorable dance. When the arrived at the schools multipurpose room they found it had been transformed into Titanic.

“They found the room transformed into the ship’s grand ballroom, with a projection of the grand staircase on stage, creating an upper class and steerage, along with sets that included a special entrance, a wooden gangplank and the nose of the Titanic for photo ops.”

From all accounts it went well. No word if anyone put in an appearance as Jack and Rose.

Source:
8th graders enjoy ‘Evening on the Titanic’(The Friday Flyer,10 June 2016)

Interesting History: Ben Franklin’s Famous Electricity Experiment

Franklins_experiment
Ben Franklin’s Famous Experiment To Capture Electricity on 10 June 1752. Public Domain

On June 10, 1752 Benjamin Franklin conducted an experiment on electricity that has become both famous and legendary. Electricity was not well understood but many knew the effects of lightning. Franklin was fascinated by the subject and decided to conduct an experiment on a stormy day. He used a kite with a key to gather electricity the storm gave off and used string to transfer it to a Leyden jar. His son was the only witness to it. Franklin made sure he was grounded and that the string his hands were touching were not wet. Franklin’s delving into electricity would give us words we use today:battery, conductor, and electrician. He also developed the lightning rod,a very useful tool if you live in an area where you get thunderstorms. Simply put, a lightning rod on a house (or other elevated structure) acts to capture the electricity from lightning and then sends it through a wire to the ground thus avoiding it passing through the structure (which can cause damage). There are more modern variations of it but all use the same principle of grounding electricity so it does little harm to people or structures.

Attempts to replicate Franklin’s Experiment show how lucky he was and that it is difficult to do even under controlled circumstances. Some doubt it happened at all. Mythbusters found that in their recreation of the experiment he likely would have died. But they concede some parts were feasible such as collecting a charge from a damp string and accumulating it in a Leyden jar. So did it happen or not? Like all good stories, there is likely something to it. If he did do it as claimed,he was truly fortunate or blessed because it is extremely hazardous to do. Many places ban such experiments because of how dangerous it is. Whether he did as claimed or through some other means we may never know the full tale. But likely he did try something close to it and obviously he never tried it again.

Further Reading

Benjamin Franklin’s Inventions, Discoveries, and Improvements
Encyclopedia Britannica
History.com


Titanic Notes

Wallace Hartley's Violin*Wallace Hartley’s violin will be on display at Titanic Pigeon Forge until mid-August.

*Lion Heart Autographs will be putting up for auction a custom card filled out by a Titanic survivor aboard Carpathia. The custom card was filled out by first class passenger Caroline Bonnell. The card is estimated auction price is $8,000-$10,000. They are also auctioning off ten telegrams related to the sinking of the Titanic including two from evangelist “Billy” Sunday. The estimated auction price for the telegrams is $3,000-$5,000. The auction is being conducted online through 15 June 2016.

*Believe it or not but there is something called Tourism Oscars reports Belfast Telegraph. And for the first time since these awards have around for 23 years, an Irish attraction called Belfast Titanic could possibly win the award.

Megan Ross, age 10, with her winning design for Nomadic's 105th anniversary cake. Photo: Belfast Live
Megan Ross, age 10, with her winning design for Nomadic’s 105th anniversary cake.
Photo: Belfast Live

*Megan Ross, age 10, won a contest to design the 105th anniversary cake for SS Nomadic Belfast Live reports.  Way to go Megan! She also won the opportunity for her class to visit the last remaining ship of the White Star Line.

*A celebrity recently, desiring for more attention or something, decided to be like Kate Winslet in James Cameron’s Titanic in baring her top in a selfie. Sorry but I do not see the guys racing to see this one.

*People visiting Titanic Belfast of late have been experiencing a very warm experience. Which apparently is bringing out a lot of people since it does not usually get near 70F/21C. Temperatures have soared up to 23C/74F.  Usually travelers are advised to bring a sweater, a jacket for rain or cool nights and an umbrella. You can skip the sweater but keep a jacket and umbrella handy. Weather Underground reports that rain is expected in the next few days. A perfect opportunity to slip inside a small place for some good company and food as well.

Commentary on Titanic news and other related items.

%d bloggers like this: