Tag Archives: Premier Exhbitions

Premier Exhibitions Bankruptcy Update

This and other Titanic artifacts could be yours! Appraised value is $240 million. All genuine offers considered. Contact Brent Williams at Lincoln International, bwilliams@lincolninternational.com , telephone (212) 257-7750 or Premier’s financial advisors, Marshall Glade, GlassRatner Advisory & Capital Group LLC, mglade@glassratner.com , telephone (404) 835-8844.

The story thus far: Premier Exhibitions, which owns RMS Titanic Inc, has filed for bankruptcy. A decision has been reached to sell the Titanic collection (the artifacts and intellectual property). One problem is the Titanic salvage award limits how those artifacts can be sold: as one collection. Past attempts to sell have failed because the price is too high. And now our story resumes….

Could a famous Hollywood director put together the money needed to buy the collection? The U.K. Daily Mail reports that James Cameron has begun a “secret” rescue mission to bring the Titanic artifacts to the U.K. He has apparently teamed up with Robert Ballard, the National Maritime Museum in Greenwich and the Royal Geographical Society to accomplish this. The figure being reported is £165 million.

Details of this “secret” mission were revealed at a court hearing last week by Ballard. Of course nothing is final and it is the very early stages. I doubt they will be the only party that will be interested. The Chinese would like to add it to their theme park and have money to spend as well. And there are investors in Dubai who also would not mind having the Titanic collection there as well that will draw in tourists. ave Vermillion, spokesman for RMS Titanic Inc, confirmed they have interest from all over the world.

Hopefully this time they will actually sell it to someone who will properly conserve it. The bidding war, if that is what it becomes, ought to be fascinating.

Source: Save the treasures of the Titanic! Director James Cameron launches top-secret £165m bid to rescue artefacts after shipwreck’s ‘owners’ are declared bankrupt (Daily Mail,1 Jul 2017)


Major Update on Premier Exhibitions

As most of you are aware, Premier Exhibitions filed for bankruptcy under Chapter 11 which allows it to reorganize. On Friday it was announced that the Premier Exhibitions Equity Committee had entered into an agreement that “will include the sale all of the Debtors’ assets, including the entire Titanic Artifacts Collection either as assets of the estate or through the sale of RMS Titanic Inc., the company that holds the Titanic Artifacts. The remaining Debtors and their assets likewise would be sold.”

What it means is this: the company can be sold either whole or in parts depending upon the buyers interests. And the Titanic artifacts can be sold either as part of the sale of the whole company or through selling RMS Titanic Inc. The snag that has caused no sale on those artifacts under the salvage award is that they cannot be sold in lots or individually but as the one collection. And the price is simply too high. Under the present circumstances, the price might be lowered and also the possibility the bankruptcy judge might order it sold in lots in order to be sold. Before any of this can move forward, the judge has to agree to a disclosure statement.

Long ago when RMS Titanic Inc was made part of Premier (after some of the original founders of the company were removed and replaced) many thought it would lead to a better valued company. One wonders what really happened here. Titanic became very big after the movie and the centennial of the sinking. Belfast Titanic has done very well and makes money. Either the company was mismanaged and got way over their head or totally miscalculated how to monetize the assets (their exhibitions) to make a profit. Instead of Chapter 11, this is more like Chapter 13 now. The company’s assets are going to be sold in whole or in part to others now. The ghost of George Tulloch is laughing  at those that brought this about.

Sources:
1. RMS Titanic, Inc., et al. (D/B/A PREMIER EXHIBITIONS)
2. Premier Exhibitions, operator of Titanic and Bodies shows, putting itself up for sale (Atlanta Business Chronicle, 21 May 2017)

Premier Exhibitions Update:Objection Filed

Things are getting a bit testy at the Titanic bankruptcy proceeding. Euclid Investments and Euclid Claims Recovery filed an objection to the company seeking an exclusivity extension. In simple terms they are not happy that Premier appears to be dragging its feet on following through on what is required to be done. “….management’s abject failure to engage with the statutory committees in moving these cases forward before now cannot be ignored. It has had the effect of placing estate stakeholders in an urgent and untenable position with little time remaining to formulate the terms of a chapter 11 plan as the estates now appear on the verge of operational insolvency.” Ouch.
Source: Premier Exhibitions Objection Filed (Bankruptcy News, 4 Jan 2017)


Premier Exhibitions Update:Teneo Securities Approved As Financial Advisor

PremierExhibitionslogoAs part of the ongoing process to determine the best way to proceed with the Chapter 11 reorganization, Teneo Securities has been approved by the court to serve as financial advisor to the Equity Security Holders Committee. The firm will analyze and assess the assets and liabilities of Premier Exhibitions and advise the committee on ways to mitigate the liabilities to return the company to profitability.

Source: Stipulation Between Premier Exhibitions, Inc. and the Official Committee of Equity Security Holders 

Journal Star:New Riverfront Museum Exhibit Explores The Enduring Fascination of the Titanic

Photo:Peoria Riverfront Museum
Photo:Peoria Riverfront Museum

Ann Schmitt, lead curator of the Peoria Riverfront Museum, has a few theories on the enduring fascination with the Titanic. The human interest in those that perished with the sinking ship continues, bolstered by the cinematic depiction in the blockbuster 1997 film of the same name. Schmitt also noted a Romantic idea of the ship has formed in the resulting century, coupled with an ongoing obsession with large-scale disasters. Whatever cocktail of psychology lies behind the fascination, it hasn’t been enough to satiate our appetite for more information about the Titanic. Schmitt would know best. “I’ve seen four different Titanic exhibits, and I’d see another one if it came to Chicago,” Schmitt said.
Source: New Riverfront Museum exhibit explores the enduring fascination of the Titanic (Journal Star,9 Nov 2016)

Exhibit Details
Titanic: The Artifact Exhibition will be at the Peoria Riverfront Museum from 12 November 2016-12 March 2017. It is strongly encouraged you purchase tickets online. For details about hours,purchasing tickets,and other information go to www.peoriariverfrontmuseum.org.


Titanic Locker Key Up For Sale;Premier Inks Deal With Canadian Film Producers

Titanic Locker Key (Henry Aldridge & Son)
Titanic Locker Key (Henry Aldridge & Son)

*Fox News reports that a rare Titanic key with a brass tag stamped “Locker 14 D Deck” is up for sale. It was found in the body of Titanic Third Class Steward Sidney Sedunary. A direct descendant of Sedunary has put it up for auction with well known Titanic memorabilia auctioneer Henry Aldridge & Son. It is valued at somewhere between $36,640-$61.070. It will be auctioned off on 22 Oct 2016.

*Premier Exhibitions has inked a deal with Infinity Filmed Entertainment Group and Partners in Motion to allow them exclusive access to Titanic artifacts for a new television series. The series titled Titanic: Stories from the Deep will explore the stories behind the artifacts. The series is expected to move into production in 2017. (Titanic Artifacts To Be Examined In New Series, TVReal.ws 14Oct2016)

*I never knew there were people that collected mourning covers sent via the mail. There were many printed after the Titanic disaster for people to mail to friends or others indicating their sadness at the tragedy. A writer for Linn’s Stamp News looked recently at two such but unmailed covers. What caught his attention was not the cover itself (which he said was typical of the period)but the words inside:
“She struck where the white and fleecy waves,
Looked soft as carded wool,
But the cruel rocks, they gored her side,
Like the horns of an angry bull.
Her rattling shrouds, all sheathed in ice,
With the masts went by the board,
Like a vessel of glass, she stove and sank,
Ho! Ho! The breakers roared.”

(Titanic Memorabilia Goes Beyond Mailed Covers,Linn’s Stamp News,7 Oct 2016)


Premier Exhibitions Update: Equity Committee Website & Letter

United_States_Bankruptcy_Court_SealThe Equity Committee, along with the Unsecured Creditors Committee has set up a website so that Premier’s equity holders can have access to important information about the case. The website is http://www.upshotservices.com/premiercommittees. A recent letter to shareholders issued by the Equity Committee can be found here: http://www.upshotservices.com/rms%20titanic%20inc/equity%20committee%20website%20letter.pdf

Recent Titanic News

Titanic advertising from New York Times, 10 April 1912. Public Domain (Wikimedia)
Titanic advertising from New York Times, 10 April 1912.
Public Domain (Wikimedia)

1. Premier Exhibitions Asks Court For More Time To File Reorganization Plan (Bankruptcy Court News, 3 Oct 2016)
Premier Exhibitions has petitioned the court to allow it to extend the period to file a reorganization plan under Chapter 11 to 17 Jan 2017. “Under the circumstances of these cases, a premature termination of exclusivity would deny the Debtors a meaningful opportunity to negotiate and propose a confirmable plan and would be antithetical to the paramount objectives of Chapter 11. Termination of exclusivity at this point in time could have the undesirable effect of encouraging the development of competing multiple plans that could lead to unwarranted confrontations, litigation, and administrative expenses.” To cut to the chase of all the fancy legal wording, it means if they do not get the extended time other plans may emerge. Which sort of hints that there might be some other plan out there they want to head off.

2. For those on the Netflix service, your long wait has ended. James Cameron’s Titanic is coming to Netflix this month. At least for those in the U.S. Of course you could purchase it and never have to worry when it shows up on one of the online streaming services.

Haunted Graveyard Photo: Junior Libby (publicdomainpictures.net)
Haunted Graveyard
Photo: Junior Libby (publicdomainpictures.net)

3. It is officially Halloween season here at Titanic News Channel. Our staff is up for the occasion. The mummy has come out its sleeping chamber to render some scares to kids in the area. Our old friend Headless is planning his usual evening strolls with pumpkin in hand looking for someone’s head. A few fluttering ghosts have been seen as well. We have classic zombies (not the Romero version) wandering about as well and quite possibly Frankenstein and Count Dracula as well. The stores are well stocked with Halloween candy to the rafters. Sadly Halloween is on a Monday this year. And with all the political correctness nonsense, even saying Happy Halloween in some schools is not only discouraged but banned. All the more reason for many parents to band together, invite the little kids over, and have their own Halloween event.

Titanic Tidbits and Musings

Summer is drawing to a close and schools are opening up. Sleepy eyed kids are getting on the local buses again to make the journey to school. It has been a quiet summer Titanic wise. Not a whole lot of news though some important news did occur.

United_States_Bankruptcy_Court_SealPremier Exhibitions Declares Bankruptcy To Reorganize
The big news before the summer began was Premier declaring bankruptcy under Chapter 11 and seeking to reorganize. Typically this means the company has enough resources to stay afloat and needs the courts to reduce its liabilities. For creditors it means they usually get something but not everything. It means the court has to take a hard look at how the company operates which means an intensive look at the financial records and other aspects of the company.

While things have not gone well for a while with Premier, it was thought the Dinoking merger and bringing aboard its ceo to manage would bring things in line. What apparently occurred is that the debts owed by Premier were far greater than the cash infusion the merger could solve. So to stave off likely lawsuits from creditors, they headed to bankruptcy court. Now one of the big arguments is over the French Collection. These artifacts were brought up with a joint expedition with IFREMER and are separate from the other artifacts covered under the U.S. Federal Court salvage award. That salvage award limits how the artifacts can be sold, specifically as one collection making it very difficult to find buyers due to the high cost. However Premier believed it had clear title to the French artifacts and wanted to sell some of them to pay off debts. And sought permission from the court to do this. It was denied, in part, because bankruptcy law requires an adversary action to remove any possible claims to items that will be sold or auctioned off to pay debts.

So Premier is suing the French government in federal court. Premier has submitted documents that appear to support their position. Meanwhile we wait on France to decide whether it will contest a possible sale or file a brief saying they will not fight it.

So Much For Palmer’s Titanic II
Well it appears to be over. After all the fanfare and some preliminary work, the Clive Palmer’s dream to recreate Titanic has come to an end. No one can blame him for wanting to bring it about. It is a great dream. Despite all the positive news spun out by his public relations team, financing the construction proved harder than realized. It was to be constructed in China but the date for the work start came and went, new dates were set, but the shipyard remained quiet. Then came news that once it was launched it would stop in Dubai. That raised speculation that investors from that area were keen on tying in their own Titanic themed areas with this new ship. And I speculated that perhaps money to build could come from there (or even be built there). But Palmer’s relations with the Chinese took a real nosedive with his criticisms of a Chinese company and the lack of Chinese investors in the project meant it would go nowhere. So without much fanfare and no publicity, construction of Clive Palmer’s Titanic II has ended.

Chinese Titanic II
Palmer’s version fizzled but China is building their Titanic II that will docked at a theme park. It will be full size and look exactly like the original. It will also be a hotel and tourist attraction. Visitors will be able to stay aboard, sample high-end late Edwardian age cuisine, and even visit the Titanic Sinking Simulator. That has caused a lot of controversy. Perhaps what will stun visitors from the West is that likely the message about Titanic will be strongly anti-capitalist and demonstrate why the Chinese way is more superior. Just do not mention their awful human rights record or persecution of those who practice religion of any kind.

Masterchef
The current season is interesting but has its usual combination of the excellent, the not-so-good, and those just filling a slot until they are dropped. Poor Nathan is the butt of so many jokes. The bow tied tuxedo salesman (and he always wears a suit even when outside at the farm) may be good at cooking dishes alone but has severe problems working in a team. Some of the good have made their mistakes and departed but perhaps none worse than Andrea. She showed really excellent skills but when she failed to bring her sausage dish down to the front table at the right time, it was bad. Worse was how Gordon and company handled it. At this point they knew she was out of the contest. Instead they go through the mockery of tasting the dishes of which the two useful facts were announced: that she (Andrea) had the best dish while Diamond served up raw sausage. In a normal competition, Diamond would go home. But that is reality and not the often strange world of Masterchef that live in an alternate universe.

They knew Andrea was out the moment she put her plate down three seconds too late. Gordon seemed to argue with Christina and Chef Lee about her having the best dish but Christina reminded rules are rules. Do not be fooled, that was all for show as none of it was for real. It was to make it look like there was some dispute when none existed. Diamond, a weak contender, went into the next round and would be sent home in the next episode. In a real contest, Andrea would have been sent home immediately for missing the time requirement. No need to bother with tasting the dishes and move on to the next round. It just shows the strange world that Masterchef inhabits.

Premier Exhibitions Update:U.S.Trustee Files Objection To Artifact Sale

PremierExhibitionslogoThe U.S. Trustee has filed an objection to Premier’s motion to sell artifacts from the French Collection. “The Sale Motion should be denied because it is not noticed to all required parties, does not include a description of sale procedures, does not describe the property to be sold, and, at least at this early stage in the case, does not meet the standard.”

Source: Premier Exhibitions Objection Filed(Bankrupt Company News,6 Jul 2016)