The deadline for submitting bids to be a stalking horse bidder for the acquisition of the company’s operating businesses and its assets has been extended to October 9, 2017. According to the press release:
Premier expects to conclude the process by October 9, 2017. In the event that an auction is to be conducted, it is expected that such auction will occur by December 12, 2017, at which time other potential bidders will have the opportunity to bid against the stalking horse bidder.
Among other things, bidders are competing to own the most valuable, unique collection of Titanic assets ever offered for sale. The collection includes approximately 5,500 individual pieces that have been recovered from the wreck site over the course of seven deep sea dives; ownership of video footage, imagery, and other intellectual and personal property; and the opportunity to be designated “salvor-in-possession,” permitting the owner exclusive salvage rights to the wreck and wreck site. The portfolio of artifacts, with enhancements recognizing the value of the intellectual property, was appraised at $218MM in 2014. The auction of the collection is subject to approval of the US District Court for the Eastern District of Virginia, Norfolk Division, and the United States Bankruptcy Court for the Middle District of Florida (Jacksonville Division). For more information, please visit www.titanicartifacts.com.
Premier Exhibitions has confirmed it has received multiple letters of intent to be a stalking horse bidder for its assets which include the Titanic artifact collection. Both the company and the equity security holders committee will assess the bidders qualifications and announce on 25 September 2017 who the stalking horse bidder will be. An auction, if needed, will occur by 30 November 2017 and other bidders will be able to bid at that time.
Source: Premier Exhibitions Titanic Artifact Bidders Confirmed (bankruptcompanynews,26 Jul 2017)
Summer tends to be a slow for Titanic news so I generally do not post as often as many people are away on summer break. Here is some recent Titanic news of interest to Titanic enthusiasts and others.
1. Lego model of Titanic built with 125,000 pieces on display in Cavendish (CBC News, 24 June 2017)
There have been some fantastic recreations of Titanic using Lego. And here is one that most definitely took a lot of work and love to do. “The Lego Titanic model is made up of about 125,000 pieces and measures about nine metres long, said the Maritime Fun Group’s Jessica Caseley. t’s quite large. So, when you go up to it, it just looks like a large boat. You start to notice all of the details. You could probably spend 10 to 20 minutes just examining the structure itself. Yeah, it’s really neat,” she said.
2. Margaret Brown led a remarkable life even apart from surviving the Titanic (A.V.Club, 18 June 2017) Mrs. Brown dove into high society, becoming a devotee of the arts and learning four languages. She raised funds for a cathedral in Denver, and helped establish the country’s first juvenile court. Two years after the Titanic, Brown ran for the U.S. Senate, but cut her campaign short to volunteer to help France recover from the first World War. She used her Titanic fame to work for workers’ rights, women’s rights, education, and historic preservation, before dying of a brain tumor at age 65.
3. Masabumi Hosono survived the Titanic, but not the public’s scorn (A.V. Club, 25 June 2017) Initially, Hosono was celebrated alongside other survivors. An American newspaper ran a story on the “Lucky Japanese Boy.” (As Hosono was 41, “Boy” seems to be racism typical of the era.) But he was soon condemned both in America and at home for not honoring the ethos of “women and children first.” A best-selling book about Titanic survivors described him as a “stowaway” on the lifeboat, and the seaman in charge of the lifeboat told the U.S. Senate he must have disguised himself as a woman to sneak on board. Neither account was true—by his own account, Hosono saw other lifeboats depart and mentally prepared himself for death. But as lifeboat 10 was loading up, someone shouted “room for two more!” and Hosono followed another man on board. It’s hard to imagine anyone else would have acted differently in the same situation.
4. Premier Exhibitions Bankruptcy Update
Premier filed its monthly operating report for May 2017. According to the filing “The Debtors have entered a Plan Support Agreement under which they have agreed to propose a Chapter 11 reorganization plan which the Equity Committee supports. Under the Plan Support Agreement, the Debtors and the Equity Committee are engaged in a marketing process to sell 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. The deadline for receipt of initial letters of intent is currently scheduled for July 21, 2017.” Further information can be found at the following links:
June 23, 2017
Premier Exhibitions 8-K: https://www.sec.gov/Archives/edgar/data/796764/000117184317003792/f8k_062317.htm