Premier Exhibitions has filed monthly operating reports from 1 Dec 2016-20 Dec 2016 with the Bankruptcy Court and with U.S. Securities and Exchange Commission(SEC). Due to being in bankruptcy, the usual reporting to SEC has been suspended for Forms 10-K and 10-Q. Copies of the monthly operating reports submitted to the Bankruptcy Court will be reported to the SEC in Form 8-K
There has not been a lot of news concerning Titanic or Premier Exhibitions. Here are some though that might interest those who follow those topics.
1. Titanic Hotel Entertains The Lonely On Christmas Day Hundreds of people who faced spending Christmas Day alone were treated to a festive lunch at a luxury Liverpool hotel. Over 300 people were entertained by a team of around 80 volunteers at Stanley dock yesterday for the Titanic hotel’s annual White Christmas event.
Source:Titanic hotel entertains the lonely on Christmas day 26 Dec 2016, Liverpool Echo
2. At this New Year’s Eve Celebration, You Can Walk the Titanic’s Grand Staircase Like Jack and Rose And as New Year means new life, celebrate that precious gift at the Titanic Belfast in Northern Ireland by doing the re-creation of the popular grand staircase scene in the 1997 movie. A replica of the staircase will be made available for guests. Features that will happen during the night include a New Year’s Cocktail, Light Supper, Live Band, Midnight Piper, and DJ Entertainment. Visitors will get to wear in tux and cocktail dresses. An entrance fee of $50 will be charged.
Source:At this New Year’s Eve Celebration, You Can Walk the Titanic’s Grand Staircase Like Jack and Rose Travelers Today, 24 Dec 2017
3.For this deep-sea archaeologist, finding the Titanic at the bottom of the sea was just the start It works like this: A researcher picks a project that lies along the route of E/V Nautilus, the 50-crew research ship Ballard commands. Ballard’s crew then sends a remote operated vehicle (ROV) to the research site. The ROV feeds video and data to the surface, which the crew beams to the Inner Space Center at the University of Rhode Island, which Ballard founded in 2009. Workers there post it to YouTube for public and scientific viewing. Among the images Ballard has given the world: mud-spitting volcanoes, barnacled World War II patrol boats, Byzantine amphorae (old clay jugs), and fuzz-covered iron-chewing microbes.
Source:For this deep-sea archaeologist, finding the Titanic at the bottom of the sea was just the start 23 Dec 2016, Popular Science
4. Fans of Bewitched will remember Bernard Fox as Dr Bombay while “A Night To Remember” fans will recall he was the lookout who spotted the iceberg. I recall him as the daffy Colonel Crittendon who was the bane of Colonel Hogan. Every time he showed up his naivete and incompetence would put Hogan’s plans in jeopardy. Most people remembered his face but not always his name. A shame since he was a very talented actor. He passed away recently in Van Nuys, California. He was 89. RIP
Source:Bernard Fox, Actor on Classic ’60s Sitcoms, Dies at 89 15 Dec 2016, New York Times
5. Now that Clive Palmer’s Titanic replica has effectively been shelled, the major media outlets now are reporting what readers of this blog already knew. There is a full size replica of Titanic being built in China. It will be permanently docked at theme park and will include a much criticized Titanic Sinking Simulator. You can read one such article at the New York Times.
6. It was not so long away when Belfast was devoid of any large scale Titanic exhibition or museum. That changed in 2012 when Titanic Belfast opened. And now it won the prestigious World Travel Award beating out serious competition making it the first Irish attraction to do this.
Source:Titanic Belfast named world’s best tourist attraction at Tourism Oscars 2 Dec 2016, Daily Mail
Premier Exhibitions Update
Premier Exhibitions Extension Sought Premier Exhibitions filed with the U.S. Bankruptcy Court a motion proposing that the period during which the Debtors have the exclusive right to file a Chapter 11 plan be further extended through and including April 10, 2017, and, if a plan is filed on or prior to April 10, 2017, the exclusive period to gain acceptance of a filed plan be extended through and including June 10, 2017.
Source:Premier Exhibitions Extension Sought 19 Dec 206, Bankrupt Company News
Premier Exhibitions has gone forward with the adversary proceeding against France to attain clear title to the French Collection. Premier tried to get the bankruptcy court to allow the sale arguing they had clear title. However the court found that under federal law, the must first conduct an adversary proceeding. As part of the filing on 17 August, Premier argues they were given clear and unambiguous title. What happens next is that France will have to respond through their American lawyers as to what their position in the matter is. The documents attached to the filing appear to support their claim.
Source: Adversary Proceeding, In Re: RMS Titanic, Inc: U.S. Bankruptcy Court,Middle District Florida, 17 Aug 2016
1) Premier Exhibitions recently sought permission to sell items from the French Titanic collection. Since these items are outside of U.S.Federal Court , it reasoned that an expedited approval by the bankruptcy court would make the sale possible. The court turned down this request noting that under bankruptcy law that Premier Exhibitions must pursue what is called an adversary proceeding. Since the items in question were awarded by French officials, they may object to these items being put up for auction if the conditions they were awarded to the company excluded their sale. Premier must now go through a process to allow possible third parties (either the French government or other parties of interest)to object and a finding be made.
Source: Premier Exhibition Sale Denied (Bankrupt Company News, 27 Jul 2016)
Document Source: ORDER ON MOTION FOR ORDER AUTHORIZING THE DEBTORS TO MARKET AND SELL CERTAIN TITANIC ARTIFACTS FREE AND CLEAR OF LIENS, CLAIMS, AND INTERESTS (In re: Premier Exhibitions, et el. U.S. Bankruptcy Court, Middle District Florida, Jacksonville Division, 22 Jul 2016)
2. Perhaps in light of the bankruptcy filing (and increased pressure to show records to demonstrate exactly what is going on inside Premier), the company recently announced some changes. The new CEO is Jerome Henshall,the current chairman of the Audit Committee who replaces Michael Little who has been let go (or the better British word sacked). Mingcheng Tao has resigned from the Board of Directors and two new “independent” directors–Mark Bains and Guo Ding–have been appointed to the Board of Directors. Bains qualification is that he is the Chief Executive Officer of MJB Technology Solutions Ltd. Guo Ding qualifications are his “extensive experience as a political, cultural, and media correspondent for various national and international news agencies. He has appeared on television, print, and radio in Canada, China, US, and Hong Kong among many other countries. He has also authored several books published in both Chinese and English. Mr. Ding holds a Master of Arts from Rikyo University (Tokyo, Japan) and a Bachelor of Arts degree from Shanghai Normal University.” So if I get it right they have put a respected commentator of Chinese affairs on the board of directors. I get the independent part but has he ever run a business?
Source:Premier Exhibitions Inc. Announces Corporate Update (Globe Newswire Press Release,27 July 2016)
Seven rare artifacts will have an extended stay at the Titanic exhibit at the Luxor Hotel & Casino until August 1, 2016. Those items are:
Declaration of Intention Form: 2nd class passenger Franz Pulbaum, a machinist originally from Germany, clearly intended to become a U.S. citizen upon his return to New York City. He had been on a business trip to Luna Park amusement park in Paris. The form would have been used to allow him a smooth disembarkation. Pulbaum’s signature and personal information is still legible on the naturalization form. Pulbaum never became a U.S. citizen, he went down with Titanic.
White Star Line Receipt for “One canary in Cage”: Recovered from Marion Meanwell’s alligator purse, this small receipt fragment appears to confirm that 3rd class passenger, Mrs. Meanwell (nee Mary Ann Ogden), a milliner from Eastbourne Sussex, England agreed to transport a relative’s canary from Southampton to Cherbourg. Additional information suggests that Chief Purser Hugh Walter McElroy took responsibility for the bird, while transport payment was provided by Mrs. Meanwell.
Cotton Pajamas: This pair of men’s pajamas is made of white cotton with blue stripes. No maker marks were found, they are a size medium with button shirt and drawstring bottoms. The deterioration around the neck and body appear to reflect normal wear and tear.
Pair of Gloves: This degraded pair of cotton gloves was originally white and probably belonged to a gentleman. They are still attached at the cuff, so they had not yet been worn. The gloves were recovered from a suitcase containing unmarked pajamas, jackets, and other clothing.
Waiter’s Pad Blank Page: Waiters from the exclusive à la carte restaurant on board would jot down lunch and dinner orders on pads such as this for the chefs to prepare in the galley. Unlike the First Class Dining Saloon, which cooked in larger quantities, the à la carte restaurant prepared each individual meal to order.
Pair of Socks: This is one of three pairs of cotton and silk socks recovered from a single suitcase. These were neatly folded by the owner for his Titanic journey. While the clothing in this passenger’s suitcase was of good quality, these socks have been darned in several places, showing a thrifty character as well.
Left Shoe: This men’s leather shoe fragment consists of the welt, top cap and partial quarter with the insole. Attesting to the meticulous care under which all artifacts are conserved, this shoe has never been previously exhibited due to its fragile condition.
After August 1 they are scheduled to return to the conservation facility where they will only be available to researchers.
Summer is here so Titanic themed news tends to get thin.
1. William Barrows, ship steward aboard Titanic, wrote a short note to his sister Mary about Titanic. He had landed the job as steward in the ship’s First Class Lounge. His note indicates he was happy to be aboard although he would need a better fitting waiting jacket in the future. He signed off the letter with “Love & best wishes to all, Your affectionate brother Will. Place all laundry and things in middle draw in the chest of drawers in my room.” In many ways, it tells more about the loss of life than some of the books out there. The letter and other items associated with it are up for auction at Adam Partridge Auctioneers in Macclesfield, Cheshire, UK.
Source:Poignant Titanic letter written by doomed crewman reveals his ‘excitement’ at joining ship(Daily Mirror,26 June 2016)
2. The Irish News recently reported that “The wreck of the Titanic could be put up for sale after the company that owns it went bust.” Call Douglas Wooley! He is the chap who claims he actually owns the wreck (and probably does) and believes the U.S court has no jurisdiction over his property. Actually what might be auctioned off are items from the French Collection outside the salvage award in the U.S. court. Might want to do better fact checking next time.
Source: Titanic wreck could be sold(Irish News,29 June 2016)
3. Billy Zane believes his character Cal had found redemption at the end and that Rose would have been with him. Should keep a lot of fans up late at night texting about that.
4. Titanic:The Artifact Exhibition opened at the Portland Science Center in Maine. No word yet on the numbers but one expects it will draw a considerable number of people to it. The exhibition will likely run until the Fall (no firm date given for its end).
5. Being summer outdoor grilling becomes a common occurrence. Just like deep frying turkey for Thanksgiving, there are safety rules to follow. A video from the National Fire Protection Association covers much of what you need to know.
Of course if you need some help on grilling the perfect burger, here is a video featuring Alton Brown from the Food Network.
It is funny how things end up. Back in 1987 George Tulloch and G. Michael Harris formed a partnership to recover Titanic artifacts. They partnered with Ifremer, the French Research Institute for Exploration of the Sea (which was also partnered with Ballard in his Titanic expedition). The company that was formally established was called RMS Titanic Inc and conducted numerous dives to bring up artifacts. Needless to say many were not happy with this. It caused major splits in the Titanic community with angry confrontations on the Internet and major gatherings. The company though went through all the necessary legal steps to claim, under maritime law in a U.S. Federal Court, that they had the right to do what they did. And the court found they did in the end. The artifacts were brought up, restored, and put on exhibition. It is the only way to see genuine Titanic artifacts.
But in 1999 Tulloch was ousted in a hostile takeover. The company would begin to move in other directions by deciding to become an exhibition company. In 2004 it changed its name to Premier Exhibitions. It also began the highly controversial Bodies exhibition (it is controversial because many claim the bodies from China are from their prisons). Other exhibitions would be added as well. Yet something was amiss. Here was a company with a prize possession, Titanic artifacts, and other well liked exhibitions. And it was losing money. Why?
Interest in exhibitions can wax and wane but Titanic was certainly a draw. Belfast shows how true this is. Belfast Titanic has done pretty well and the city is happy with the revenues it has generated. From what is publicly known, it seems Premier probably signed unwise expensive leases but that cannot be the whole story. The merger with Dinoking was meant to bolster the bottom line and hopefully restore confidence. And infuse money into the company to get it back on its feet. Now it is in bankruptcy court to get protection from its creditors and reorganize.
Perhaps the best thing about this is that it will require the books to be opened for inspection. This way one can find out how the company is run. It might turn out that the company was not run well, the appropriate checks and balances not followed, and revenues decreased by undisclosed expenses that were never reported to shareholders. Whatever the case, the shareholders ought to be incensed and demand oversight of this process is truly independent.
*Summer means MasterChef/Hotel Hell
MasterChef has lost two of its original members: Joe Bastianich and Graham Elliot. Joe left two seasons ago and was replaced by Christina Tosi. Graham left at the end of last season and no replacement has been made. Instead they will have a rotating series of well-known chefs such as Wolfgang Puck visiting from time-to-time. Will it work? Well Wolfgang was certainly interesting. Puck was only there for the Mystery Box challenge and not for the elimination. Why? Would you not want his expertise there as well? Meanwhile on Hotel Hell, Ramsay continues his tour of American by stopping at hotels in dire need of his extreme criticism. I have little sympathy for the owners of these places complaining about Ramsay. There is a lot of stuff out there about how he does things and his previous outings are well documented. So when someone complains Gordon or his production staff purposefully left stained duvets for him to find, I am usually do not find it credible. Especially when it is clear that they are never going to follow much of his advice anyway. And the dolt that runs the hotel in Chelan decided once the lights and cameras were off to jettison much of what Gordon suggested. Reminds of me the experience Gordon had at Black Oyster.
*Call of the Wild
I got some criticism about the raccoon posting. My point was education. Far too many people think, thanks to anthropomorphism of nature, that it is safe to approach them like a domesticated pet. As that video showed, feeding a wild raccoon is neither safe nor wise. People get killed or maimed by wild animals because they forget this simple fact of nature: they are not human. Never forget that. Respect nature and do not think that cute mother bear wants you to approach and take photos of its cubs.
In 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.
Before 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.
Stock charts are boring to look at unless it is a company you are invested in. And those who have invested in Premier Exhibitions, which owns RMS Titanic Inc and Titanic:The Artifact Exhibition, have to be wondering whether the company is going to survive. Over at FranklinIndependent.com, they took a look at the stock performance and had this to say:
If the $0.45 price target is reached, the company will be worth $270,600 less. Double bottoms are rare but powerful chart patterns. The stock is down 23.31% or $0.152 after the news, hitting $0.5 per share. About 12,100 shares traded hands or 206.25% up from the average. Premier Exhibitions, Inc. (OTCMKTS:PRXI) has declined 40.37% since October 22, 2015 and is downtrending. It has underperformed by 42.63% the S&P500.
Yikes. The market is not liking Premier Exhibitions right now and I bet a lot of shareholders who have seen their stock value drop are not happy either. Patience will not last long for the new company president if they do not see their stocks going up in value soon. Usually it means lawsuits and lawyers with accountants rummaging through documents.