Tag Archives: Premier Exhibitions

Titanic Musings

*Premier Exhibitions

Titanic Wreck Bow Image: Public Domain (NOAA-http://www.gc.noaa.gov/images/gcil/ATT00561.jpg)
Titanic Wreck Bow
Image: Public Domain (NOAA-http://www.gc.noaa.gov/images/gcil/ATT00561.jpg)

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_Logo_&_Wordmark.svgMasterChef 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.


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


Premier Exhibitions Stock Woes

PremierExhibitionslogoStock 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.

Source: Is Premier Exhibitions, Inc.’s Fuel Running Low? The Stock Formed Bearish Double Bottom Chart Pattern  (franklinindpendent.com,31 May 2016)

Update(s):Premier Exhibitions

PremierExhibitionslogoWhen we last checked in on Premier, the acquisition of Dinoking had been completed and Daoping Bao was now the chairman. In a recent filing to the U.S. Securities & Exchange Commission, Adam Bradley reported a letter sent to the Premier board of directors. As his firm has over 5% interest in the company, he expresses what he expects from the new management.

“I believed then that fixing the current operations and monetizing the assets would be difficult but achievable. However, I feel that the current muddled strategy, a lack of progress with execution, inadequate reporting, and poor communication to shareholders have driven Premier off track. I believe these factors are also contributing to the severe depression in the market valuation of our company. It is my objective to drive accountability and at the same time assist leadership in restoring value through a more effective strategy.”

He wants the board to end unprofitable exhibits that have resulted in lost revenue and impacting the company’s ability to have sustained profits. He argues that getting rid of expensive leases, though a challenge, ought to be pursued. And he hopes to work with the company to achieve these ends.

The letter is part of the 13D filing made by AJB Capital to the U.S Securities & Exchange Commission.

AJB 13D filing
https://www.sec.gov/Archives/edgar/data/796764/000119312516519003/d123837dsc13d.htm

AJB Letter to Premier Exhibitions Board
https://www.sec.gov/Archives/edgar/data/796764/000119312516519003/d123837dex99b.htm
– – –

A recent 13-D filing by Premier discloses the identities of the merger group and the terms they will operate under. Missing is the disclosure information for Mandra Forestry Limited, a British Virgin Islands registered company, that owns 8.3% of the stock. What is missing is the source of their funds. “We have requested on numerous occasions but not received confirmation from Mandra Forestry Limited” states the filing. Perhaps it means something or perhaps not. It is curious that this information has not been forthcoming from them.

SEC EDGAR 13D filing
3/31/2016
http://www.sec.gov/Archives/edgar/data/796764/000114420416091888/v424531_sc13d.htm

Buena Park Titanic Exhibit Gets Reprieve Till April 17

Movieland Wax Museum, Buena Park, Nov. 1963 Photo courtesy Orange County Archives
Movieland Wax Museum, Buena Park, Nov. 1963
Photo courtesy Orange County Archives

The Titanic and Bodies exhibitions at the former Movieland Wax Museum in Buena Park, California has gotten a reprieve. It was scheduled to shut down in January but the new owner is finding getting all the required approvals taking longer than anticipated. So the current owners, the City of Buena Park, contacted Premier Exhibitions and asked them to stay till 17 April 2016. This is good news for Titanic fans wanting to visit the exhibit in Buena Park and gives more time for Premier to locate a new home for the exhibits at Movieland.

According to Orange County Register, the announcement that it was closing in January brought in record numbers of people. The announcement that was being extended till April has seen reservations soar and January is nearly sold out. While the rent for the facility was a bargain $1 a month, Premier had to spend thousands to upgrade and maintain the facility. When the new owners finally take over, the venue will be modeled after the Butterfly Wonderland park in Scottsdale, Arizona.

Further information about purchasing tickets for Buena Park can be found at the Premier Exhibitions website.

Source: ‘Bodies’ and ‘Titanic’ exhibits to stick around Buena Park until April
(Orange County Register,11 Jan 2016)


Titanic Tidbits

1. The entertainment media is all aflutter telling of a mini-reunion of Kate Winslet and Leonardo DeCaprio at the Golden Globes. At least they are not reminding us for the 1000th time the new Star Wars movie has smashed Titanic’s box office record.

Photo:Sky News
Photo:Sky News

2. Can one describe a school bus flooded as akin to Titanic? It appears so. The United Kingdom has suffered from tremendous rain of late causing all kinds of problems. Now there is a certain rule when driving in areas where water is pretty well concentrated: you avoid it. Cars are not water proofed (a select few are but they are special custom jobs or military)so trying to drive through a deep pond of water on the road will certainly not bode well. Usually the driver gets stranded and a tow truck has to pull your car out. Now you would think a school bus driver with a bus full of kids would want to avoid driving in areas that have already been marked to avoid by authorities. School authorities in North Yorkshire are perplexed and investigating why a school bus with 26 children aboard was driven on a closed road where it ended up in a ditch and began filling with water. A young girl told Sky News “like the Titanic.” Water began pouring into the bus and kids had to kick windows to get out. Sky News also reports the driver was warned by the kids not to take that road.

“It started floating and then it capsized into a ditch, and before it capsized loads of water gushed through,” she said. It was pretty much like the Titanic – it was going.”

Not the kind of things parents want to hear about their kids day at school. None of the kids were injured and either went home or continued on to school via other means.
Source:Flooded School Bus Sank ‘Like The Titanic’(Sky News,5 Jan 2016)

3. Just checked the Blue Star website for any new information about Titanic II. Nothing found.

4. Premier Exhibitions is trying to be more transparent these days. In the past shareholders had complained that management was less than forthcoming about company operations, the proposed sale of Titanic collection, and other things. If recent filings are an indication, the new management is taking a different approach. They are trying to let investors know the company is going to be better managed and trying to increase revenues. Also they are looking into opportunities in Asia and in particular Macau.
Source:Premier Exhibitions Inc. Announces Corporate Update(Globe NewsWire,8 Jan 2016-press release)


Titanic Musings On 2015

Shutterstock
Shutterstock

Did you hear that the new Star Wars movie has toppled James Cameron’s Titanic off the throne? Hard to miss it since the entertainment media reminds us with screeching headlines announcing this important fact. There are major rumblings in the Middle East, the Turkish prime minister sees Hitler’s leadership as a positive role model, Russia is getting nasty as well but as long as the new Star Wars movie topples Titanic, that is more important.

Down under Clive Palmer’s dream of Titanic II appears moribund. There is still nothing going on at the Chinese shipyard and no formal contract has been signed for its construction. We did learn that if and when it should launch its first stop from China is Dubai. And Dubai has a serious interest in Titanic thanks to developers wanting to make a movie theme park. China is doing better than Palmer in building their Titanic that will be permanently docked at a theme park. You can stay aboard and even experience what it was like as it sank thanks to a sinking simulator. Oh and you can, for a fee, learn what cremation is like first hand (sans the real heat of course). Palmer may not be moving forward with Titanic but the Chinese are.

Premier Exhibitions saw major changes in the past year. Revenues have been mostly flat overall but costs were taking a big chunk of change. One proposed merger deal fell through and recriminations are now headed to court over that. So they sought out Dinoking and its chairman to try and turn around the company. Also they would like to sell the Titanic artifact collection but the price is so astronomical that it is hard to see anyone putting up that money. And it comes with a big sticker shock in the form of permanent judicial oversight from the U.S. Federal Court in Virginia. My guess is that in the end it will either be sold to a government entity of some kind or a consortium either in the Middle East or China. China and Dubai would seem the logical choices and will not be surprised if Beijing steps in to acquire the collection.

Public Domain

Titanic exhibitions continue to draw large crowds wherever they appear. People are fascinated by the story. Belfast has certainly seen it become a big boost for tourism and business. Titanic Belfast continues to draw them in and recently the Nomadic was made part of the exhibition. The fully restored tender is as close to the real Titanic as we can get. It took a lot of dogged work to get it out of France and then even more work to properly restore it. People are so used to how quickly we can turn out things these days but old seafaring vessels require a lot of special work. You do not splash on a new coat of paint and call it a day. It takes hours of patient work to take out the rot and replace it with new material and replacement parts generally hand crafted. Not unlike San Francisco’s historic cable cars. The original factories have long ceased operation and San Francisco has to make all its replacement parts to keep the cars going up and down hills at about nine miles an hour.

Titanic though is steaming on. It sank in 1912 but is still quite alive and well in different forms. People are learning the real story, which is good because there are plenty of lessons from Titanic we can draw from. Pity is that historical forgetfulness often means those lessons are lost but they can be relearned.

Premier Exhibitions Obtains $5M Loan

PremierExhibitionslogoPremier Exhibitions has filed a required Form 8-K with the U.S. Securities and Exchange Commission detailing the loan agreement. The total loan sum is $5m and requires the company take out $1m before 10 Dec 2015. A second draw of $1m is available upon written notice before 18 Dec 2015. And a third draw of $1m can be obtained before 31 Dec 2015. An additional $2m is available but only at the discretion of the lenders. The unpaid amount accrues a 12% annual interest rate and can be prepaid at any time (but requires you pay 105% of principal amount). Yanzi Gao, agent for the lenders, signed the agreement. According to the papers filed with the agency, the names of the lenders are: Jihe Zhang, High Nature Holdings Limited, and Lange Feng. Repayment is required by 1 Aug 2017.

Sources:
Premier Exhibitions, Form 8K, 9 Dec 2015
Premier Exhibitions, Exhibit A-Form 8K,9 Dec 2015

Buena Park Titanic Exhibition To Close Permanently January 3, Looking For New Home

The Titanic and Bodies exhibitions at the former Movieland Wax Museum in Buena Park, California is closing for good on 3 Jan 2016. The location has been sold and will host a butterfly and hummingbird atrium that will open in 2017. Meanwhile the search for a new location continues. The new location not only must have room for the exhibits but also for a gift shop. Premier is hoping to find a location in Southern California as attendance at Buena Park was one of the highest for U.S. locations.

Source: Bodies, Titanic Exhibits Hope To Stay Local (Orange County Register,8 Dec 2015)