Tag Archives: RMS Titanic Inc

CONTROVERSY-SHOULD THE MARCONI WIRELESS BE RETRIEVED BEFORE DECAY MAKES IT IMPOSSIBLE?

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

I have been withholding posting on some new developments about Titanic until I was fully read up on it. Not too long ago a long dormant treaty to protect the wreck of RMS Titanic was agreed to by the United Kingdom and the United States. Both sides mutually agree that the wreck is to remain untouched. Canada and France have not signed the treaty but are in possible consultations to sign on as well.

Actual salvage ended some years ago when RMS Titanic Inc. (owned by Premier Exhibitions) said no further salvage expeditions were planned.  A salvage award was done and the entire collection is up for sale (it has to be sold as one unit). So far no one has put up a successful bid due to the high price and the strict conservation requirements the court imposed.

The state of the wreck is, well, it is a wreck that is going the way of most wrecks. It is steadily decaying and probably will be totally gone in a few decades (perhaps sooner or later but it is inevitable). That raises a concern that perhaps a valuable historical artifact will be totally lost forever if it cannot be recovered soon.

At least that is the concern of RMS Titanic Inc that now is petitioning the federal court for permission to retrieve the Marconi wireless transmitter from inside Titanic. Up until now, artifacts have been retrieved from the debris field and not from the ship itself. The argument is a simple one: it has to be retrieved before the ship decays further making it impossible. As can be expected, a storm of controversy has erupted. If it goes the course as before, the name calling and accusations of grave robbery will be thrown out.

During the first salvage, the Titanic community was divided.  Flame wars erupted on the Internet that were so nasty, so personal, and took no prisoners that it drove many from Titanic online communities to never return.  Anyone that was pro-salvage was vilified personally and without remorse. One notorious anti-salvager is rumored to have faked his own death to avoid facing his victims.

The essential argument is that with the ship in a rapid state of decay, retrieving this one artifact for history ought to be allowed. It is a compelling argument but so is letting Titanic being left alone as a memorial to those who have perished. A reproduction could serve the same purpose without having to disturb the wreck further.

Still had Howard Carter took pictures and sealed up the tomb of a virtually unknown pharoah, we would never have seen how ornate the tombs of pharoahs really were (most were looted and ransacked) in the Cairo museum today. Both sides have merit and a court in Virginia will make that decision. The treaty may or not play a role in this but it will be interesting to watch.

UK and US agree ‘momentous’ deal to protect the sunken wreck of the Titanic (Daily Mail, 21 Jan 2020)

Relic hunters plan to retrieve Titanic radio that relayed the ship’s final pleas for help (Washington Post, 22 Jan 2020

CLIVE PALMER’S TITANIC BACK ON TRACK?; RMS TITANIC INC PARTNERS FOR EXHIBITION IN CHERBOURG

Postcard of the Titanic found in a book donated to Books for Amnesty, 103 Gloucester Rd, Bristol UK
Source: Bristol Post
Date: 20/07/2016
Photographer: Michael Lloyd/Freelance
Reporter: Lewis Pennock
Copyright: Local World

Titanic II Project Charters Course For 2022 After Court Ruling (Daily Stock Dish, 24 Nov 2019)

However, three years after the project was announced financial disputes between Palmer and the Chinese shipyard owners CITIC stalled the project indefinitely. This was until a court ruling in September last year by the Supreme Court of West Australia told the shipyard to repay $150m to the project, enough to refloat the titanic building project. There are mixed reports as to whether construction is already underway, with little detail as to location or new project deadlines with 2022 being the latest prediction.

E/M Group and RMS Titanic, Inc. to Partner with La Cité de la Mer in Cherbourg, France (PR Newswire, 12 Nov 2019)

E/M Group and its affiliate, RMS Titanic, Inc., announced today that it will collaborate with La Cité de la Mer in Cherbourg, France on a series of research and exhibition projects regarding Titanic and its passengers. In addition, the partnership will include a specially curated exhibition, highlighting numerous artifacts recovered from the wreck of Titanic that have never been seen before in France. Slated to open in spring of 2020, the exhibition will appear in La Cite de la Mer’s Titanic permanent exhibition.

Premiere Exhibitions Update:Titanic Artifact Auction Cancelled

On 8 Oct 2018, Premier Exhibitions filed a Notice of Cancellation of Auction with the federal bankruptcy court as no other bidders met the minimum required. This means that the bid submitted by PacBridge Capital Partners (HK) et al for $19.5 million will stand. The company will now seek the court approval to sell the company and artifacts to them.

The Equity Committee has filed motions opposing the sale and still seeks other bidders.

Source(s):
1. NOTICE OF CANCELLATION OF AUCTION AND INTENT TO SEEK APPROVAL OF THE SALE OF THE TRANSFERRED ASSETS TO THE STALKING HORSE PURCHASER
(In re:RMS Titanic Inc et al, Case No. 3:16-bk-02230-PMG, October 8, 2018
http://upshotservices.s3.amazonaws.com/files/497d5a77-fff2-49a9-98f0-c32110ea0410/ad81cdf4-23da-4d53-acbe-090ed4aa2846.pdf
2. Equity Committee Response Opposing Motion To Approve Sale
http://upshotservices.s3.amazonaws.com/files/497d5a77-fff2-49a9-98f0-c32110ea0410/fe9ca2ec-a6bd-41f4-8b29-d058e4a62b24.pdf
3. Equity Committee Reservation of Rights and Limited Objection
http://upshotservices.s3.amazonaws.com/files/497d5a77-fff2-49a9-98f0-c32110ea0410/efc460b5-fde9-4963-a5f3-bb05738d17ea.pdf

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: Company Files Adversary Action For French Collection

PremierExhibitionslogoPremier 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


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)

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)

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

Premier Exhibitions Announces Shareholder Approval of Merger

PremierExhibitionslogoThe expected approval of the Dinoking merger with Premier Exhibitions took place on 29 Oct 2015. According to the press release, the merger transaction will take place in the next few days. Upon merger completion, Daoping Bao will be appointed the president and chief executive officer of the company. Some shareholders have expressed the hope that Bao will fix the problems caused by poor management of the company.

Source: Premier Exhibitions, Inc. Announces Shareholder Approval of Merger With Dinoking Tech Inc (Globe Newswire-Press Release,30 Oct 2015)


Premier Exhibitions Announces Second Quarter Fiscal 2016 Earnings

PremierExhibitionslogoPremier Exhibitions, which owns RMS TItanic Inc and Titanic:The Artifact Exhibition,  has reported its second quarter 2016 results. Here is some information from that statement:

  • Gross profit decreased to $1.1 million from $3.0 million in last year’s second fiscal quarter while gross margins fell to 16.1% from 36.5% in the prior year period. The decrease in gross profit is primarily due to the decrease in revenues and an increase in production and marketing expenses related to our New York City location.
  • Total exhibition days decreased 28.4% to 1,076 as compared to 1,503 in the second fiscal quarter of 2015.
  • Average attendance per exhibition day decreased 26.7% to 366 compared to 499 in last year’s second fiscal quarter. Average ticket prices for semi-permanent and partner presented exhibitions decreased 4.1% to $16.10 from $16.79 in the second quarter of fiscal 2015.
  • Average attendance per exhibition day for semi-permanent exhibitions was 319 compared to 344 in the prior year period. Average ticket prices for semi-permanent exhibitions increased 3.7% to $22.20 from $21.40 in the second quarter of fiscal 2015.

Company president Michael Little stated that they need additional financing to keep going. “We have a working capital deficit of $1.4 million excluding the convertible debt of $13.5 million, which is included in the short term portion of note payable on the balance sheet.” Which is why they desperately want to merge with Dinoking (proxies have been mailed out for the special 29 Oct 15 meeting).

Little argues the merger will allow them to get additional capital ($5m) to fund ongoing operations and to have the company “break-even” in its operations. Otherwise he warns:

If we are unable to obtain additional financing, we will likely not be able to continue operations as they are currently anticipated or at all.

Of course there is that lawsuit out there by Mark Sellers to enforce the previous merger agreement, which could throw all plans out the window if it survives early judicial review.

Source:Premier Exhibitions Reports Second Quarter Fiscal 2016 Results(Press Release-14 Oct 2015, Global Newswire)