Tag Archives: Titanic artifact sale

Titanic

Premiere Exhibitions:It’s Official-Deal To Sell Artifacts Terminated

For Sale by Owner Sign
Wikipedia

In its most recent financial report, Premiere Exhibitions announced the following:

While both parties have worked diligently to finalize a transaction to transfer the Titanic assets, the Company terminated the non-binding LOI with the Hampton Roads consortium effective today. Mr. Weiser stated, “We always believed that Hampton Roads was an ideal location for the permanent home of the collection and the proposed transaction met our criteria of price, court satisfaction and tax efficiency. However, this group has failed to secure sufficient financing so we believe the Company needs to focus on pursuing alternatives to effect a sale of these assets for the benefit of shareholders. From the Company’s perspective, we view the termination of the LOI not as the end but as a new beginning for the process; one that will get us closer towards finalizing this in a manner that fulfills our shareholders’ expectations and satisfies the requirements of the court.”

The actual names behind this consortium has never been reported but the Virginian-Pilot reports that at one time The Mariners’ Museum in Newport News had been negotiating but could not raise the money.

Premiere also announced its second-quarter revenue was done by 42% from the same period last year. Gross profit dropped by half to $4 million compared to $8.2 million a year ago. Hurricane Sandy hurt when it forced closure of Manhattan Titanic along with more money being spent elsewhere on the 100th anniversary of Titanic sinking.

Sources:
1. Deal For Titanic Artifacts Terminated(10 Oct 2013,Virginian-Pilot)
2.Premier Exhibitions Reports Second Quarter Fiscal 2014 Results(9 Oct 2013,Global Newswire-press release)

Titanic, Titanic Exhibitions, Titanic Miscellaneous

Sunday Titanic Newswrap

Photo courtesy George Behe
Photo courtesy George Behe

1. Crain’s Detroit Business examines the possible sale of the Titanic artifacts and who might be in the running to buy it. Candidates are Mariners’ Museum in Newport News, VA; Titanic Belfast museum (Belfast, N.I), and the Luxor Hotel in Las Vegas along with some very wealthy individuals. I would add, considering the interest of bringing Titanic II to UAE, that wealthy business people from there are also interested. Some might scoff at that but remember they have lots of money to spend and are tightly connected to their government (in some cases, they are actually in it). Having genuine Titanic artifacts on display would be a huge tourist draw.

A good portion of the article is divided between what the valuation might be for shareholders and a examination of Mark Sellers III, who took control of Premiere some years ago after getting frustrated with it’s then leadership. Sellers tells Crain’s he is in no rush to sell quick but admits there is pressure to do so. You think? Look at how much time has passed since the salvage award came down till now. At first it seemed like things might be proceeding towards a sale and then it just stopped. This year we finally learned this mysterious consortium that signed a non-binding letter of intent could not get the money. Shareholders thought they would be reaping benefits right now and have not. Sooner or later patience will run out if Seller’s cannot get the sale done. I see lawsuits and demands for transparency about the sale coming soon if nothing happens in six months.

Source: Buyer Sought For Titanic Artifacts; One Estimate: $189 Million(11 Aug 2013,Crain’s Detroit Business)

2. You learn of people finding something spectacular in garage sales or scrap yards, but this is the first I think for a Titanic plaque. Doug Turner spotted something dusty and dirty with “Titanic” on it. He bought it for $138 and cleaned it up. Turns out it is a memorial plaque for Titanic’s musicians. He found after checking it out online that it was really one of one. A photo he saw of it in a Titanic book said its whereabouts were unknown. It was was last seen in 1982.That is when he learned it was something really special–a genuine Titanic artifact of that time. Turner, who is in law enforcement, is making sure it cannot be stolen by Titanic fortune seekers. As to its worth, he has no idea but one can fairly guess since it is one of a kind it would fetch a very high price at a Titanic auction. For now he is not interested in selling it. It is currently on loan to Titanic Experience in Orlando where it will be shown next week.

Sources:
1. Titanic Artifact Found In Naples Scrapyard(9 Aug 2013,WFTX-TV)

2. Plaque With Ties To The Titanic Ends Up In Naples Scrap Yard(9 Aug 2013,WINK)

3. The Titanic exhibit in St.Claire, MI which ended on 27 Jul had 4,2000 visitors and brought in $75,000 for the  St. Clair Endowment Fund. The exhibit focused on the engineering behind the construction and included an18 foot long model of the ship done by Gary Kohs. His model has won praise for its accuracy. Kohs began designing the model in 1997 and completed in 2002. According to Randy Maiers, president of the endowment fund, they had people from all over the country came to the exhibit at the Moore Boathouse.

Source:Titanic Exhibit Money Goes To St. Clair Fund(7 Aug 2013,Times Herald)