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)
The story thus far: Premier Exhibitions, which owns RMS Titanic Inc, has filed for bankruptcy. A decision has been reached to sell the Titanic collection (the artifacts and intellectual property). One problem is the Titanic salvage award limits how those artifacts can be sold: as one collection. Past attempts to sell have failed because the price is too high. And now our story resumes….
Could a famous Hollywood director put together the money needed to buy the collection? The U.K. Daily Mail reports that James Cameron has begun a “secret” rescue mission to bring the Titanic artifacts to the U.K. He has apparently teamed up with Robert Ballard, the National Maritime Museum in Greenwich and the Royal Geographical Society to accomplish this. The figure being reported is £165 million.
Details of this “secret” mission were revealed at a court hearing last week by Ballard. Of course nothing is final and it is the very early stages. I doubt they will be the only party that will be interested. The Chinese would like to add it to their theme park and have money to spend as well. And there are investors in Dubai who also would not mind having the Titanic collection there as well that will draw in tourists. ave Vermillion, spokesman for RMS Titanic Inc, confirmed they have interest from all over the world.
Hopefully this time they will actually sell it to someone who will properly conserve it. The bidding war, if that is what it becomes, ought to be fascinating.
Premier Exhibitions, which owns artifacts salvaged from RMS Titanic and operates a touring artifact exhibition, had a interesting filing with the U.S. Securities and Exchange (SEC) Commission. It announced in its 25 Nov 13D filing that current chairman Mark Sellers deal to sell his 31% share interest to Armada Group GP Inc has been canceled. The terms of the deal required that changes in the board of directors would have to take place and two would have to be independent. Since the deal is now cancelled, those changes are also voided. No word as to what happened but the filing states Sellers concluded Armada Group would not fulfill the obligations required. The filing also opens the possibility of legal action against Armada for not meeting its obligations.
What does this all mean? Speculation is the deal fell through because of some other deal that was tied to it. But that of course is just speculation. An an early deal to sell the artifacts fell through so they are trying to find ways to either sell the collection or a new way to monetize it. Shares of the company fell to 64 cents on the news.