The judge in the Premier Exhibitions bankruptcy case has approved the sale of the artifact collection to a hedge fund consortium for $19.5 million. The Equity Committee filed objections to the sale but the judge overruled them. A UK consortium attempted to raise funds to purchase the collection but withdrew after the judge ruled that potential buyers would have to raise $21.5 million to trigger an auction. Criticism of the sale process has been raised by both National Maritime Museum Greenwich (NMMG) and National Museums Northern Ireland (NMNI) who were part of the UK consortium.
It is unknown at this time whether the Equity Committee will appeal the judge’s decision. The artifact sale will still have to be confirmed by the Federal Court in Virginia where the salvage award was litigated.
1. Titanic treasure can be sold to hedge fund, US court rules (BBC, 22 October 2018)
2. Premier Exhibitions, Inc. (OTCMKTS:PRXIQ) Files An 8-K Regulation FD Disclosure (marketexclusive.com,23 Oct 2018)