Tag Archives: titanic artifacts

Premier Exhibitions, Titanic

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

Premier Exhibitions, Titanic

Update-Premier Exhibitions Deadline Extended

Titanic Leaving Queenstown 11 April 1912. Believed to be the last photograph of ship before it sank.
Public Domain

The deadline for submitting bids to be a stalking horse bidder for the acquisition of the company’s operating businesses and its assets has been extended to October 9, 2017. According to the press release:

Premier expects to conclude the process by October 9, 2017. In the event that an auction is to be conducted, it is expected that such auction will occur by December 12, 2017, at which time other potential bidders will have the opportunity to bid against the stalking horse bidder.
Among other things, bidders are competing to own the most valuable, unique collection of Titanic assets ever offered for sale. The collection includes approximately 5,500 individual pieces that have been recovered from the wreck site over the course of seven deep sea dives; ownership of video footage, imagery, and other intellectual and personal property; and the opportunity to be designated “salvor-in-possession,” permitting the owner exclusive salvage rights to the wreck and wreck site. The portfolio of artifacts, with enhancements recognizing the value of the intellectual property, was appraised at $218MM in 2014. The auction of the collection is subject to approval of the US District Court for the Eastern District of Virginia, Norfolk Division, and the United States Bankruptcy Court for the Middle District of Florida (Jacksonville Division). For more information, please visit www.titanicartifacts.com.

Source:Premier Exhibitions Extends Deadline for Selection of Stalking Horse Bidder In Auction of Titanic Artifacts and Other Valuable Assets (Press Release, globenewswire.com 26 Sept 2017)


Premier Exhibitions, Titanic

Premier Exhibitions Update: Artifact Bidders Confirmed

Titanic Leaving Queenstown 11 April 1912. Believed to be the last photograph of ship before it sank.
Public Domain

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)


Premier Exhibitions, Titanic

Premier Exhibitions Bankruptcy Update

This and other Titanic artifacts could be yours! Appraised value is $240 million. All genuine offers considered. Contact Brent Williams at Lincoln International, bwilliams@lincolninternational.com , telephone (212) 257-7750 or Premier’s financial advisors, Marshall Glade, GlassRatner Advisory & Capital Group LLC, mglade@glassratner.com , telephone (404) 835-8844.

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.

Source: Save the treasures of the Titanic! Director James Cameron launches top-secret £165m bid to rescue artefacts after shipwreck’s ‘owners’ are declared bankrupt (Daily Mail,1 Jul 2017)


Premier Exhibitions, Titanic

Tumult at Premier Exhibitions As Deal Goes Bust

Photo:Shutterstock
Photo:Shutterstock

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.

Source:
Sellers Backs Away from Selling His Premier Stake(3 Dec 2014, The Street)