UNBELIEVABLE! The bullsh*tter strikes again! Management of this company are astute on how to fleece shareholders. We are selling titanic (engaged in strategic negotiations)... no the buyers backed out of the titanic sale. Sellers Capital has agreed to sell their shares... nope... not going to do that.
Despite Seller's stating he's selling... he is still around... running the company into the ground.
It is probably for the best that the Armada deal didn't go through. I am going to file this one under "careful what I wish for." I was the one advocating that the company needed a PT Barnum type of promoter to get people through the doors.
Maybe the Armada guys are successful and they have $16 million laying around. It just seemed from the google searches I did that everything they touched turned to failure.
it's a valid question and it's unlikely armada (if they even close) will be the eventual buyer of the assets
The Armada Group's sale was supposed to close yesterday. I am interested to see who the new board members are and if the sale went through.
Why would someone pay such a large premium for PRXI shares unless they were going to make a bid for the Titanic assets?
smacys and bluestem,
Some interesting info on armada institute from mr wights profie on linkedin - This is eerily similar to some of the court covenants (educational, research blah blah blah)
Armada Institute seeks to educate and expand awareness of marine issues, global water quality while developing abundance from the worlds oceans. Through technology innovations, expeditions and scholarship programs, Armada Institute will ultimately develop an advanced degree program for universities.
this is interesting about mr wight's profile from zoominfo
Mr. Wight is the chief architect and purveyor of the 'big picture,' from developing innovative financing structures to formulating businesses through various amalgamations, integrating all the necessary components to sustain capital market appetite and future valuation growth.
just what prxi needs to get done with this sale of the titanic assets
SNL could do very well in NYC. If they can make it funny (not sure how they do that). Probably a lot of tourists would visit it. SNL is the best idea to come out of this company in six years.
I think Ice Age is a third tier media property (after Disney and Dreamworks), but if mgmt can tie it into global warming, maybe they can get some mileage out of it.
Anything is better than the Playboy idea. I can't imagine anyone taking their family or a date to that exhibit. Not to mention a museum picking it up.
Slightly OT: I didn't listen to the conf. call, but read the transcript, and mgmt seemed more confident about selling the Titanic than I've seen in a long time.
I couldn't find much with the name. An address just now search shows:
Salvor Fund Management, LLC is a Florida Domestic Limited-Liability Company filed on January 20, 2014. The company's filing status is listed as Active and its File Number is L14000010680.
The Registered Agent on file for this company is Senti Wade and is located at 1720 Main Street Ne Palm Bay, FL 32905. The company's principal address is 1720 Main Street Ne Building 4 Palm Bay, FL 32905 and its mailing address is 1720 Main Street Ne Building 4 Palm Bay, FL 32905.
The company has 2 principals on record. The principals are Wade Senti from Palm Bay FL and George Wight from Palm Bay FL.
Salvor Fund Management, LLC ("Salvor Fund") is a multi-strategy investment firm, with investment and support for specified private and public portfolio companies. Salvor Fund with its partners, generally participates in the public equity markets within event-driven situations. Salvor Fund invests, finances, and advises in the real estate, energy, aerospace, and maritime sectors. Salvor Fund is not a registered investment advisor, nor is it registered with FINRA.
Have you looked into the purchaser?
My initial look did not go so well. My thesis was that the Armada Institute's passion for marine exploration would cause them to bid on the Titanic assets. Sam alluded to this a little bit in the call, with some purchasers pursuing unique opportunities to study the wreck site.
The problem is all of my leads raise red flags. The address on the SEC filing looks like a warehouse in Florida. I can't find any associated businesses that aren't shut down. None of the business websites are working. Not sure if it is the same person, but it looks like a lot of real estate deals went bad in Wisconsin and Illinois (including a home foreclosure).
Just to rub salt in the wound, I don't trust anyone that has a profile picture of themselves stepping out of a private jet. It reeks of desperation.
I hope I am wrong on all of this.
Mark A. Sellers III, Managing Partner
October 21, 2014
Below is an excerpt from my letter dated May 31, 2013:
The saga of the Fund’s investment in Premier Exhibitions has been a long and interesting, and sometimes arduous, journey. The road has turned out to be longer than I thought it would be when we began the journey almost five years ago. I hope many of you will continue traveling with me until I can see things to a close. I want to thank all of you for your patience and support.
“Almost five years ago” has turned into “almost seven years ago.” But today I’m happy to announce that finally, we have entered into a deal to sell our entire position in Premier for $1.05 a share to the Armada Group, a company based in Florida. This represents a 42% premium to the stock price on the day of signing.
While I still believe in the underlying premise of our investment in Premier, the company continues to have significant unmet capital and operational needs to become successful. Unfortunately, the Fund and Sellers Capital are unable to fulfill those needs for Premier. In fact, the continued holding of our position may be an impediment to the company’s growth. The potential distribution of our shares (representing more than a year’s total trading volume) and the insufficiency of capital necessary to stabilize and grow the business may be holding back the stock price. As a result, the realization of greater value for the Fund’s investment is unlikely in any reasonably foreseeable time frame for the Fund. That is why I’ve decided to sell our block to Armada, as it is both willing and capable of purchasing the Fund’s investment outright on superior terms relative to current market conditions and Premier’s current status. In short, I believe that this is a prudent time to sell, and a fair and reasonable opportunity to do so.
We hope to close this sale by the end of October and will provide a distribution shortly thereafter. Over the next two weeks,
Would have thought the new valuation would have gotten it back to $1 but apparently those selling no longer believe. And its hard to blame them.
I saw that too. It's crazy because this appraisal is almost certainly more misleading than had they at least taken a shot in the dark regarding discount. Then again, if they said they couldn't reliably discount nor could they reliably produce a number without discounting then they wouldn't have had any business.
They didn't even attempt to put a discount on its value....
In our opinion, calculation and application of a discount representing the perceived burdens of the legal obligation to acquire, maintain and retain the collection as an intact whole or the public knowledge of the collection’s previous failure to sell are considerations inappropriate to this assignment.
Given the magnitude of the Titanic collection, it is reasonable to accept that all the conditions implicit in the definition of Market Value may not exist at any particular time.
Furthermore, considering the unique nature of the Titanic collection, application of a discount is contrary to the definition of Market Value in that it implies undue stimulus to sell.
Even if a discount was determined to be applicable, insufficient market data exists to calculate it without arriving at a falsely accurate and misleading outcome.