This time he decides to list his individual trades. Something he failed to do and still has not corrected in his first filing. (Incorrect SEC filing analysis, just another service I offer)
Item 5. Interest in Securities of the Issuer.
(a) 3,037,500 Common Shares
(b) Not applicable.
(c) The Reporting Persons have made the following purchases of the Issuer's common stock on the open market since October 19, 2012. The pricing below is the average purchase price of many different transactions during each stated day:
3,037,500 shares of common stock purchased in open market transactions for a total consideration of $6,590,050.
Item 4. Purpose of Transaction:
Mr. Schneider continues to believe that Premier Exhibitions' common stock is dramatically undervalued at current levels, as we move closer to a completion of the Titanic asset sale transaction announced October 15th. With a $189 million "tax efficient" sale of the RMS Titanic subsidiary (RMS Titanic Inc.) well underway, and a profitable separate operating business (Premier Exhibitions) that has experienced an astounding turnaround, the sum of parts value should very easily exceed $4.50/share.
Mr. Schneider believes the operating segment of the company can easily fetch an additional $75 million ($1.50+/share) using a very conservative EBITDA assumption for the next two quarters ($9-10mm annualized) without adding any value for the upcoming new exhibitions and content which the company mentioned on its last conference call as well as other upsides due to the relationship that would continue with the buyers through a licensing arrangement to continue exhibiting the artifacts and joint efforts to fully exploit RMST’s Titanic-related intellectual property, referred to in the last conference call.
Mr. Schneider believes the market is completely ignoring the value of the operating business and also totally misconstruing the corporate tax consequences of the Titanic transaction. With the Titanic assets now on their way to being sold for an amount that far exceeds the company's current market capitalization, Mr. Schneider is fully in support of the Titanic sale transaction and management's clear focus on completing it, and believes the most logical next step is to sell the separate operating business immediately afterwards to maximize shareholder value.