Posts for Ticker ‘PRXI’

Game-Changer For Premier Exhibitions (PRXI)

money-stack-image32Shares of Premier Exhibitions Inc. (NASDAQ: PRXI) have been higher all day on word that G. Michael Harris’ company WLM, Inc. has made two offers that total $40 million on a combined basis of $40 million to the company.  This does not look like an outright acquisition according to the press release, but it looks like a severe valuation game-change to what its exhibits would be worth.

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Posted on: April 15, 2009 – 2:15 pm in Cult Stock, Entertainment, Insider Activity, Mergers and Buy Outs, Small Cap Stocks,

Analyst Downgrade Onslaught Continues (ASML, CMG, FORM, GFIG, ICE, KLAC, MSSR, MPEL, MRG, PEET, PRXI, PHM, RGLD, JAVA, TCK, TER, UDR, VNO)

Burning_money_pic_2This morning was a shocker on just how many analyst downgrades and very negative calls were out from Wall Street analysts.  The sad part is this is only part of the onslaught that we are still seeing.

  • ASML (NASDAQ: ASML) Cut to Market Perform at FBR.
  • Chipotle (NYSE: CMG) Cut to Neutral at Piper Jaffray.
  • FormFactor (NASDAQ: FORM) Cut to Market Perform at FBR.
  • GFI Group (NASDAQ: GFIG) Cut to Hold at Deutsche Bank.
  • IntercontinentalExchange (NYSE: ICE) Cut to Hold at Deutsche Bank.
  • KLA-Tencor (NASDAQ: KLAC) Cut to Market Perform at FBR.
  • McCormick & Schmick’s (NASDAQ: MSSR) Cut to Neutral at Piper Jaffray.
  • Melco Crown (NASDAQ: MPEL) Cut to Hold at Deutsche Bank.
  • Morton’s Restaurant Group (NYSE: MRG) Cut to Neutral at Piper Jaffray.
  • Peet’s Coffee & Tea (NASDAQ: PEET) Cut to Neutral at Piper Jaffray.
  • Premier Exhibitions (NASDAQ: PRXI) Cut to Neutral at Merriman Curhan Ford.
  • Pulte Homes (NYSE: PHM) Cut to Neutral at JPMorgan.
  • Royal Gold (NASDAQ: RGLD) Cut to Sector Underperform at CIBC.
  • Sun Microsystems (NASDAQ: JAVA) Cut to Sell from Neutral at Goldman Sachs (added details).
  • Teck (NYSE: TCK) Cut to Neutral at UBS.
  • Teradyne (NYSE: TER) Cut to Market Perform at FBR.
  • UDR Inc. (NYSE: UDR) Cut to Sell at Goldman Sachs.
  • Vornado (NYSE: VNO) Cut to Neutral at Goldman Sachs.

Jon C. Ogg
January 8, 2009

Posted on: January 8, 2009 – 7:29 am in Analyst Calls, , , , , , , , , , , , , , , , , ,

Premier Exhibitions: Titanic Exhibit Hits The Road (PRXI)

Premier Exhibitions, Inc. (NASDAQ: PRXI) has announced this morning that its RMS Titanic, Inc. subsidiary has entered into an agreement to present a new Titanic exhibition and tour sponsored by a major financial services provider.  The mobile version of its "Titanic: The Artifact Exhibition" will feature objects from its vast collection of roughly 5,500 artifacts recovered from Titanic’s debris field. 

This exhibit is meant top be a mobile exhibit for museums as it will travel to major cities throughout the United States with dates and location T.B.A.

RMS Titanic, Inc. owns the salvage rights to the Titanic wreck site and is the only company permitted to recover objects from the wreckage area after it was granted exclusive Salvor-in-Possession rights by a U.S. federal court in 1994.  The company has conducted seven research and recovery expeditions to the Titanic rescuing more than 5,500 artifacts.

Jon C. Ogg
July 8, 2008

Posted on: July 8, 2008 – 7:57 am in Entertainment,

Premier Exhibitions Resolves NY A.G. Inquiry (PRXI)

Premier Exhibitions Inc. (NASDAQ: PRXI) has resolved its Attorney General inquiry with the State of New York.  This inquiry was a significant overhang on the company, which has been seen in its share prices.

The company will continue to operate the human anatomy exhibition called “Bodies . . .The Exhibition” in New York City. The company has also agreed to make certain disclosures in its exhibition, on its website, and in its New York area advertising regarding the sourcing of the specimens presented in the exhibition. 

This was one of the investor issues hanging over the company regarding the cadaver sources or whose cadavers the company was using.  Part of the allegations from human rights groups were that the company was using cadavers of executed Chinese prisoners rather than cadavers that were from donors.

Premier has agreed to create an escrow fund of $50,000.00 to reimburse customers who establish that they would not have attended the New York City exhibition had they known the facts set forth. Monies remaining in the escrow account after 8 months that have not been paid to customers will revert back to the Premier.

The Company will retain an independent monitor to ensure compliance with the Assurance agreement and it will pay $15,000.00 to the Attorney General of the State of New York as part of the resolution.

You can read the full ASSURANCE OF DISCONTINUANCE at the company’s prxi.com site.

Shares closed at $4.69 yesterday, and the 52-week trading range is $4.27 to $18.62.

For whatever it is worth, if you haven’t seen this exhibit in New York or elsewhere it is worth seeing as one of the most unique exhibits available to the public that you will have ever seen.

Jon C. Ogg
May 29, 2008

Posted on: May 29, 2008 – 7:40 am in Entertainment,

Raise the Titanic (PRXI)

Premier Exhibitions Inc. (NASDAQ:PRXI) has issued a press release with a move for a salvage award for its Titanic recovery efforts via its wholly owned subsidiary RMS Titanic.  This motion is in the United States District Court for the Eastern District of Virginia, Norfolk Division as compensation for its recovery efforts in recovering approximately 3,700 artifacts from the wreck of the Titanic during its expeditions conducted in 1993, 1994, 1996, 1998, 2000 and 2004.

This motion for a salvage award has no bearing on the approximately 1,800 artifacts recovered by RMST in its first expedition to the wreck of the RMS Titanic in 1987, for which title rests with RMST pursuant to a 1993 decree from a French maritime tribunal which gave it an in "specie salvage award" for all of those artifacts.

In 1994, the United States District Court for the Eastern District of Virginia, Norfolk Division (the "Court") declared RMST to be the sole and exclusive Salvor-in-Possession of the wreck and wreck site of the RMS Titanic. As such, RMST is the only entity to have ever legally salvaged artifacts from the famous wreck site. RMST has continuously remained as Salvor-in-Possession for over thirteen years, and it intends to continue presenting its blockbuster exhibitions, "Titanic: The Artifact Exhibition" in museums and other non- traditional venues throughout the world and likewise intends to continue its unprecedented historical and archaeological work in conserving the artifact collection.

In the October 16, 2007 Memorandum Opinion and Order, the Court declared invalid a claim by RMST that it acquired through a recent transaction with Liverpool and London Steamship Protection and Indemnity Association, Ltd. additional ownership rights to certain artifacts recovered from the wreck, and further suggested that such claim of ownership by RMST was misleading to the investors of Premier Exhibitions, Inc.

A copy of the Memorandum Opinion is located on Premier Exhibitions’ website located at www.prxi.com under the heading "the Company" and the subheading "Investor Relations."

The company subsequently has also issued notice that it would repurchase up to 1 million shares in a stock buyback plan.  Shares are trading up on very thin trading volume pre-market.

Jon C. Ogg
October 30, 2007

Posted on: October 30, 2007 – 7:22 am in Law, ,

Odyssey Marine Exploration: Treasure Hunting Rags to Riches (OMR)

Stock Tickers: OMR, CLCT, PRXI, HIST

If you haven’t heard of Odyssey Marine Exploration Inc. (OMR-AMEX), you either haven’t watch treasure ship shows on television or haven’t seen some wild occasional stock moves.  Today shares of Odyssey Marine Exploration are up a whopping 60% to a multi-year high of $7.38 and this is not because of a takeover.

The company has completed a pre-disturbance archaelogical survey and preliminary excavation of a Colonial-period shipwreck in an "undiclosed location in the Atlantic Ocean."  The artifacts include more than 500,000 silver coins that are said to weigh more than 17 tons.  There are also gold coins and other precious artifacts.  These are said to be legally imported into the United States and are undergoing documentation and conservation.

This is the same outfit that uncovered the gold coins from the SS Republic, an 1865 Civil War era shipwreck that yielded over 50,000 coins with a retail value said to be over $75 million.  If you have ever been channel surfing on television late at night you have probably seen those coins. 

The company has a market cap of some $347 million after today’s massive run.  The question now is "what is the value of the other potential ships in the area?".  There is also the ongoing turf wars that exist in every offshore treasure hunt because every nation around wants their cut, and depending on how old the shipwrecks are, there may actually stilll be some ’salvage and ownership claims’ from either government or individuals or insurance companies that paid loss claims once upon a time.  This one is now an even more active speculator’s stock if you ever saw one.

There are some other stocks that get tied in to this sort of stock whenever there is news.  Gallery of History (HIST-NASDAQ) is a micro-cap that has some overlaps.  Collector’s Universe (CLCT-NASDAQ) is a coin grading and certification service, although they are probably more known for their PSA sportscard and memorabilia grading and authentication services.  There is lastly the company Premier Exhibitions Inc. (PRXI-NASDAQ), which owns of all things the RMS Titanic Inc. (yes, the famed shipwreck) salvage and artifact company. 

Jon C. Ogg
May 18, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: May 18, 2007 – 10:21 am in Cult Stock, , , ,