Author Topic: PRXI - Premier Exhibitions  (Read 19984 times)

bskptkl

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Re: PRXI - Premier Exhibitions
« Reply #60 on: July 13, 2016, 09:28:01 AM »
What is today's+78% about? Did I overlook a filing or news item?
They had a hearing yesterday about the motion to sell "French Artifacts" free and clear. Objections were filed by US Trustee and Commerce department claiming improper notice to French government, no description of sales procedure or items to be sold, no filing of schedules hence Trustee can't rule on appropriateness of appointing equity committee (who should have say in matter). In addition, there were pledges by company to the French to use artifacts for cultural purposes and not to sell them in addition to an agreement with US to keep all artifacts together as much as possible. So Trustee says they should settle those matters in a lawsuit, not at a bankruptcy hearing.

I take it the judge did not rule either way yesterday and took matter under advisement. But with only 10 million shares out and 25 or so million claims hurdle the stock is a pretty levered bet. Bankruptcy may be an efficient/clever way to clear up title to artifacts and allow company to auction them off.


HH2010

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Re: PRXI - Premier Exhibitions
« Reply #61 on: July 25, 2016, 02:10:17 AM »
Extremely frustrating that I specifically asked management on a conference call 12-18 months ago whether the Titanic assets would be sold in a bankruptcy, and they told me no the company would not have rights to the asset.

bskptkl

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Re: PRXI - Premier Exhibitions
« Reply #62 on: July 25, 2016, 06:23:04 AM »
Extremely frustrating that I specifically asked management on a conference call 12-18 months ago whether the Titanic assets would be sold in a bankruptcy, and they told me no the company would not have rights to the asset.
Well I think that is still in dispute! No sure thing they can sell assets free and clear at this point.

bskptkl

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Re: PRXI - Premier Exhibitions
« Reply #63 on: July 25, 2016, 09:32:05 AM »
Order on Sale Motion attached.
Court orders PRXI to bring adversary procedure to determine whether French Government has interests in artifacts. Good background and summary in document.

Haasje

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Re: PRXI - Premier Exhibitions
« Reply #64 on: July 26, 2016, 04:31:30 PM »
Thnx

bskptkl

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Re: PRXI - Premier Exhibitions
« Reply #65 on: August 24, 2016, 01:55:38 PM »
Equity committee appointed today 8/24.
They also filed adversary proceedings against French on 8/17 to sell French artifacts free and clear of liens.

bskptkl

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Re: PRXI - Premier Exhibitions
« Reply #66 on: August 24, 2016, 01:57:02 PM »
Equity committee appointed today 8/24.
They also filed adversary proceedings against French on 8/17 to sell French artifacts free and clear of liens.

bskptkl

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Re: PRXI - Premier Exhibitions
« Reply #67 on: May 19, 2017, 06:44:14 AM »
Equity committee put up a website http://www.jndla.com/cases/premiercommittee?r=1
Has links to both the bankruptcy docket and the civil docket where the lawsuit against French was filed.
So no need to spend Pacer money.

Apparently the French never responded to being served in the civil case and the way is clear to sell all assets free and clear.

Explains stock rise to $4 perhaps.

Traded $0.25 the day they filed...

bskptkl

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Re: PRXI - Premier Exhibitions
« Reply #68 on: May 19, 2017, 08:46:38 AM »
Equity committee laid out road map and timeline to sale of assets yesterday:

EQUITY COMMITTEE ENTERS CHAPTER 11 PLAN SUPPORT AGREEMENT

    On May 18, 2017, Premier Exhibitions, Inc. (the “Debtor”) filed a Motion for an Order Authorizing the Debtors, the Official Committee Of Unsecured Creditors and the Official Committee of Equity Security Holders to Enter Into and Perform Their Obligations Under A Plan Support Agreement (the “PSA Motion”). [Docket No. 587].   That Motion has attached to it an agreement (the “Plan Support Agreement”) among the Debtors, the Equity Committee, and the Creditors Committee to support a Chapter 11 Plan that will include the sale all of the Debtors’ assets, including the entire Titanic Artifacts Collection either as assets of the estate or through the sale of the company that holds the Titanic Artifacts, RMS Titanic Inc.  The remaining Debtors and their assets likewise will be sold.  Further details of the contemplated Chapter 11 Plan may be found in the Complete Sale Term Sheet that is attached to the PSA Motion as Exhibit A.

    The Debtors and the Committees now will turn to drafting the Chapter 11 Plan that will put into effect that sale process. The Chapter 11 Plan that the Equity Committee expects will result from these efforts will be distributed together with a Disclosure Statement after approval by the Bankruptcy Court.

    No solicitation of votes or support for a Chapter 11 plan may be made until after the Court has approved the Disclosure Statement.  This notice from the Equity Committee does not constitute an offer of securities or a solicitation or offer to purchase securities, nor is it an offer or solicitation for any chapter 11 plan, and is being presented solely to advise of the filing of the PSA Motion.

    The PSA Motion has been entered onto the Bankruptcy Court’s Docket as Docket No. 587 and may be found elsewhere on this website under “Court Docket.”  The Plan Support Agreement is attached to the PSA Motion and is summarized below:

Summary of the material terms of the PSA1:
Milestones
The following deadlines are established by the PSA. In the event that the Debtors fail to meet such deadlines, the Supporting Committees may terminate the PSA.

    (a) The Debtors and their professionals shall prepare marketing materials for use in connection with the Marketing Process, which materials shall be subject to the review and approval of the Supporting Committees and their professionals, on or prior to May 19, 2017;

    (b) Following approval of such materials, the Debtors’ and Supporting Committees’ financial advisors shall commence the Marketing Process, which process shall establish a deadline of July 21, 2017 for interested parties to submit letters of intent (each, a “LOI”) to the Debtors (the “LOI Deadline”).  On receipt of any LOI, the Debtors shall provide copies to the Supporting Committees and their professionals;

    (c) On expiration of the LOI Deadline, the Debtors and Supporting Committees shall evaluate any LOIs received, and no later than seven (7) calendar days from the LOI Deadline, the Debtors and Supporting Committees shall select candidates for management visits and further negotiations;

    (d) On or prior to the later of  September 25, 2017, or two (2) weeks following the LOI Deadline (the “Stalking Horse Designation Deadline”), the Debtors shall, with the consent of the Supporting Committees (such consent not to be unreasonably withheld), designate one or more Stalking Horse Bidders committed to purchase interests in and/or assets of the Debtors, negotiate and enter into one or more Asset Purchase Agreements for such interests and/or assets of the Debtors with any designated Stalking Horse Bidders, and file a Sale Motion;

    (e) On or prior to the later of October 23, 2017, or four (4) weeks from the filing of the Sale Motion, the Company shall obtain entry of the Sale Procedures Order;

    (f) In the event that the Auction is to be conducted, such Auction shall occur on or prior to the later November 20, 2017, or five (5) weeks from the entry of the Sale Procedures Order;

    (g) On or prior to the later of October 20, 2017, or three (3) weeks from the Stalking Horse Designation Deadline, the Company will file the Complete Sale Plan and Complete Sale Disclosure Statement (providing, among other things, for the consummation of the sale of substantially all of the interests in and assets of the Debtors through the Complete Sale Plan);

    (h) On or prior to the later of October 27, 2017, or five (5) business days from the filing of the Complete Sale Plan and Complete Sale Disclosure Statement, the Company will file a motion for approval of the Complete Sale Disclosure Statement;

    (i) On or prior to the later of December 7, 2017, or six (6) weeks from the filing of the Complete Sale Plan and Complete Sale Disclosure Statement, the Company shall obtain entry of an order approving the Complete Sale Disclosure Statement;

    (j) On or prior to the later of January 12, 2018, or seven (7) weeks from the hearing on the Complete Sale Disclosure Statement, the Company shall obtain entry of the Confirmation Order confirming the Complete Sale Plan;

    (k) On or prior to the later of January 26, 2018 or thirteen (13) business days from the entry of the Confirmation Order confirming the Complete Sale Plan, all conditions precedent to the Effective Date of the Complete Sale Plan (with the exception of an order of the Eastern District of Virginia approving the sale to a Winning Bidder of any portion of the artifact collection held by RMST over which the Eastern District of Virginia has jurisdiction) shall have occurred.