Author Topic: PRXI - Premier Exhibitions  (Read 39240 times)

mattone

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Re: PRXI - Premier Exhibitions
« Reply #40 on: December 01, 2014, 10:12:17 AM »


OracleofCarolina

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Re: PRXI - Premier Exhibitions
« Reply #41 on: December 01, 2014, 12:01:43 PM »
http://www.sec.gov/Archives/edgar/data/796764/000119312514428610/d828887dsc13da.htm

welp, looks like as we suspected, the deal is off...the saga continues for Sellers Capital

ItsAValueTrap

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Re: PRXI - Premier Exhibitions
« Reply #42 on: December 01, 2014, 02:06:20 PM »
Crazy.  His nightmare continues.
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. " -Buffett

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OracleofCarolina

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Re: PRXI - Premier Exhibitions
« Reply #43 on: December 08, 2014, 02:56:24 PM »
it's only $725,000...but this is the 1st time I have seen PRXI win a lawsuit. They are usually the one's paying out, but not this time.

http://www.sec.gov/Archives/edgar/data/796764/000117184314005814/f8k_120814.htm


OracleofCarolina

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Re: PRXI - Premier Exhibitions
« Reply #45 on: April 02, 2015, 08:36:34 PM »
This is good news..maybe fresh ideas and an entreprenuer in charge will turn this company around.

OracleofCarolina

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Re: PRXI - Premier Exhibitions
« Reply #46 on: October 12, 2015, 04:07:45 PM »
http://www.mlive.com/business/west-michigan/index.ssf/2015/09/titanic_lawsuit_sellers_premie.html

I don't have a horse in this race but this has been an interesting saga!

portfolio14

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Re: PRXI - Premier Exhibitions
« Reply #47 on: October 12, 2015, 04:53:27 PM »
http://www.mlive.com/business/west-michigan/index.ssf/2015/09/titanic_lawsuit_sellers_premie.html

I don't have a horse in this race but this has been an interesting saga!

Wow. I haven't paid attention to this for a while. It's much worse than I remember. I was once long, admitted it was a mistake when they took on debt in 2013, took a meaningful loss and moved on.

OracleofCarolina

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Re: PRXI - Premier Exhibitions
« Reply #48 on: January 21, 2016, 03:56:18 PM »
Well, some folks were thinking that this would be the year PRXI catches a break. They have a new CEO and board members so maybe things will go their way for once. Well, I hate to burst your bubble, but take a look at this filing today.

Item 8.01. Other Events.
On December 9, 2015, Premier Exhibitions, Inc. (the “Company”) entered into a Secured Promissory Note and Guarantee (the “Note”) with Mr. Yanzi Gao as agent for the lenders listed therein (the “Lenders”), with an aggregate principal sum not to exceed US$5,000,000. The Note provides that the Company will make draws of: (i) $1,000,000 on or before December 10, 2015; (ii) $1,000,000 within five business days after delivering written notice to the Lenders requesting the second draw, on or before December 18, 2015; and (iii) $1,000,000 within five business days after delivering written notice to the Lenders requesting the third draw, on or before December 31, 2015, provided in each case there is no event of default under the Note. The Note provides the Company may request an additional advance in the amount of $2,000,000 at any time during the term of the Note, provided the Lenders shall have the option to grant or deny the request in their sole and absolute discretion. The proceeds of the Note shall be used in the normal course of the Company’s business operations.

 

On January 4, 2016, the Company agreed to delay the second draw until January 15, 2016, and the third draw until January 28, 2016. Interest on these amounts would not accrue until the amounts were received by the Company. The Note otherwise remained unchanged and in full effect.

While the first $1,000,000 draw was timely made in accordance with the terms of the Note, the Company did not receive the $1,000,000 draw that was scheduled for January 15, 2016, and has not received the draw to date. The Company has provided notice to the Lenders of the failure to deliver this draw in accordance with the terms of the Note, and is in discussions with the Lenders to determine when and if the funds will be delivered to the Company.

Jurgis

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Re: PRXI - Premier Exhibitions
« Reply #49 on: January 21, 2016, 10:57:48 PM »
PRXI is a great example of a broken company existing for years and drawing in a new set of patsies investors every year.

I paid for my lesson in 2008 or thereabouts.
"Before you can be rich, you must be poor." - Nef Anyo
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