Mark Sellers Letter to Premier Exhibitions Shareholders

Last week I received the following letter from Sellers Capital LLC via my broker regarding Premier Exhibitions (PRXI):

Given the reports that Mark Sellers was winding down his hedge funds, I didn’t expect him to see him take on any new shareholder activist roles. However, Sellers still holds 16.3% of Premier Exhibitions’ shares, so it looks like he decided to hold onto his position in this company and extract some value from this beaten down stock. I don’t blame him for holding tough on Premier given the potential value in this company.

Thankfully, Sellers Capital LLC is coming to the defense of Premier Exhibitions’ shareholders. Mark Sellers is hoping to replace four members of the Board of Directors to unlock some value from the great assets held by Premier Exhibitions and maybe salvage the operating portion of the company. Unsurprisingly, the special committee of “independent directors” opposes Sellers actions. Sellers responded this past Monday with a press release calling “for the committee to disclose all of its conclusions and all of the matters and allegations involving Mr. Geller that the committee reviewed and considered.”

I’ll be following these developments closely and I’ll keep you posted when I hear anything new about Premier Exhibitions.

Disclosure: I own shares of Premier Exhibitions.

One thought on “Mark Sellers Letter to Premier Exhibitions Shareholders

  • December 30, 2008 at 9:26 am

    “Thankfully Mark is coming to the rescue of shareholders?” Wow…you don’t know anything, do you? Maybe you know that Mark’s hedge fund collapsed in the 3rd Quarter? But did you know Mark apparently took that out on Arnie Geller? Did you know that on October 30, 2008, Mark Sellers assaulted Arnie in a Board Meeting, pounding his fists on the table, and screaming about all the money his hedge fund lost? This is absolutely true, and very disturbing behavior….hardly professional temperment(more like a spoiled hedge fund operator who made so much money in the easy days that he now thinks he’s knows everything). Five days after Mark assaulted Arnie Geller in a Board Meeting, Mark sent a letter to the Company demanding Arnie resign and threatening a proxy contest. Mark doesn’t tell shareholders that it was the prior CEO, Bruce Eskowitz (not Arnie Geller) who was running the Company into the red. First, Mark wanted to get rid of Bruce and everyone agreed, so Bruce is gone. But then, after he assaulted Arnie in the boardroom in the wake of his hedge fund falling down all around him, Mark then decided to get rid of Arnie Geller too, after Arnie had ONLY been back in office for 2 months….hardly long enough to turn things around, although Arnie had been busy putting out a lot of fires in that short time. Moreover, Mark has no replacement for Arnie, and finding someone to replace Arnie is going to be VERY difficult. Arnie is the founder of the Company over 20 years ago…..Arnieled expeditions to the wrecksite….. Arnie is the visionary of the Company’s Titanic exhibit and its Bodies exhibit. Arnie’s god-given special gift…of knowing what sells tickets….is not easily replacable. Arnie’s knowledge of this unique business and his connections run very deep. Conversely, Mark Sellers knows very little about operating Premier. And apparently, Mark doesn’t have any clear plan either, other than to sell it off. Could Mark be trying to save face (and his ego)and divert attention from the recent collapse of his hedge fund, and recap some of his losses? I don’t know….maybe. But rest assured of one thing……..Mark Sellers is looking out for his own self-interests….and not those of the Premier shareholders, or anyone else….just ask him….he told you that himself in his farewell article in the Financial Times.

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