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.