Will PRXI Sink or Swim?
Patience is one of the hallmarks of the value investor, and you either have it or you don't. Sometimes stories seem to take an eternity to play out, and that's the case now with Premier Exhibitions (PRXI). Leading up to the 100th anniversary of the Titanic disaster on April 15, the company, was auctioning thousands of artifacts salvaged from the Titanic wreck site in one huge lot. The winning bidder was set to be announced on April 15, but that didn't happen. More than two months later, there has yet to be an announcement.
The outcome is still unclear, but this might one day be a great case study in value investing. It's been a long road: the company was in court for years trying to get the title to the several thousand Titanic artifacts it did not yet own. That hurdle was crossed nearly two years ago, but the ruling involved another wait of up to one year, while the courts specified whether the company would be awarded the title to the artifacts, or the proceeds from the judicial sale of the artifacts. Last August, Premier was given title to the artifacts. I then naively declared at the time that "the wait is over for Premier Exhibitions shareholders."...306 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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