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Premier Exhibitions Inc (Expert Market: PRXIQ) is anAtlanta, Georgia-based company that organizestraveling exhibitions. As of January 2019[update], the company owned 5,500Titanic relics with approximately 1,300 on display in various countries.[1]
Its two most prominent exhibits are artifacts from theRMS Titanic andBodies: The Exhibition in which it displayscadavers arranged in lifelike poses viaplastination from theDalian Medical University (through its Dalian Medical University Plastination Company subsidiary)[2] inChina. It has multiple exhibits of bothBodies andTitanic running at the same time in different venues. In 2008, it entered into a 10-year lease for more than 36,000 square feet (3,300 m2) at theLuxor Las Vegas for exhibits ofTitanic andBodies there.[3] By 2013, more than 25 million people had visited the company'sTitanic exhibits in Orlando, Atlanta, Los Angeles, Las Vegas, and elsewhere.[4]
In May 2015 the company opened Premier on 5th,[5] a flagship exhibition space on Fifth Avenue in New York City that housed "Saturday Night Live: The Exhibition"[6] and "The Discovery of King Tut."[7] On June 14, 2016, Premier Exhibitions filed forChapter 11 bankruptcy.[8]
In late August 2018, at least three groups were vying for the right to purchase the 5,500 Titanic relics that were an asset of the bankrupt company in the case titledRMS Titanic Inc., 16-02230, U.S. Bankruptcy Court, Middle District of Florida (Jacksonville).[9] Two of the offers for the collection were just under US $20 million, including one by museums in England and Northern Ireland, with assistance byJames Cameron.[10] A decision as to the outcome was to be made by Paul M. Glenn, aUnited States district court judge inJacksonville, Florida.[11]
The firstTitanic expedition began in July 1987 and was financed by Titanic Ventures Limited Partnership, Oceanic Research & Exploration. These co-partners led a $6 million expedition to the ship, and recovered artifacts 12,850 feet (3.92 km) beneath the surface of the North Atlantic. Co-founder and RMS Titanic Chairman Tulloch (1944–2004), owner of the largestBMW dealership in the U.S., led five of the expeditions.[12] In order to recover artifacts, the expedition team completed 32 dives toTitanic in theNautile, a deep-diving submersible chartered by Oceanic Research and Exploration in a partnership with the French Research InstituteIFREMER.[13] This is the greatest number of deep-sea dives ever completed for any televised project.[14][15] The company had anOTCticker symbol of SOST.[16] In 1994 it won a Virginia court order to getsalvor-in-possession rights to the ship.[17]
In 1998, the company reported net income of $4 million on almost $10 million in revenues. The following year, revenue dropped to $6.4 million, resulting in a slight loss.[18]
When Tulloch died in 2004, he was lauded by theTitanic International Society, whose president said of him, "He has done more to preserve the memory of Titanic than anyone else".[19] In 1992, the company, through a reverse merger, formed itself as RMS Titanic Inc. Tulloch co-led operations on theTitanic in 1993, 1994, 1996, and 1998 along withPaul-Henri Nargeolet who led the IFREMER dive team.[20]
G. Michael Harris opened the first permanentTitanic exhibition on April 10, 1999;[21] in Orlando, though it did not feature artifacts recovered from the wreck. It was claimed to be the largestTitanic exhibition in the world, located inOrlando, Florida; he sold it to Premier Exhibitions in 2012. Harris was the expedition leader in the summer of 2000 with over 120 hours on the wreck ofTitanic and made eleven dives in the Russian Deep DivingMir submersiblesMIR1 andMIR2. The 2000 expedition included the last crewed salvage dives to theTitanic, but was the most successful from an artifact recovery operations standpoint. Harris also found some perfume bottles from theTitanic on August 2, 2000, in theMir2 Russian submersible along with his Director of Operations, David Walker.
The television documentaryReturn to the Titanic….LIVE, hosted byTelly Savalas, was shown in 27 countries in 1987. A feature was the supposed live opening of the assistantpurser's safe on television.[22]
RMS Titanic and Premier continued to be involved inlitigation over the matter.[23]
Opened on October 21, 2023, Titanic: The Exhibition is a museum inNational Harbor, Maryland, which features sculptures, models, and artifacts recovered from thewreck of the RMSTitanic. The museum is owned by RMS Titanic Inc in the United States.[24]
In 1999, investors fromSFX Entertainment, along with co-founder G. Michael Harris and Arnie Geller, led a surreptitious takeover, ousting George Tulloch and the company's attorney, the day after Thanksgiving.[25] Geller was installed as President and CEO of the company and Harris was installed as Chief Operating Officer as well as Secretary of RMS Titanic, Inc. They fired all other officers and directors and were the only two remaining directors.[26] John Joslyn was a small shareholder and took part in the takeover of the company in 1999.[27] Tulloch sued and was awarded $2.5 million in damages.[28] Geller and Harris were later found, in a complaint by the SEC, to have violated multiple Exchange Act rules as part of the takeover, and Geller was ordered to pay a civil penalty of $85,000. In a later complaint filed by the SEC, the judgement found that other insurgent shareholders, including Joslyn, had violated multiple Exchange Act rules, and were ordered to pay civil fines. John Joslyn was ordered to pay a $75,000; Joseph Marsh was ordered to pay $75,000; David Lucas was ordered to pay $30,000; Steven Sybesma was ordered to pay $30,000; and Jon Thompson was ordered to pay $15,000.[29][30]
The abrupt takeover alarmed the governments of the UK, France, Canada, and the U.S., especially when one of the insurgent investors was quoted as saying the new management was intent on cutting intoTitanic's hull to recover more treasures and gain increased profits.[28] Chief Operating Officer Harris was later fired in August 2000. The company claimed Harris misappropriated company funds.[31] Harris later filed for bankruptcy for inability to pay his debts.[32]
In October 2004, the company changed its name to Premier Exhibitions and changed its ticker symbol to initially to PXHB on the OTC, after it branched out withBodies: The Exhibition after it acquired The Universe Within Touring Company, LLC.[33]
Bodies: The Exhibition became the primary money maker for the firm with 19 separate human anatomy exhibitions at 33 venues while the Titanic was on exhibit at 15 locations in 2009.[33] In 2009 the company reported that 19% of its revenue came from Titanic and 67% fromBodies: The Exhibition with the rest among its other exhibitions.[3]
Bodies: The Exhibition has generated considerable controversy over its appropriateness and questioning the practice of selling cadavers for public display without family permission.[2] In 2014, the human-rights group Choose Humanity alleged that some of the cadavers used forBodies: The Exhibition were those of executed Chinese prisoners.[34] A disclaimer on Premier Exhibition’s website stated, "The Chinese Bureau of Police may receive bodies from Chinese prisons. Premier cannot independently verify that the human remains you are viewing are not those of persons who were incarcerated in Chinese prisons.”[34] Friends of Falun Gong believe that many of the executed Chinese prisoners used for multiple venues ofBodies: The Exhibition were that of Falun Gong practitioners, a group that faces on-going persecution by the Chinese Communist Party.[35]
The company changed its ticker symbol again to PRXI when it was listed on NASDAQ. The new ticker symbol is PRXIQ
On November 6, 2008, Mark Sellers, a 16% share holder in Premier Exhibitions Inc., issued a press release demanding the resignation of Premier’s CEO Arnie Geller, lambasting him for taking $1.2 million in compensation even as the shareholders saw their investment values plunge, with the stocks price dropping from $17 a share to under $2 a share.When Geller refused, a proxy battle erupted with Sellers’ firm nominating its own slate of directors in what amounted to a hostile takeover.By January 2009, Sellers decisively won the battle, was appointed as unpaid, non-executive chairman and fired Geller.[36]
In 2009, its other exhibits include "Dialog in the Dark" in which visitors pass through an exhibit totally without light[37] and "Star Trek: The Exhibition".[38] By 2013, more than 25 million people had visited the company'sTitanic exhibits in Orlando, Atlanta, Los Angeles, Las Vegas, and elsewhere, said the company.[4]
After facing legal challenges and the early closure of its "Saturday Night Live" exhibition, Premier filed for bankruptcy protection in June 2016.[39]
As of 2020[update], RMS Titanic Inc. continues to be the wreck's legal salvager.[40] Starting in 2009, they changed their approach to that of closer co-operation withTitanic preservation and regulatory bodies.[41]
In the fall of 2018, the 5,500 artifacts from theTitanic were all for sale after the bankruptcy filing of Premier Exhibitions in the United States. TheNational Maritime Museum,National Museums Northern Ireland, Titanic Belfast and Titanic Foundation Limited had joined together as a consortium that raised money to purchase the artifacts. They intended to keep all of the items together as a single exhibit. The museums were critical of the bid process set by the bankruptcy court, which set the minimum bid at $21.5 million (£16.5m). The consortium bid of $19.2 million fell short of that amount by October 11, 2018 deadline.[42][43]
Instead, the collection and salvage rights were sold to a consortium of investors led by Apollo Global Management, Alta Fundamental Advisers and PacBridge Capital Partners for $19.5 million.[44] At the time of the purchase, the consortium agreed that any new exploration or salvage expedition must receive approval from NOAA and the court. Further, the purchase price gives Premier’s unsecured creditors an 80% recovery.
A critical opinion piece published in June 2020 accused Premier Exhibitions, and specifically its subsidiary R.M.S. Titanic Inc, of foul play over the auction of the artifacts, suggesting they declared bankruptcy to get around its commitment to keep the collections together and on public display. The piece described the company as "bandits" and "not fit for purpose".[45]
A further controversy arose in 2020, when RMS Titanic Inc. announced plans to retrieveTitanic's wireless radio and exhibit it. The U.S. government challenged the plan in a filing with the4th U.S. Circuit Court of Appeals in June, contending that any such expedition, which might "physically alter or disturb" the deteriorating wreck, requires authorization from the U.S. Department of Commerce and would breach an agreement with the UK that regulates entry into the hull.[46]
On October 11, 2023 RMS Titanic Inc. announced, via a court filing, that at this time further artifact recovery would not be appropriate. They also indicated they would not be launching another mission to theTitanic site pending further investigations into theTitan submersible implosion.[47]
An imaging expedition was planned for May 2024. It was carried out in July. The expedition utilized high definition imaging technology and ROV's (remotely operated vehicles) to capture detailed images of the wreck site and debris field.[48]