Seeking Alpha
Editor's notes: Special situations aficionado Whopper Investments sees the recent meltdown in PRXI as a buying opportunity. He calls the shares "a dollar trading for $0.75" even with "extremely conservative" assumptions.

Quick Summary: Selling ahead of Sellers Capital liquidation and disappointment from the failed Titanic asset sale have pushed Premier Exhibitions (PRXI) to level well below any conservative estimate of breakup value. With the exhibition segment's turnaround well underway, as well as an eventual Titanic sale, long-term investors are offered an opportunity to invest at a meaningful discount.

Anyone who's read Joel Greenblatt's "You Can Be A Stock Market Genius" knows that spin-offs are one of the best places to look for value opportunities. There are a variety of reasons, but there's one specific one that is often lost: large institutions often sell spin-offs without any regard to their underlying value. This "forced" selling drives...

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