Whopper Investments
Deep value, special situations, event-driven, arbitrage

Failed Titanic Sale Won't Sink Premier Exhibitions

Quick Summary: Selling ahead of Sellers Capital liquidation and disappointment from the failed Titanic asset sale have pushed Premier Exhibitions (NASDAQ: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 the spin-off

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