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

Is It Time To Abandon Ship On Premier?

Yesterday, Premier Exhibitions' (NASDAQ:PRXI) stock fell 10% after putting out an incredibly disappointing earnings release that included the announcement that it had called off its LOI to sell its Titanic assets for ~$190m to the Hampton Roads consortium.

That all actually seems pretty tame. Company announces disappointing earnings, calls off a big event, stock drops ten percent. Just your run of the mill bad quarter, right?

But I don't think "run of the mill" bad quarter quite does this quarter justice. Run of the mill bad quarters don't involve conference calls with not one but two callers asking for the CEO to resign. They don't involve conference calls with a noted activist investor publicly discussing the board returning...

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