In a corporate release, Premier Exhibitions confirmed that the Company, as sole legal steward of the RMS Titanic wreck site, received multiple letters of intent to become the stalking horse bidder for acquisition of its operating businesses and its assets, including the Titanic artifact collection.
The deadline for submission of letters of intent was July 21, 2017. The Company and its official equity security holders committee will assess the bidders’ qualifications with intentions to announce a designated party to become the stalking horse bidder by September 25, 2017. In the event that an auction is to be conducted, that will occur by November 20, 2017, at which time other potential bidders will have the opportunity to bid against the stalking horse bidder.
The Titanic artifact collection consists of the only artifacts ever recovered from the wreck of the RMS Titanic and includes approximately 5,500 individual pieces that have been recovered from the wreck site; ownership of video footage, imagery and other intellectual and personal property and the opportunity – subject to U.S. District Court approval – to be designated “salvor-in-possession,” permitting the owner exclusive salvage rights. The portfolio of artifacts, with enhancements recognizing the value of the intellectual property, was appraised at $218 million in 2014.
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