Premier Exhibitions, Inc. (NASDAQ:PRXI)
CAPS Rating:
The Company is in the business of developing and touring museum quality exhibitions. It is known for its Titanic exhibitions, which it conduct through wholly-owned subsidiary RMS Titanic, Inc. and which honor the ill-fated liner RMS Titanic.
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The rights to the Titanic artifacts, alone, have got to be worth several times the current market cap (if they could find a buyer). And even though management clearly sucks (ramping up COGS and their own compensation with absolutely zero justification), the company is debt-free, sits on a decent pile of cash, has a number of valuable and popular exhibits in circulation, and has several large hedge funds with significant stakes in the company that are now pushing for some form of shareholder friendly action (e.g., outright sale, monetization of the Titanic ownership rights, etc). Pretty iffy investment thesis, but an interesting long-shot CAPS bet.