Premier Exhibitions filed with the U.S. Bankruptcy Court a motion authorizing the Debtors to market and sell certain Titanic artifacts free and clear of liens, claims, and interests.
The motion explains, “[RMS Titanic] has never sold an artifact, nor has any other entity ever legally recovered or sold artifacts from the wreck site of the Titanic. Nevertheless, there exists a fertile market for the sale of Titanic-related artifacts and memorabilia saved by survivors of the tragedy, or culled from the surface waters by rescuers. For example, a cracker from the ship sold for $23,000 last year. In 2013, a violin from a crew member sold for $1,454,400 at auction.”
The motion continues, “Under these circumstances, the Debtors believe that a limited sale of artifacts (perhaps as few ten to twenty) from the French Collection would generate enough revenue to pay all of the Debtors’ creditors in full, return all of the equity to the Debtors’ shareholders and provide working capital for the Debtors as they emerge from bankruptcy. The proceeds from such a sale could likewise fund some or all of the Titanic reserve account referenced in Section V.D. of the Covenants, which is a dedicated endowment for the future care of the collections. Such a sale would leave the American Collection intact, and would preserve the vast majority of the approximately 2100 artifacts in the French Collection for presentation to future generations, thus facilitating the Debtors’ ongoing obligations under the Covenants.”
The Court scheduled a July 12, 2016 hearing on the motion. Learn more about the RMS Titanic bankruptcy.