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Premier Exhibitions shareholder Sellers Capital seeks answers from special committee
By Lisa Kerner
Charlotte, N.C., Dec. 22 - Premier Exhibitions, Inc.'s largest shareholder, Sellers Capital LLC, asked the company's independent special committee to disclose its conclusion regarding allegations involving chairman and chief executive officer Arnie Geller.
The shareholder has called for Geller's resignation in the past.
Sellers said that while the committee defended Geller and his performance, it did not explain the recent resignations of several of the company's top executives, including the CEO, two chief financial officers and chief legal counsel.
According to Sellers, the committee also did not explain the recent terminations of the company's vice president of marketing or director of internal audit - Sarbanes Oxley.
Sellers, a 16.3% shareholder, believes that Premier Exhibitions' stock price, recent earnings performance and inability to retain its executives indicate that change is necessary, according to a schedule 14A filing with the Securities and Exchange Commission.
As previously reported, Sellers Capital intends to solicit consents from shareholders to elect four independent directors to fill vacancies on Premier Exhibitions' board of directors.
Premier Exhibitions urged shareholders to support current management and to reject any proposal made by Sellers, according to a second schedule 14A filed with the SEC.
In the filing, Premier Exhibitions called Sellers' attempt to obtain control of the company without paying a premium "opportunistic."
Premier Exhibitions, located in Atlanta, develops tour exhibits and operates as the salvor-in-possession of the Titanic shipwreck.
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