Premier Exhibitions former CEO resigns from board, files wrongful termination suit

By Lisa Kerner

Charlotte, N.C., Feb. 10 - Arnie Geller resigned as a director of Premier Exhibitions, Inc.'s board effective Monday, it was reported in a form 8-K filed with the Securities and Exchange Commission.

"Because I no longer have a voice in the direction of our company, and because I do not believe the new board has the company headed in the right direction, I am resigning my position as a director," Geller said in his resignation letter.

Geller, who was not a member of any board committees, spent 18 years with the company. He was terminated as Premier Exhibitions' president, chief executive officer and chairman on Jan. 28 after the board recognized the election of four new directors, the filing said.

The new directors - Christopher J. Davino, William M. Adams, Jack Jacobs and Bruce Steinberg - were elected in connection with the consent solicitation of Sellers Capital LLC, the company's largest shareholder.

Davino was appointed interim CEO. He is a principal and head of the corporate rescue group of XRoads Solutions Group, LLC, a corporate restructuring management consulting company, it was previously reported.

Mark A. Sellers was elected as non-executive chairman of the board.

Geller filed a lawsuit on Jan. 29 against Premier Exhibitions seeking severance for wrongful termination and severance arising out of an unspecified change of control that allegedly occurred before December, according to the SEC filing.

Premier Exhibitions, based in Atlanta, develops tour exhibits and operates as the salvor-in-possession of the Titanic shipwreck.

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