Preserve the wreck site by acquiring of RMS Titanic Inc


Dec 12, 1999
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Many visitors to this site have expressed concern over the preservation of the wreck site. One way to perhaps ensure its preservation, is to acquire control of RMS Titanic, Inc. Its share symbol is SOST.OB. Currently, the stock trades at $2.313, which is up from a low of 1.25, and down from 4.25. Total shares outstanding are 16,187,128. Its office is in Battery Park, NY, and there are only six employees. Net income has drastically fallen, nearly 50%. So, now may be a good time to buy. RMS seems to have plenty of cash so, despite the drastic reduction in income, I don't see an immediate bankruptcy risk. Further, the investor's risk appears low because, by far, most of the company's assets are in the Titanic artifacts, which can only go up in value. Nonetheless, really cheap stocks are usually pretty risky investments. Obviously, I'm no expert nor do I have any broker's dealer's license so I suggest that any of you who are interested check out the Yahoo site, and the financial statements appearing there, and make an independent assessement. I like the idea of owning the Titanic, yet preserving it for posterity, as is. Any comments?
 
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Tracey McIntire

Guest
Hi Joe,
In my last comment to you on the other discussion, I mentioned that perhaps James Cameron would be able to buy out RMS Titanic with his millions. Does anyone know if he is aware of this whole situation? I know he was very serious about preserving the wreck when he was filming down there. Don't you think he would like to give some money back to Titanic after all the acclaim it has brought him? Does anyone have any contact info for him--address, e-mail, etc.? What if we all sent him a letter asking him to buy out RMS Titanic? If he got a letter from each one of us I think that would be very persuasive. What does everyone think?
 
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Elaine Barnes

Guest
(Why, oh why,did Mr. Ballard ever have to find the wreck?) I feel , as all of you, that the wreck should be preserved, as is. It was a monument to all the souls who went down on her 88 years ago. I think it's an EXCELLENT idea to appeal to Mr. Cameron, and the rest of Hollywood for that matter, to gain control of the wreck site. I would hope that some, if not all of the stars of the movie would be of some help...

Elaine Barnes
 
Dec 12, 1999
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Tracey, Elaine:
I would hope James Cameron would be interested. I don't know where Cameron is, though. Further, I don't understand what he's thinking. I ran into his wife (or former wife?), Linda Hamilton, once in a Marina Del Rey coffee house some years ago, when I lived in L.A. She is very attractive, with a lot of class.. So, having left someone such as her, I'm not sure where Cameron would be at these days. That aside, with the stock market's tumble, all of us Titanica people may not need any help from Cameron. I'm going to see if I can buy some RMS Titanic, Inc. stock next week. Take care.
 
Dec 12, 1999
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Hi there again . . .

Yesterday, RMS Titanic, Inc. shares sank to near an all time low of 1 3/8ths.

Before this collapse, however, Tulloch, Carlin, and the French Director (who was on the Discovery Channel, but whose names escapes me right now), had already resigned. I think it's easy to figure out why. Their salvaging days are over. The Board of Directors have decided that it's time to "sell."

The new company officers are Geller and Harris. I've never heard of them. They're probably New York financial guys, not dedicated "Titanica" types like Tulloch and Carlin.

Further, Geller and Harris state that they want to "maximize" shareholder value. This almost always means that they are setting the company up to be acquired by someone, or something.

Now, however, with yesterday's stock market collapse, the prospects for that may be reasonably dim.

I couldn't find anything to confirm Tracey McIntyre's admonition that the new Directors planned to cut the Titanic (. . . to get at the stuff on the inside).

Even if they don't actually do it, the idea of doing so will create a lot of controversy, and probably attract some buyers, including, inter alia, a white knight investor such as Cameron, or ordinary "Titanica" investors, such as the ones who visit this site.

Additionally, if the company can't be sold, it seems to me it must continue salvaging. The exclusive salvage rights expire unless RMS continues to salvage artifacts. RMS did no salvaging in 1999. If they can't sell it, Geller and Harris may have to bring Tulloch back, to continue the salvaging.

I saw one thing which made me really suspicious. RMS acquired a $8.5 million 1 year contract, with a four year extension clause, from an international exhibitor - - for permission to exhibit Titanic artifacts. I'm not sure I understand this. If the exhibit wants to pay $8.5 million, why didn't it just buy RMS Titanic outright, and do as it pleases? It seems to me that some entity with an $8.5 million chain on RMS has a lot of de facto control. RMS may just be a strawman for something else.

Further, is this a personal property lease? How much control over the artifacts does RMS retain? If RMS can, in effect, lease out the artifacts as it sees fit, to commerical exhibitors, couldn't it just as well "lease" individual artifacts to just about anyone - - and "maximize" shareholder value that way? I'm sure all kinds of people would love to lease Captain Smith's megaphone, or some Titanic dishes. Maybe Bill Gates will "lease" the Big Piece for display at Microsoft, or Willie Brown could put it next to the oversized Coke bottle at San Francisco's new ball park. Sometimes a lease is little different from a sale.

I also saw a November 1999 report which indicates that Harland & Wolff, Inc., Titanic's builders, are suffering serious cash flow problems. The shipyard commenced operations in 1861, and has built 1,700 ships. It is owned by Fred Olson, a Norwegian conglomerate.
 
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Tracey McIntire

Guest
Hi Joe--
I work in Norfolk, Virginia which is where the whole court battle for salvage rights is being fought. It is a Norfolk judge who will supposedly have the final say on whether RMS Titanic can continue to salvage or not. The reference to the company cutting open the hull was in our local paper--the Virginian Pilot. If you would like a copy of the article, you can e-mail your address to me and I can send you one. Unfortunately, I don't have scanning capabilities on my computer. My e-mail address is [email protected]. Also, please let me know how I would go about purchasing RMS Titanic stock. Thanks a lot!
--Tracey
 
Dec 12, 1999
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Tracey -

Thanks. Do you have anything on the court battle? Any idea of what sort of likelihood there is that RMS Titanic may lose exclusive (or all) salvage rights? To whom? The stock is currently at 1 5/8ths. I'm keeping an eye on it. Unfortunately, I haven't yet had a chance to look into actually purchasing some. But I will. Have a nice Easter weekend! Incidently, my email is [email protected].
 
Dec 12, 1999
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Joe Marsh controls 3,245,363 shares of RMS Titanic, Inc. William Gasparria controls 1,524,246 shares. Does anyone know who these people are?
 
Dec 12, 1999
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RMS Titanic, Inc.'s 10-k statement was filed today. Its stock immediately dropped from $1.75 per share to $1.50 per share. The statement shows a loss of approximately $120,000 in income. Coal sales are up. But RMS's general revenues were down 35%. Additionally, the company will undertake another salvage operation this summer, to maintain its salvagor-in-possession status. It may have to sue someone, too, to protect its exclusive salvage rights. This salvage stuff was presented as if it's something RMS has to do, and the company wouldn't do it if it didn't have to. Its re-negotiating its agreement with SFX Entertainment. Also, it had to settle litigation, and apparently, had to pay $200,000 in settlement with a dispute with the executives who left last November. No details were given on the nature of the salvage operation planned for this summer. Some vistors to this site saw in recent newspaper articles that RMS intends to cut into the Titanic. Moreover, the professional salvage guys, i.e., Tulloch, etc., have left. So who's going to salvage anything? Is it Mel Fisher? The 10-k also discloses that Geller is the principal of another company which is doing some Titanic show in Florida in conjunction with SFX and a "third party"? Who is that third party? Since SFX is also under contract with RMS Titanic, does Geller have a conflict of interest? Why are they re-negotiating the contract with SFX? Has it proven to be a bad deal? So many questions.
 

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