Sellers Capital pushes for resignation of Premier Exhibitions' CEO

By Lisa Kerner

Charlotte, N.C., Nov. 10 - Premier Exhibitions, Inc.'s largest shareholder, Sellers Capital, LLC, called for the resignation of company chairman and chief executive officer Arnie Geller.

Sellers Capital, with a 15.7% stake in Premier Exhibitions, cited Geller's "multiple failures of management" and "lack of strategic focus" as well as the 95% decline in Premier's stock price since mid-2007, according to a schedule 13D/A filed with the Securities and Exchange Commission.

"It is completely inappropriate for the CEO of a $30 million company to receive a salary of $700,000 per year," Mark Sellers, Sellers Capital's managing partner, said in the filing.

"We do not believe that Mr. Geller and the board of directors have had the best interests of shareholders in mind when making decisions," Sellers added.

Sellers Capital said it is prepared to begin the process of calling a special meeting of Premier Exhibitions shareholders to vote on proposals to address the concerns. The proposals could include electing a slate of nominees to support Sellers Capital's recommended changes.

"We believe a complete overhaul of the company is needed in order to prevent the current situation from deteriorating further," Sellers said. "Mr. Geller needs to go and the current board needs to realize that shareholders will not stand for lax oversight any longer."

In August, Sellers Capital planned to nominate a slate of directors for election to Premier Exhibitions' board.

It was previously reported that Sellers and fellow Sellers Capital affiliate Mark Hugh Sam were appointed to the company's board in July and that the company agreed to have the appointees nominated for election at its 2008 annual meeting.

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

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