PRXI

Bought some Premier Exhibitions. A great write up was posted here. My research into the facts checked out with remarkable precision. I basically see this as a double or a small loss. As the date (Aug 12, 2011) approaches I will probably begin setting stop losses in case of some weird knee jerk reaction. I liked it because the catalyst seemed very clear and the upside also seemed very well defined.

Looking into Sellers Capital previous holdings they were a deep value turnaround play style of hedge fund. A few losses were highlighted in their previous investments but for the most part he generated great returns all the way up to 2008. He shut his fund down in 2008 supposedly because the losses were just throwing him off (crude translation).

This is pretty straight forward and I don't have much to add. I figure if the asset sale/liquidation is incredibly against them then yes the stock could drop but I doubt significantly due to A. The ruling already being set to the fair market value of 110,000,000 and B. its alread priced as if the business is crappy (which it is). I intend to unwind the small 3% positions I hold ASAP upon clarification.
Long PRXI

3/29/2012: Exited this position for the most part today. I did a lot more research on this one throughout the last 6 months. Didn't post due to laziness. Anyways, took 3/4 of the position off the table today. Upside is now a question of greater fools theory IMO.