Sold remaining shares of Premier Entertainment (PRXI)
I’ve been traveling over the past month or so and haven’t been active buying or selling anything, not to speak of posting. Sorry about that. I like to think of my portfolio as something I would feel comfortable holding for a year or two even if there weren’t a market to provide liquidity. Summer’s always a test that way, but I think my portfolio is better for it.
Anyway, two days ago I sold my remaining 1/3 position in Premier Exhibitions at $2.69 a share. I certainly wasn’t expecting this; I sold 2/3 of my position at $3.48 a share back in Feb/March when the shares ran up on the news of the Titanic artifact auction, and I expected to sell my remaining shares above that price on the announcement of the auction results. But so far no results! It has been over 2 months since the auction was to have concluded and there has been little, understandably, in the way of public update. It’s not even clear if anyone bid or not! As time goes on and nothing has been announced, the probability of a positive outcome diminishes to my mind. The shares have considerable downside risk if the winning bid is significantly below the pre-auction estimate or no bid at all emerges. As my cost basis is around $1.60 per share on the shares I had remaining I felt it was prudent to take money off the table and wait for an investment with a more limited downside. That said, it may all work out in the end and shareholders may be well rewarded for their patience. I will simply be content with my 65% long-term gain.