Neither of us are copying each other; last week, my article came out first. This week, his article is out first but is currently behind a paywall (so I have not read it). But we both like stocks that have seen substantial price erosion despite minimal (if any) business value destruction. If you don't already, be sure to follow him.
Premier Exhibitions is actually a well-followed company within the value blogosphere. I can point you to a previous article I've written here, a recent article by Ragnar here, and a cool series of articles by PlanMaestro that describe the company's problems that required correcting.
Despite Premier having been on my radar all these years, I was never compelled to buy it until now. Two things have changed, however. First, the price of the shares has fallen in a big way. Rumours are abound that partners in a defunct hedge fund run by (an appropriately named) Mark Sellers are winding down their large positions. Shares are down about 25% in just the last month.
The second reason is that the company is now profitable for the first time in years. In its last fiscal year, Premier shows positive net income and free cash flow. So even if the sale of the Titanic assets (reportedly for $189 million; compare that to Premier's $90 million market cap!) falls through or takes even longer, there is at least an underlying business there that is self-sustaining, which protects the downside to some extent.
In fact, I would even argue there's reason to be optimistic about the company's core business. Recent management comments suggest there are growth opportunities that can be explored without risking a whole lot of capital in the process. This is a welcome change from the previous regimes' "If you build it, they will come" mantra that has destroyed so many margins of safeties throughout history.
Disclosure: Author has a long position in shares of PRXI