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Posted At : March 20, 2008 10:13 AM | Posted By : D McKee
Related Categories:
MGM Mirage,The Strip,Wall Street
A reader asks: ""There is a related (I think) [Bodies ... ] exhibit here in Oklahoma City. It has been alleged that that the bodies are illegally obtained in China. Is there no mention of this in Las Vegas? It's pretty big here."
I'll confess I don't read the papers every single day, but my impression is that they've ignored this controversy, which LVA previewed on its Web site. Some of the ABC News coverage is here, while the company's response can be read here. PRXI stock actually rose on the heels of the 20/20 report, possibly helped along by a stock buyback. However, it's 73% off its 52-week high. Premier's last quarterly report still showed a $2.7 million profit, despite the company making The Motley Fool's "Worst Stocks in the World" list, right down there with Countrywide Financial. Ouch!
Although Premier Exhibitions acknowledges being under investigation by the State of New York, MGM Mirage must have a pretty high level of confidence in the outcome if it's going to throw in its lot with Premier in such high-profile fashion. After all, it's not like MGM can afford another scandal right now with the Pure Management Group/IRS contretemps still playing out.
If you want to see the sworn affidavits vouching for the hunky-dory-ness of Bodies ..., you need to go to the company Web site, click on the tab that says "Company," then select "Press Releases" from the pop-up menu, then scroll down to "February 15, 2008." They don't make them easy to find, I'll say that -- more like a treasure hunt.
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