RMS Titanic Inc., an unconventional group of adventurers, established the company in the late 1980s. With exclusive rights to salvage artifacts from the Titanic wreck, the company has faced challenges. In 2018, the company was taken over by a consortium of private equity firms, including Apollo Global Management.
The recent search for the missing submersible en route to the Titanic wreck site has brought attention to the industry that profits from exploiting the Titanic remains. OceanGate Expeditions, operator of the Titan submersible, lost contact with the surface during the journey. After an extensive search, the Coast Guard declared that the debris field found indicated the implosion of the Titan. Unfortunately, the vessel’s five passengers are presumed dead.
OceanGate Expeditions catered to thrill-seeking tourists, offering a chance to visit the wreck for $250,000 per person. They marketed the experience as an opportunity to become an underwater explorer, following in the footsteps of Jacques Cousteau.
OceanGate is not the first company to capitalize on the Titanic. RMS Titanic Inc. holds the distinction of being the only entity legally allowed to salvage items from the wreck. When OceanGate planned their expeditions, they had to ensure they wouldn’t infringe on RMS Titanic Inc.’s salvage rights. Interestingly, OceanGate has connections to two individuals deeply involved with RMS Titanic Inc. French explorer Paul-Henri Nargeolet, who made numerous dives to the wreck, was also a former board member and director of underwater research for RMS Titanic Inc. Additionally, OceanGate employed attorney David Concannon, who had represented RMS Titanic Inc. in the past.
The origins of RMS Titanic Inc. trace back to a group of businessmen who wanted to profit from salvaging artifacts from the wreck. Led by figures like G. Michael Harris, known for his involvement with “dwarf-tossing” acts, and John Joslyn, a producer of “People’s Court,” the group brought thousands of artifacts to the surface. However, this raised concerns, including from oceanographer Robert Ballard, who believed the wreckage should remain undisturbed as a memorial to the lives lost. Ultimately, a federal judge ruled that RMS Titanic Inc. could only sell artifacts as a complete collection for public exhibition, greatly limiting their potential earnings.
Over the years, tensions within the partnership grew, leading to a hostile takeover and subsequent legal troubles. The company faced financial challenges and eventually declared bankruptcy in 2016. It transitioned to establishing traveling exhibits featuring Titanic artifacts and ventured into other immersive exhibits like “Bodies Revealed.” However, the company’s share price plummeted, and it faced further setbacks, including the impact of the pandemic on ticket sales.
In 2018, a consortium of private equity firms, including Apollo Global Management, took RMS Titanic Inc. private. The company recently unveiled a Titanic NFT to commemorate the 110th anniversary of the ship’s sinking. In a letter to the federal court overseeing their access to the wreck site, RMS Titanic Inc. reported the loss of OceanGate’s missing submersible.
Despite the challenges faced by RMS Titanic Inc. and the recent tragedy involving OceanGate’s submersible, the allure of the Titanic remains strong. The story continues to captivate the public imagination, cementing the Titanic as a cultural touchstone.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
