IMAX Passe? - Probably Not

If you bought 1000 shares of IMAX @$12.17 a share, in July, 2009 and sold it today, you would have a tidy paper profit of $15,000.00. In October, the JS reported that an IMAX theatre was coming to Peoria, opening in early 2011, but that it would be owned by a private tax-paying firm. This news somewhat negated the Peoria Riverfront Museum widely promoted claim that it would have the best IMAX 3D theatre.

An IMAX theatre was widely promoted by the PRM Committee in the selling of the Facility Sales Tax referendum. This referendum barely passed despite a reported spending by the committee (then Lakeview Museum) of $640,000 for "educational" advertising educating voters as to why they were closing Lakeview Museum and replacing it with a now $94+ million PRM.

The estimated total cost of the Riverfront Experience is $145-7 including a Caterpillar Visitor Center. Caterpillar's total investment in the riverfront experience is estimated to be $53 million.

As soon as the news that the private sector was getting an IMAX was publicized, Doug Beasley from CAT and PRM Committee Chairman, Dave Ransburg, said basically that their were "other fish in the ocean" and they were casting their nets to get the best HD 'cultural' big screen for the museum. Really? It was only 5-6 months ago that Beasley stood before the full Peoria County Board; the board who will own the new museum and near surroundings, saying that the PRM was in 'intense' negotiations with IMAX. I had the audacity to ask Mr. Beasley if he could show me any document that verified (remember, 'trust, but verify', a shortcoming of the Peoria County Board) that these intense negotiations were ongoing.

I have yet to hear from Mr. Beasley but then again, I never expected to hear from him.

So here we are, an IMAX 3D theatre who local PRM officials and Davenport, Iowa officials were making broad hints that there were better, less costly screens available to install in the PRM. Yet IMAX stock was going bonkers on the NASDAQ and the private sector was going to open an IMAX early in 2011 out near tne Shoppes.

Is it possible that show goer's would rather see first run digital programs on a slightly smaller screen at a location that provides free parking or go see cultural show at the PRM on a perhaps larger screen while paying to park in an underground garage?

Someone posted on IGN "That you are an idiot if you think that other imitators come close to a real IMAX 3D theatre."

Anyway, it appears that investors have a lot of faith in IMAX stock. I'm jealous that I didn't get in on the action. Maybe someone will tell me how the other big screen 3D companies are listed on the stock exchange and maybe when I see one, I'll more than double my investment as IMAX investors have done.

Meanwhile, negotiations continue as to exactly what will be in the new museum. After all these years of $14 million plus planning.

Hmm.