Deep seas, adventure, mystery, suspense and a battle over who owns a sunken treasure… they are the trappings of an action-adventure blockbuster that could make hundreds of millions. But this is no movie plot. The treasure is real — possibly worth some $500 million — and a battle over its ownership wages on, but now at another level.
500 million Colonial-era gold and silver coins belonged to the sunken Spanish warship Nuestra Senora de las Mercedes and should be returned to Spain, a U.S. judge said this week.
Odyssey Marine Exploration, a deep-sea treasure-hunting firm based in Tampa, Florida, discovered the shipwrecked treasure in international waters about 100 miles west of the Straits of Gibraltar — a site Odyssey code-named "Black Swan." Soon after the March 2007 discovery, Spain laid claim to the 17-ton coin hoard, demanding its return and sparking a near two-year legal battle. A page in that battle has been turned. Read the rest of this entry »
The Odyssey discovery of the "Black Swan" 17-ton gold and and silver coin treasure, its recovery and legal battle with Spain over it will air Thursday, April 2, on the Discovery Channel’s "Treasure Quest."
The episode is likely to be the most fascinating of the season, and on Tuesday, excellent background and a preview of what to expect was provided by the TODAY show.
In May 2007, Florida-based deep-sea shipwreck exploration firm Odyssey Marine Exploration recovered the discovered treasure trove at a site the company code-named the "Black Swan." Soon after, a legal battle erupted in Federal court over the ownership of the Colonial-era coins. Read the rest of this entry »
Odyssey Marine Exploration has discovered two more shipwrecks in the north Atlantic Ocean, the company announced this week. The Florida-based underwater salvage company filed admiralty claims for exclusive salvage rights in Tampa federal court Wednesday and released a public statement Friday.
According to Odyssey, the two shipwrecks are steel-hulled, and as yet unidentified. The company said the sites are believed to contain "valuable cargo," that is "beyond the territorial waters or contiguous zone of any sovereign nation" and over 300 miles from the entrance to the English Channel.
Court documents indicate one site is 400 meters below water while the other is 600 meters under, with both resting some 100 miles of the southwest coast of Ireland.
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Tampa treasure hunting firm Odyssey Marine Exploration filed their second 2008 results with the Securities and Exchange Commission. Odyssey reported a decrease of $.6 million in revenue for 2008 that was mostly due to fewer coins sold.
The company provided updates on shipwreck projects, including the 17-ton gold and silver coin find from "Black Swan," the HMS Sussex with a potential cargo of coins, and the high value targets in their "Atlas" Search Project.
Odyssey indicated taping has already begun for the 11-episode primetime TV series for Discovery Channel scheduled to air in early 2009.
Financially, Odyssey’s second quarter revenue fell to $1.1 million compared to $1.7 million in the same period of 2007. The company also reported a net loss of $5.4 million in the second quarter compared with a $6.3 million loss in Q2 of 2007.
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Florida-based treasure hunting, deep-sea exploration firm Odyssey Marine Exploration is back in court this morning at 9:30 a.m. (ET) with Spain. The legal battle over 17-tons of silver and gold Colonial-era coins continues in U.S. Federal court before Magistrate Judge Mark A. Pizzo.
The coin treasure trove was recovered by Odyssey in May of 2007, and resulting legal disputes with Spain over ownership have resulted since.
Court fillings reveal that the conclusive identity of the sunken ship site, Odyssey code-named the “Black Swan,” could not yet be made. But they also suggest a possible linkage to Nuestra Senora de las Mercedes y las Animas, a Spanish vessel that sank in the Atlantic Ocean in 1804.
Since, Spain’s attorney Jim Goold has went as far as stating Odyssey’s recovery of the treasure was “immoral and illegal,” and provided an analogy of someone taking personal effects from the pockets of those who died in the U.S.S Arizona at Pearl Harbor — essentially grave-robbing the honored dead.
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National Public Radio (NPR) had a segment Monday, May 19, discussing the legal battle between Spain and Odyssey Marine Exploration for the 17-tons of Colonial-era coins recovered from the ocean floor.
That legal dispute started back in May of 2007 when Odyssey discovered a 17th-century shipwreck, they code-named the “Black Swan”.
Spain filed legal claims contending the treasure is a part of their country’s cultural heritage and should be returned. Odyssey has said the treasure was found in international waters, and legally retrieved.
In the 4 minute NPR radio segment, Jim Goold, Spain’s attorney, contends that Odyssey’s recovery of the treasure was "immoral and illegal," and provided an analogy of someone taking personal effects from the pockets of those who died in the U.S.S Arizona at Pearl Harbor.
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The treasure-hunting company Odyssey Marine Exploration filed their first quarterly 2008 report with the Securities and Exchange Commission.
In addition to updates on their numerous shipwreck projects, the company reported a first quarter revenue of $.3 million with a net loss of $6.8 million. Those compare to 2007’s reports of $2.2 million and $3.8 million respectively.
Greg Stemm, Odyssey’s Chairman and Chief Executive Officer commented,
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The name of a 17th-century shipwreck bearing 17 tons of silver and gold coins discovered by Odyssey Marine Exploration may finally be known. News accounts have reported the estimated value of the treasure trove at around $500 million. Whether true or not, the potential value drew immediate attention and a resulting legal battle between Odyssey and Spain.
Magistrate Judge Mark A. Pizzo issued a ruling yesterday denying an Odyssey motion to protect the identity of the shipwreck.
Resulting court fillings revealed that the conclusive identity of the sunken ship Odyssey code-named the "Black Swan" could not yet be made, but they also suggest a possible linkage to Nuestra Senora de las Mercedes y las Animas, a Spanish vessel that sank in the Atlantic Ocean in 1804.
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One of the three admiralty cases between Spain and Odyssey Marine Exploration has been dismissed in Florida Middle District Court. Instead of a judge ruling, Spain voluntary dismissed its claim in the case.
In an April 1, 2008 filed document, the stated reason for Spain’s dismissal was:
"… based on examination of evidence disclosed by plaintiff pursuant to Orders of the Court…"
In affect, Spain learned the shipwrecked vessel is not Spanish nor in their waters. Court documents indicate that the shipwreck is believed to be an Italian-registered passenger ship, which sank in 1915 during World War I. It is currently lying at a depth of 500 meters in international waters approximately 65 miles southeast of Sardinia in the Mediterranean Sea.
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U.S. Judge Mark Pizzo ruled Wednesday that the location of the shipwreck site where 17-tons of Colonial-era gold and silver coins were hauled up from the ocean floor must be kept a secret.
The legal dispute started back in May of 2007 when Odyssey Marine Exploration discovered a 17th-century shipwreck, they code-named the “Black Swan”. Spain filed legal claims contending the treasure is a part of their country’s cultural heritage and should be returned. Odyssey said the treasure was found in international waters and was legally retrieved.
Read the rest of this entry »
