Odyssey Shipwreck and Legal Battle with Spain Moves Forward

A federal judge moved a legal battle forward by ruling Thursday on several counts between Spain and Odyssey Marine Exploration, a deep-sea treasure-hunting firm based in Tampa, Florida. The legal counts revolved around sites and a shipwreck that yielded a potential $500 million in Colonial-era gold and silver coins.

Odyssey discovered a 17-ton bounty of treasure in the Atlantic Ocean last May and since, has found itself in a contested legal battle with Spain over its ownership.

Odyssey says the 17th-century shipwreck, they code-named the “Black Swan”, was found in international waters and the treasure was legally retrieved. Spain contends the treasure is a part of their country’s cultural heritage and should be returned.

In a written ruling Thursday, U.S. District Judge Steven D. Merryday covered six counts. Read the rest of this entry »