The Republic of Peru on Tuesday entered the legal fray between Odyssey Marine Exploration and Spain over a 17-ton booty of Colonial-era silver and gold coins discovered at a shipwreck site Odyssey code-named the "Black Swan."
That legal dispute started back in May of 2007 after Odyssey — a Florida based treasure hunting, and deep-sea exploration firm — hauled up over 500,000 silver and gold coins from a 17th-century shipwreck site found on the Atlantic sea floor.
Spain contends 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.
The legal battle over the treasure is now pending in U.S. District Court before Magistrate Judge Mark A. Pizzo in Tampa, Florida.
Although not proven, the coin treasure may have come from the Nuestra Senora de las Mercedes, a Spanish 34-gun frigate that left Peru and was close to home before it was sunk by the British fleet in 1804.
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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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Mark Gordon, President and Chief Operating Officer of Florida based treasure-hunting firm Odyssey Marine Exploration, sat down with FOX Business to discuss Odyssey’s finding of over 590,000 shipwrecked, Colonial-era gold and silver coins.
The company discovered the 17-ton coin hoard in May of 2007 and has been battling Spain — in Florida court and through airways — over its ownership ever since.
Although Odyssey has not placed a value to the coins that came from the site the firm code named "Black Swan", others have… to the tune of $500,000,000. That’s 500 with a big "M".
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The Association of Peruvian Consumers and Users (ASPEC) requested the Peru government to join the legal battle between Odyssey Marine Exploration and Spain over the sunken treasure trove of silver and gold coins discovered last year.
Ownership of the 17-ton treasure found by Odyssey in May of 2007 is worth several hundred million, and has been hotly contested.
With the possibility the treasure came from the Mercedes, a Spanish 34-gun frigate that left Peru and was close to home before it was sunk by the British fleet in 1804, ASPEC believes the coins were made with Peruvian metals and minted in Lima.
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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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U.S. treasure hunting company Odyssey Marine Exploration struck gold twice in a single week. The company announced Thursday it had discovered new shipwreck sites near the English Channel containing Colonial period artifacts.
That announcement came on the heels of Tuesday’s revelation that Odyssey’s adventures will be spotlighted on a Discovery Channel shipwreck series that will be seen around the world.
Odyssey has been fighting a huge legal battle with Spain over ownership of 17-tons of Colonial-era coins recovered in May of 2007. While those legal battles will wage on with several hundred million at stake, the latest news from Odyssey is fortuitous in its timing.
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While many coin collectors are familiar with Odyssey Marine Exploration’s shipwreck offerings and their legal battle with Spain over the 17-ton bounty of Colonial-era silver and gold coins discovered last year, the world will soon see them in a new light — a 11-part HD TV series on the Discovery Channel.
Emmy® Award-winning JWM Productions will produce the prime time series set for a worldwide audience release in 2009. Production of the TV series is said to begin immediately.
Given the combined excitement of shipwrecks and potential treasure finds, and the past success of Discovery Channel content and JWM Productions, the series is sure to be engaging and revealing. With promises of "brave high seas, heavy weather, political red tape, courtroom clashes, and underwater HD video of shipwreck discoveries," the series could potentially be a smash-hit.
And as another positive boom for Odyssey, help clarify and overcome negative PR it has recently suffered through by the hands of Spain.
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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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