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Anyone else feel the sting of the Odyssey Marine ruling today?
Weiss
Posts: 9,942 ✭✭✭✭✭
Stock is down ~40% on this news:
Deep-sea explorers may lose vast treasure to Spain
By MITCH STACY, Associated Press Writer Mitch Stacy, Associated Press Writer – 9 mins ago
TAMPA, Fla. – Florida deep-sea explorers who raised an estimated $500 million treasure from the 200-year-old wreck of a Spanish galleon should give all the loot back to Spain, a federal magistrate judge said.
But the two-year tug-of-war over the 17 tons of silver coins and other artifacts from what is believed to be the Nuestra Senora de las Mercedes y las Animas is likely far from over.
Odyssey Marine Exploration said it will oppose Wednesday's written recommendation by U.S. Magistrate Judge Mark Pizzo, which will be considered by another federal judge who will issue an order later.
Odyssey created an international stir when it announced in May 2007 that the 500,000 silver coins and other artifacts had been raised from an Atlantic Ocean wreck and flown back to Tampa. Spain then went to U.S. District Court claiming ownership of the treasure if it is in any way connected to the country's national heritage.
Link to article
Deep-sea explorers may lose vast treasure to Spain
By MITCH STACY, Associated Press Writer Mitch Stacy, Associated Press Writer – 9 mins ago
TAMPA, Fla. – Florida deep-sea explorers who raised an estimated $500 million treasure from the 200-year-old wreck of a Spanish galleon should give all the loot back to Spain, a federal magistrate judge said.
But the two-year tug-of-war over the 17 tons of silver coins and other artifacts from what is believed to be the Nuestra Senora de las Mercedes y las Animas is likely far from over.
Odyssey Marine Exploration said it will oppose Wednesday's written recommendation by U.S. Magistrate Judge Mark Pizzo, which will be considered by another federal judge who will issue an order later.
Odyssey created an international stir when it announced in May 2007 that the 500,000 silver coins and other artifacts had been raised from an Atlantic Ocean wreck and flown back to Tampa. Spain then went to U.S. District Court claiming ownership of the treasure if it is in any way connected to the country's national heritage.
Link to article
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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Comments
Why should the original owner lose his or her rights just because time has passed or they didn't have the
ability or knowlegde to find or recover it.
Lets say your Great Great grandfather lost something in the river 100 years ago.
You didn't know about it or where it was lost was so couldn't look for it.
Some other person with the ability to go look in the river finds it......So it is now automatically his
That is just not right
Wouldn't you want your Familiy stuff back?????
Finders Keepers, losers weepers, is a childs rule.
The treasure in question was pillaged and looted form the south and central american areas they laid waste too. Not exactly family heirlooms in my view.
World Collection
British Collection
German States Collection
I expect that the Spanish government would need a substantial paper trail to back up their claim.
--Severian the Lame
Gary
Gary
Spain's "inquisitorial" ancestors literally stole the gold and silver (and other assorted "treasures") from the native peoples of Central and South America...
Sooooooo...who really has a bonafide claim here?
that was when this black swan treasure was first discovered two years ago.
Why would the investors in the new company want to give you free shares?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
It also seemed that Spain broke laws by robbing the Odyssey salvage ship and mistreating the crew when they stopped it in international waters so they should pay for doing it.
becuz Pisso sez so?
ludicrous....absolutely ludicrous
Chicolini: Mint? No, no, I no like a mint. Uh - what other flavor you got?
Maritime Salvage Law by Michal Barnette
The only ones with a legit beef are the Native Central/South Americans who where slaughtered for the greater glory of Spain and her conquests. They should file claim agaisnt the treasure.
First things first.. Spain, if they win they should have to pay salvage fees and every other fee that a third party is owed for their services..
Next, there is no question in my mind that they should work out some kind of agreement and Odyssey should prevail with the higher percentage of ownership..
Also, you know damn well someone has scoured through the contents and chosed very carefully the most valued specimans that were found for future black market profit if they have to go that way or has already done so.
If Odyssey does lose, a night time fishing trip would be planned and every last item they pulled up from the oceans depths should be dumped and make the smart asses get it themselves.. (GREED) is not a good thing.
I think what they have done for many countries already finding ships that were never located or were not in the place of record.
This has put many families of love ones to ease and is something special.. There is no reason for other countries to get involved for the loot after the fact.. Odyssey will prevail in my opinion, if they don't well read again what I would do above..
Sorry, I have found many items on Florida beaches and those who lost them, well I did the same thing that others did when I lost my valuables.. Nothing.. I owned them or sold them.. End of story.
Interesting comments. Can you provide the facts that back up the statements that you purport to be true?
I didn't think so.
it will be interesting to see how the court rules in this case, this plunge today was only based on a recommendation.
<< <i>Frankly...if anyone could and should claim paramount ownership rights here...IT IS NOT SPAIN!!!!!
Spain's "inquisitorial" ancestors literally stole the gold and silver (and other assorted "treasures") from the native peoples of Central and South America...
Sooooooo...who really has a bonafide claim here? >>
As my wife is Bolivian and the vast majority of the silver came from Indian slave labor from Potosi, I'd say that the Bolivian government would have a justifiable claim!
Gary
Gary
<< <i>All I know is that Greg Stemm and Seahawk Deep Ocean Technology (Odyssey's predessor) stuck me with worthless stock after they went belly up and never looked to convert my SDOT stock to Odyssey.
Why would the investors in the new company want to give you free shares? >>
Hmm? Maybe because legal and moral don't always run concurrent and this would have been the right thing to do regardless of legal manuvering that allowed the principals of SDOT to simple leave the guys like me 'high and dry', no pun intended!
Gary
Gary
I treasure hunt when I can, very seldom anymore.
200 years? Spain will have any and all records on the ship. Spain has some extensive archives.
Hasta luego.
``https://ebay.us/m/KxolR5
Had someone not taken the initiative & all involved to seek and find this,
it would still be lying undiscovered on the Ocean floor. PERIOD!
True??
I rest!
go odyssey!
ps- once those coins get released the pop reports are going to be FLUSH!!!
I really pity the Liberals on this board that feel that Spain is entitled to any of it. You are part of the problem.
I really pity the Liberals on this board that feel that Spain is entitled to any of it. You are part of the problem.
That isn't true, they are claiming because it is a warship it has soveriegn immunity. This is still in play today, as it protects our ships and subs from being raided by our enemies.
That is why the Chinese had to allow us to disassemble the crippled spy plane that landed on there territory years ago and remove it piece by piece. We would have to do the same if it happened to them.
Odyssey when it can does cut deals on shipwreck arrest sites. They currently have some in place with Britain. The have a predetermined arrangement for salvage of identified vessels. This is the best way to do it, as you avoid the potential litigation that Odyssey found itself in.
Interesting comments. Can you provide the facts that back up the statements that you purport to be true?
I didn't think so.
I really don't want to hijack this thread but how in the world did they find a shipwreck if they didn't know what it was or what they were looking for. That is like finding a needle in a haystack. Those treasure ships cost a fortune to operate and they just can't blindly trawl open water and hope to find something. And by some miracle not one piece of identifiable wreckage was found. That warship had cannons on board. They are down there somewhere close to the cargo. Cannons don't disintegrate.
What did they try to pull a fast one on? I dont think the Spanish govt spent millions of dollars and countless hours of research and time to find it.
I can't imagine people going to such effort and money spent not having any claim to the artifacts recovered.
Garrow