Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), has received notification from the U.S. District Judge that he has adopted the Magistrate's Report and Recommendation in the "Black Swan" case in favor of Spain. Although the Judge complimented Magistrate Pizzo's Report and Recommendation, he also made it clear that he felt a separate opinion by him would "add only length and neither depth nor clarity (and certainly not finality) to this dispute."
The Judge also stayed the order vacating the arrest warrant and the return of the recovered coins to Spain until the U.S. Court of Appeals for the Eleventh Circuit rules in the case, which serves to keep the coins in Odyssey's possession pending the outcome of the case.
"Judge Merryday's ruling serves to move this case to the appellate court faster, where we feel confident that the legal issues are clearly in our favor. The ruling yesterday does not affect the current operations of Odyssey, and we have not been counting on any revenue from the "Black Swan" in any of our budgets since it was clear that this case would go to appeal no matter which way the judge ruled," said Greg Stemm, Odyssey CEO.
"We are moving ahead with our other current projects – and it is important for people to understand that the vast majority of our shipwreck projects don't have the same potential legal issues that have surfaced in the "Black Swan" case. [click to continue…]
Tampa, FL -- Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pursuant to an agreement reached with the UK Government, has filed a motion to dismiss and vacate the warrant for the arrest which was filed in the U.S. District Court on Admiral Balchin’s HMS Victory, a 100 gun ship of the line lost in 1744 in the English Channel (case number 8:08-cv-1045).
The UK Government has agreed to pay Odyssey a salvage award of 80% as compensation for the artifacts which have been recovered from the site and submitted to the UK Receiver of Wreck. A valuation of approximately $200,000 has been agreed for the two cannon recovered from the site, providing for a salvage award of approximately $160,000. The company will also be participating in the ongoing process of consultation to determine the approaches that should be adopted towards the wreck. [click to continue…]
The U.S. government is backing Spain in its fight to win the return of a fortune in old coins from U.S. treasure-hunting company Odyssey Marine Exploratio, the Spanish government said on Tuesday.
Odyssey is protesting against the recommendation by a magistrate judge in June that it should hand over to the Spanish government nearly 600,000 silver and gold coins valued at some $500 million...
Full Article: Spain says US govt backs Spain against Odyssey - Reuters
Ocean treasure hunting is going to be less a childhood dream and more of a problem for its practitioners as of last week.
A Florida judge has ruled that the treasure found on what is assumed to be the wreck of the Nuestra Senora de las Mercedes, which the British sunk off of Portugal in 1804, belongs back in Spain, and Florida based Odyssey, the salvage company that brought it back from the Atlantic, has to give 500,000 gold and silver coins...
Full Article: Treasure ruling stirs up muddy waters - Maritime Journal
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...
Full Article: Judge: Odyssey Should Give Coin Treasure to Spain - CoinNews
In the past, the mention of Odyssey Marine Exploration might have conjured images of pirates and treasure hunters.
The public image of the Tampa-based company is changing after the Discovery Channel chronicled the company's deep sea explorations in a 12-episode series that ended last week.The television series highlighted the company's high-tech...
Full Article: TV series means business for Odyssey Marine - TBO.com
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...
Full Article: Odyssey Coin Treasure Discovery to Air - CoinNews
Odyssey Marine, the southern Florida shipwreck experts that have found more coin treasures than any other salver, has discovered the wreck of HMS Victory, it was announced Feb 2.
HMS Victory sank in the English Channel on Oct. 4, 1744, taking 1,150 sailors and four tons of Portuguese gold to the bottom of Davy Jones' locker.
About 200,000 gold coins are believed to be part of the treasure, whose sinking caused a major embarrassment to King George II in 1744, and whose recovery in 2009 could well become...
Full Article: Shipwreck Holds 200,000 Gold Coins - NumisMaster
Odyssey Marine, the southern Florida concern that has found more coin treasurers than any other salver, has a new discovery as of Feb. 2: the wreck of HMS Victory, which sank in the English Channel on Oct. 4, 1744 taking 1,150 sailors and four tons of Portuguese gold to the bottom of Davy Jones's locker.
About 200,000 gold coins are believed to be part of the treasure, whose sinking caused a major embarrassment to King George II in 1744, and whose recovery in 2009 could well become a cause celebre in international legal circles.
Full article: Gold Coins in Shipwreck - NumisMaster
