Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) filed its Reply to Spain’s Response in the “Black Swan” case, currently pending in the United States Court of Appeals for the Eleventh Circuit in Atlanta, Georgia.
This is expected to be the last round of written pleadings at the appellate court level. Odyssey’s filing is available for review at http://www.shipwreck.net/blackswanlegal.php.
Odyssey is appealing the district court’s dismissal of the case based on the court’s finding of lack of federal jurisdiction. [click to continue…]
Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, today filed a quarterly report with the Securities and Exchange Commission detailing results of the Company's second quarter 2010.
For the second quarter of 2010, Odyssey reported revenue of $4.3 million, compared to $0.4 million in the second quarter 2009. The Company also reported a quarterly net loss of $3.5 million, compared to a net loss of $5.0 million in 2009. The net loss per share for the second quarter was $0.05, compared to a net loss of $0.09 per share in the second quarter 2009. [click to continue…]
Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), a pioneer in the field of deep-ocean shipwreck exploration, is pleased to report that Captain Sterling Vorus has been cleared of all charges by a court in Algeciras, Spain relating to the blockade and boarding of the Odyssey Explorer. The Spanish court ruled that Spanish officials did not have proper authorization to board or search Odyssey’s ship in 2007. [click to continue…]
Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, and its associated company, OVH, Inc., have executed agreements to provide project research and shipwreck search and survey services for a project code-named "Shantaram” to client companies of Robert Fraser & Partners LLP.
As part of the agreement, Odyssey furnished an extensive research file related to the “Shantaram” and its sinking. The company has commenced operations with a research vessel, survey equipment and crew to search a specified area and inspect targets in that area.
The contract provides cash payments totaling approximately U.S. $3.4 Million representing initial cash payments of $1.7 Million to Odyssey and OVH, Inc., and additional payments of approximately $1.5 Million within 30 days and $0.2 Million upon project completion, plus additional payments upon the sale of coins or artifacts from the “Shantaram” project. [click to continue…]
Several additional appellate briefs and amicus briefs have been filed with the Eleventh Circuit Court of Appeals in Odyssey Marine Exploration’s (NasdaqCM:OMEX) “Black Swan” case.
The filings support Odyssey’s argument that the trial court erred in dismissing the case because the recovered coins did not belong to Spain and therefore do not qualify for sovereign immunity, Spain did not have possession of the coins, and sovereign immunity only applies to vessels exclusively on a non-commercial mission.
Among the briefs were two separate filings by groups of descendants whose ancestors owned the cargo shipped aboard the Mercedes. The trial court actually missed the basis of their claims calling them “descendants of those aboard the Mercedes.” [click to continue…]
Odyssey Marine Exploration has taken the next step in its legal battle with the country of Spain over potential ownership of treasure the company recovered by filing an Appellate Brief with the U.S. Court of Appeals for the Eleventh Circuit.
At stake is nearly 17-tons of recovered artifacts said to include over 500,000 silver and gold Colonial era coins with a value reportedly worth around $500 million. The treasure is said to have been recovered in 2007 as part of the company’s "Black Swan" project which may be centered around the wreck of the Nuestra Senora de las Mercedes. The Mercedes was a Spanish frigate sunk by British warships on October 5, 1804 off the coast of Portugal.
In a test of international law, Spain has claimed that the treasure is from the Mercedes and that as a military vessel, its cargo was under the ownership of that country. A decision last year by a U.S. District Judge supported Spain’s claims and ordered the treasure returned to ...
Full Article: Odyssey "Black Swan" Case Update - CoinNews
Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) has filed its Appellate Brief in the “Black Swan” case with the U.S. Court of Appeals for the Eleventh Circuit.
In the brief, Odyssey demonstrates that the district court erroneously dismissed the case by using flawed legal analysis and by failing to acknowledge or understand several major aspects of the case, including the issue of sovereign immunity.
Odyssey’s brief cites the recent favorable ruling by the Eleventh Circuit for the salvor in the Aqua Log (Aqua Log, Inc. vs. State of Georgia, 594 F.3d 1330, 11th Cir. 2010) case. This ruling was made shortly after the district court ruled in the “Black Swan” case and is a beneficial clarification of sovereign immunity in support of Odyssey’s position. [click to continue…]
Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, has reported results for the first quarter ended March 31, 2010
Revenue for the first quarter was $2.9 million, compared to $0.6 million in the first quarter 2009. The Company also reported a net loss of $3.1 million, compared to a net loss of $5.3 million in 2009. The net loss per share for the first quarter was $0.05, compared to a net loss of $0.10 per share in the first quarter 2009. [click to continue…]
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…]
