Famed salvage and recovery firm Odyssey Marine Exploration (AMEX: OMR) sent out a release today stating that the recent claims that the Kingdom of Spain had filed a lawsuit against Odyssey were false. According to the press release, Odyssey’s legal counsel talked to Jim Goold – “the lawyer apparently representing Spain,” the release states – yesterday in response to circulating rumors that the Spanish government had followed through on its threat to lay claim to the find.
“Any media reports suggesting that a lawsuit was filed are erroneous,” the release stated.
The release also states that the only document filed is a Verified Claim stating that the Spanish government does not intend to give up property rights to any Spanish property which might be on sites Odyssey filed Admiralty arrests during the last year, including two unidentified colonial sites in the Atlantic Ocean and a 20th century steam ship.
“Such a move was anticipated by Odyssey and is considered normal in Admiralty cases,” stated John Morris, Odyssey’s CEO.
The source of all the hubbub, of course, is the mysterious Black Swan project, a sunken ship that Odyssey Marine recently discovered to be stocked to the gills with treasure. When the story originally broke, the value of the artifacts swung violently, rumored to be $500 million by some sources, $4.4 billion by others. While the absolute worth of the find has yet to be tabulated, news of the find has set imaginations on fire, with everybody wanting a share of the booty.
Including the Spanish government, it would seem. On May 21, 2007, the Spanish Ministry of Culture released information stating that they thought Odyssey’s find was “suspicious,” and wanted to know if the find was actually the HMS Sussex, a British ship that sank off the coast of Spain in 1694 while leading a British fleet into the Mediterranean Sea for war against France.
“But that permit was only for exploration, not for removing anything from the Sussex if it were found,” the report went on to say. However, Odyssey Marine flatly denied the allegation that the Black Swan was the Sussex.
According to Odyssey Marine, none of the afore-mentioned “arrest” sites have been confirmed as the Black Swan, and the company has informed the Spanish Government through “official diplomatic channels” that the company will notify any entities who have an interest in the specific nature of the shipwreck only when – and if – the identity of the Black Swan find is confirmed.
Odyssey Marine said in its press release of May 21, 2007, the company anticipated such an action from possible claimants.
“If we are able to confirm that some other entity has a legitimate legal claim to this shipwreck when – and if – the identity is confirmed, we intend to provide legal notice to any and all potential claimants,” the May 21 press release states. “Even if another entity is able to prove that it has an ownership interest in the shipwreck and/or cargo and that they had not legally abandoned the shipwreck, Odyssey would apply for a salvage award from the Admiralty Court. In cases such as this, salvors are typically awarded up to 90% of the recovery.
“We do believe that most shipwrecks that we recover, including the `Black Swan’, will likely result in claims by other parties,” the release continued. “Many will be spurious claims, but we anticipate that there might be some legitimate ones as well. In the case of the `Black Swan’, it is the opinion of our legal counsel that even if a claim is deemed to be legitimate by the courts, Odyssey should still receive title to a significant majority of the recovered goods.”
Odyssey will continue to communicate through the US and UK embassies to Spain. The company also reiterates the claim that the Black Swan was found in international waters and not Spanish waters or the waters of any other nation.
