Treasury Hunt

choi

That Sinking Feeling. Forbes, July 21, 2014.
www.forbes.com/sites/frederickal ... he-sinking-feeling/

Quote: “BLACK SWAN[:] Odyssey announces a discovery in 2007, which it code-names ‘Black Swan,’ and extracts an estimated half-billion dollars’ worth of coins. Spain sues for ownership, saying the ship is a naval frigate sunk in 1804, and wins. Odyssey gets nothing and is ordered to pay Spain $1 million for ‘bad faith and abusive litigation.’

Note:
(a) In print, there is no authorship. However, the online edition identifies Frederick E Allen as "Leadership Editor."
(b) Black Swan Project
en.wikipedia.org/wiki/Black_Swan_Project

Read only introduction quickly, because the Wiki page is out of date.

choi

The spat between Odyssey and Spain: US courts consistently ruled Odyssey lost, and deserved a good spanking (despite outrage by some lay observers). Here is why--latest development first.

(1) Odyssey Marine Exploration, Inc v The Unidentified Shipwrecked Vessel (M.D.Fl. Sept 25, 2013) No 8:07-cv-614-T-23MAP
legaltimes.typepad.com/files/odyssey.pdf
(a) This is an opinion by US district judge Steven D Merryday. Read only the first few pages and the last section Conclusion (starting at page 23). This is the end of the case--despite protest and desire to appeal the sanction, Odyssey did not.
(b) The previous litigation is summarized in footnote 1 of the opinion: Odyssey Marine Exploration, Inc v Unidentified Shipwrecked Vessel (CA11 2011) 657 F.3d 1159, cert. denied _ US _ (2012).

CA11 = United States Court of Appeals for the Eleventh Circuit
F.3d = Federal Reporter, third edition (published by West publishing)
US = United States Report, the official report of United States Supreme Court

(2) Warren Richey, Who gets to keep shipwreck treasure? Supreme Court declines Spain case. Lower courts ruled that $500 million in coins that US treasure hunters had recovered belongs to Spain. The Supreme Court turned away the salvagers’ appeal. Christian Science Monitor, May 14, 2014.
Mondaywww.csmonitor.com/USA/Justice/2012/0514/Who-gets-to-keep-shipwreck-treasure-Supreme-Court-declines-Spain-case

Quote:

(a) “Since the salvage operation began in 2007, Odyssey Marine spent an estimated $2.6 million recovering the cargo. Spain has offered the company no compensation.

(b) "'Citing the "sad loss of the Frigate Mercedes [on Oct 5, 1804]," King Carlos IV declared war on Great Britain,' Spain’s brief to the high court [United States Supreme Court, urging it not to review the 11th Circuit decision] said. 'Spain entered the Napoleonic Wars as an ally of France, launching a decade of conflict that included destruction of the Spanish Navy at the Battle of Trafalgar, French invasion of Spain and installation of Napoleon’s brother Joseph as King of Spain, war within Spain, and interdiction of Spain’s links to its overseas viceroyalties.'

"The brief continues: 'As one of Odyssey’s experts put it, "the loss of the Mercedes on October 5, 1804 was a pivotal event in the history of Spain and of the Spanish Empire more broadly.'

* Charles IV of Spain
en.wikipedia.org/wiki/Charles_IV_of_Spain
(1748-1819; reign 1788-1808; section 3 abdication)
* Battle of Trafalgar
en.wikipedia.org/wiki/Battle_of_Trafalgar
(Oct 21, 1805)


(c) In the 11th Circuit decision
media.ca11.uscourts.gov/opinions/pub/files/201010269.pdf(citing%20the%201902%20Treaty%20of%20Friendship%20and%20General%20Relations%20between%20the%20United%20States%20and%20Spain)

, read only footnote 8 (citing the 1902 Treaty of Friendship and General Relations between the United States and Spain) at page 30 of slip opinion.