Is Odyssey in trouble??

[AUVnav]

Really, I would note post #2 in this thread. The entire response to the original post was argumentative, as was any attempt to provide details other than blind conjecture.

Read through the thread again, when there is a point, there is a counterpoint, and as you note, in context of the decorum.

I stand by my opinion, and provided details.

 

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[Jolly Mon]

Ah, so you meant the highest point, not the island itself. If you knew the area of the lease, why were you arguing about locations along the 800 mile baja peninsula?

You said this..


But then you show a map of the lease are that was taken from public records.
It appears your only method to express yourself is to argue and illustrate with a crayon.?

I can also read a bathymetric chart, which shows the area of the lease anywhere from about 75 feet to about 1200 feet deep, so it would appear that the 300 foot depth that you stated leaves out 60% of the lease area.

The report you are so irate about appears to have many questions about the viability of the operation, with numerous cites of recent data from previous owners.
The report is much more about questions than definitive answers.

1. In the report, the area of the lease from the public records is shown (Why did you say it was a secret, then provide it?)
2. There are the recent reports and assays cited in the report from that area and the surrounding areas. Doesnt really matter exactly where in that area they plan to dredge. Rofomex was just recently in that area, and abandoned ops. The offshore dredge is still visible in Google Earth where they left it on the beach. ( 25°15'22.74"N, 112° 4'42.97"W) (look at the images that people have taken to see the extent the barge has been stripped) More than a few have thought Odyssey has purchased this..
3. Did you happen to notice the sections of inlet lagoons just to the South of the lease area? That is a protected area, and I am willing to bet that sediment from dredging ops will transport into that area.
4. I dont know where they plan to extract, but this is not their business model, nor do they have any expertise and equipment to do so. I think more than a few posters on this board have expertise in dredging, and what it would take to use a suction dredge at 300 feet or more, to lift tons of sediment to fill a barge, sort it and dump the tailings.


Should you be able to provide any information that is contrary, please try to do so in a civilized manner.

Remember, it is the phosphate percentage in the rock phosphate that is of value, but the percentage of rock phosphate in the sediment is very small. That is a significant portion of this adventure that is overlooked. Find that in the reports.
(reports from the 1860's in the Carolinas have no foundation in current reality, while the recent Rofmex mining activities certainly do)

As a note, in the last year, phosphate prices have declined about 40%

Apparently you have finally decided to consult a chart and have discovered your initial contention was dead wrong.

Better late than never I suppose.

I mentioned Isla Cedros simply becaused you made the ludicrous statement that 20 to 30 miles off Baja would be nearly 10,000 feet rather than 300 feet deep. I never said anything about the Oceanica project occuring near Isla Cedros. I simply wanted to point out that the bathymetry of the 800 mile long peninsula was quite varied and not monolithic.

There are multiple concessions within the outlined area. It seems you are now arguing semantics, but the real point is that neither you, nor Mr. Morris, knows where Odyssey and Mako plan to extract.

As for Rofomex, they did NOT attempt to mine within the area in question. Their operations were in Mag Bay and some low grade near-shore placer depoits between Santo Domingo and Soledad. These deposits have zero connection with the deposits in the Oceanic concession area, where the Diphosphorus pentoxide content varies between 5 and 20 percent, definitely economically exploitable given the current price of phosphate.

I am not sure what an old Rofomex barge on the beach has to do with Odyssey, Mako or the Oceanic project, other than simply being another way to inject innuendo into the discussion.

As for sediment being transported to the lagoons in question, Rofomex already operated on the lower grade nearshore projects much closer to the waters in question and did so without issue.

As for Meson's report being more about questions than answers, I agree. The entire strategy of Mr. Morris is simply to inject questions and innuendo into the discussion without any basis in fact.

As for Odyssey having no experience in the extracion of phosphates, this is simply no issue at all and just another desperate attempt to sow seeds of doubt. Phosphates have been successfully mined underwater for nearly 150 years. It is not rocket science. Every single part of the operation is done at commercial scale, for one purpose or another, at present.

The underwater phosphate industry in South Carolina is certainly relevant...and shows Mr. Morris to be either ignorant or a liar concerning the history of said industry.

Over the last 5 years, the price of phosphate has varied between $86.00 and $198.00 per metric ton and currently sits at around $100.00 per metric ton. The cost of extraction in the relativly rich area in question will probably settle at somewhere near $50.00 per metric ton, making the project very viable, even at today's relatively low commodity price.

I believe I have rebutted every one of you "questions" with facts to the contrary.

 

[AUVnav]

I believe I have rebutted every one of you "questions" with facts to the contrary.

I have a question, do you read through your own posts? For the most part, you refute yourself.

Here is what you said in 3 different posts...

You have the concession boundaries that Odyssey will be mining?
Please list them and provide your source.

The concession's exact location is proprietary.

Below is a map with the Oceanica concession circled.

and then...

I believe I have rebutted every one of you "questions" with facts to the contrary.

Perhaps if you had any idea what you were talking about, that could be the case. But, your attempts at simply cut/paste from the internet are very apparent, but out of context. That is the major issue with your posts, they are out of context.
You use terms like "Diphosphorus pentoxide" , (P2O5) much the same to baffle, as the use of Dihydrogen Monoxide.(H2O)

You are the one appears to be unaware of Odysseys sampling plan and locations, as that is not simply something that one can cut/paste from the internet. The Dorado Discovery has been tracked for sometime on AIS.

The cost of extraction in the relativly rich area in question will probably settle at somewhere near $50.00 per metric ton, making the project very viable, even at today's relatively low commodity price.

Again, absolutely no foundation for such a claim. You missed the point once again. First off, your 'Diphosphorus pentoxide' is a percentage of a percentage, you are not dredging up pure P2O5 in the sediment. You think that the cost of dredging up material from a ship at 300 feet down, and processing is $50/ton? You cant even excavate sand in your backyard for $50/ton.

There is the process of separating the sediment, transportation to shore, then drying and removing the salt from the mix, then processing...

All of that, for $50/ton?

Over the last 5 years, the price of phosphate has varied between $86.00 and $198.00 per metric ton and currently sits at around $100.00 per metric ton.

The price of $100/ton is not just based on percentage of P2O5, but the BPL level. That is the reason why Russian P2O5 is priced at half of Moroccan P2O5. Again, understand what you are cutting and pasting.

All factors to consider in a viable mining operation. These factors are why those mining leases off of the shore in Mexico are still sitting there, after numerous attempts, and significant studies and report. Rofomex arent slackers, they are one of the biggest in this business.

 

[Jolly Mon]

As far as the three sentences you referenced, the first sentence was a question posed to you.

Remember, you hopped on this thread with the ludicrous contention that mining 30 miles offshore in Baja would entail working in 10,000 feet of water rather than 300.

The second sentence was simply pointing out that neither you (of the 10,000 foot depth claim), nor Mr. Morris actually has any idea of the exact location where production mining will occur.

The third reference is to the general area where several concessions are located....which, incidentally, has been available since the initial posting link. Given this fact, it is still somewhat mysterious as to where your 10,000 foot depth claim had its genesis.

As for cutting and pasting, I invite anyone to do an advanced Google search of my post using "exact" search terms. I believe I copied and pasted exactly one sentence in the post, and that one was one I had used earlier in the thread. I am many things, a plagarist is not one of them.

Suggesting that I used the name diphosphorus pentoxide in an attempt to "baffle"is hilarious. Anyone who has finished their first semester of high school chemistry knows exactly what I am talking about. I used the term in lieu of subscript.

As far as your contention that a $50.00 per ton extraction cost is unfeasible, I will lay it to rest with a "copy and paste":

"Mineral extraction and construction is now routine in shallow seas. Even in the 1970s manganese nodules were being mined at depths 10 times greater than envisaged on the Chatham Rise. Nautilus Mining has estimated hard rock mining costs of $US50 to $US65 a tonne at depths of 2,000 metres and North Island iron sands are expected to be extracted from offshore deposits (at shallower depths) for $US4 to $US15 a tonne." The Project Overview ? Chatham Rock Phosphate

Once again, references to Rofomex are nothing more than a red herring. Rofomex never attempted to mine in the Oceanica area. Your basic argument seems to be that because Rofomex is not mining it, it cannot be there. This is so silly as to not even require comment.

In one corner, you have an unknown 27 year old manager of an unknown hedge fund who, after the failure of his other business enterprise, is probably operating out of his parents' basement. After all, "Meson Capital" apparently has no phone number and no physical address. You can, of course, drop them (him) an email...

In the other corner, you have JP Morgan Chase, the largest investment bank in the United States with assets of something like 3 and a half trillion dollars. They have decided that Mr. Morris is FOS.

Incidentally, though I realize your comments on this thread are nothing more than an extension of your long diatribe against OMEX, I will point out that Zacks currently has OMEX rated as a # 1 Strong Buy investment opportunity.

Another "copy and paste":

"Many investors appear to be quite bearish Odyssey Marine Exploration Inc (OMEX) especially if you look at the percentage of the float that is sold short for this stock. Currently, 22.4% of the float is sold short, suggesting an extreme level of bearishness for OMEX.
However, it is worth noting that earnings estimates have actually been moving higher for the company, despite the pessimism. Thanks to these rising estimates, we actually have a Zacks Rank #1(Strong Buy) on OMEX, so we clearly don’t believe in the negativity surrounding this firm, and are instead looking for shares of OMEX to move higher in the weeks ahead." Is A Short Squeeze Ahead for Odyssey Marine Exploration Inc (OMEX)? - January 2, 2014 - Zacks.com

I invite readers of this thread to compare the reputation and credentials of Zacks, Zacks Investment Research: Stock Research, Analysis, & Recommendations, with that of Meson Capital, LLC.

ROTFLMFAO.

 

[hobbit]

I think that 20-30 miles offshore of Baja is about 3000meters, not 300 feet. (macaydon can probably verify)

This post proves that:

A). You don't know anything about the waters of Baja.

And

B). You did not even know the general area where Odyssey's lease is located.

Now, one day later, you are trying to pass yourself off as some sort of expert on the project.

Dude, stop embarrassing yourself.

 

[bay pirate]

Jesus Christ man, should I buy or should I sell. You guys are making my brain hurt

 

[AUVnav]

First off, the water off the west coast get very deep, very fast. Look off of the area from Isla Cedros, 20 miles off of this point is the Cedros Trench which is 14 THOUSAND feet deep. If you have a bathymetric map, you can see that all off of the Coast, about 20 miles is a series of trenches, even near Ensenada, the depth is 5000 feet 20 miles out.

I knew exactly where the area of the lease is, even before the Meson report, it is a simple matter to search the mining database, but again, that was not the question.

Reference to Nautilus. Apples and oranges. Nautilus is into mining manganese nodules, which are very easy to seperate AT DEPTH. Think of a dredge bringing material to the surface from those depths. Speaking of Nautilus, they have raised over $500 million dollars, have 3 major mining companies as investors, have $300 Million assets, and $100 Million in cash. Current stock price? 28 cents Canadian.

You mean my diatribe on the Mercedes, which I argued it would go back to Spain? How did that work out?

DeBeers currently has the deepest dredge ship in the world. They did a retro fit of an existing ship at a cost of over $500 million dollars. The max working depth of this dredge is 300 feet. Diamonds are very easy to screeen and separate, quite unlike rock phosphate from sediment.

As far as Zacks, had to search a bit for that one didnt you, and it has little meaning, Motley Fool says they are short on OMEX.

 

[hobbit]

First off, the water off the west coast get very deep, very fast. Look off of the area from Isla Cedros, 20 miles off of this point is the Cedros Trench which is 14 THOUSAND feet deep. If you have a bathymetric map, you can see that all off of the Coast, about 20 miles is a series of trenches, even near Ensenada, the depth is 5000 feet 20 miles out.

I knew exactly where the area of the lease is, even before the Meson report, it is a simple matter to search the mining database, but again, that was not the question.

Reference to Nautilus. Apples and oranges. Nautilus is into mining manganese nodules, which are very easy to seperate AT DEPTH. Think of a dredge bringing material to the surface from those depths. Speaking of Nautilus, they have raised over $500 million dollars, have 3 major mining companies as investors, have $300 Million assets, and $100 Million in cash. Current stock price? 28 cents Canadian.

You mean my diatribe on the Mercedes, which I argued it would go back to Spain? How did that work out?

DeBeers currently has the deepest dredge ship in the world. They did a retro fit of an existing ship at a cost of over $500 million dollars. The max working depth of this dredge is 300 feet. Diamonds are very easy to screeen and separate, quite unlike rock phosphate from sediment.

As far as Zacks, had to search a bit for that one didnt you, and it has little meaning, Motley Fool says they are short on OMEX.

Just wanted to document this meltdown.

 

[AUVnav]

Just wanted to document this meltdown.

Why, so you don't have to show your Mom what you were really doing on her computer?

 

[old man]

Jesus Christ man, should I buy or should I sell. You guys are making my brain hurt

BAY PIRATE, I'm buying and not selling. I was in their office last week and I think this stock is worth buying more. They have some beautiful pottery pieces that are over 2000 years old from the Med. in their Lab.

 

[bay pirate]

BAY PIRATE, I'm buying and not selling. I was in their office last week and I think this stock is worth buying more. They have some beautiful pottery pieces that are over 2000 years old from the Med. in their Lab.

Best advice I have seen in a while, Old Man my ass - wise man more like it. May our coconuts never hang lower than our grass skirts. Cheers

 

[Jolly Mon]

TAMPA, Fla., March 11, 2014 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (OMEX), a pioneer in the field of deep-ocean exploration, has received an NI 43-101 compliant technical report/preliminary assessment from an independent Qualified Person (QP) that provides an extensive preliminary evaluation of a portion of the mineral deposit controlled by the company's subsidiary, Oceanica Resources, S. de. R.L.

The preliminary report does not include an evaluation of the entire deposit, but utilizes data from 594 core intervals from 161 drill holes tested and analyzed to date. This does not include concession extension areas where testing is still in process, or areas below the core sample depth in which the core ended with full mineralization.

The report concludes for the areas tested to date:
• Measured phosphorite resources are estimated at 92.4 million ore tonnes at 18.5% P2O5 in an area of 23.11 sq. km
• Indicated phosphorite resources are estimated at 181.1 million ore tonnes at 18.8% P2O5 in an area of 42.88 sq. km
• Inferred phosphorite resources are estimated at 231.9 million ore tonnes at 20.1% P2O5 in an area of 44.19 sq. km

Work is continuing on the physical testing and assaying of additional cores with the expectation of increasing the measured and indicated phosphorite resources within the mineralized trend. An updated technical report is expected during the second quarter of 2014.

Odyssey Marine Exploration Receives Preliminary Assessment of Oceanica Resources Mineral Deposit - Yahoo Finance

An environmental impact report is being prepared that includes extensive analysis, tests, reports and models from outside experts and environmental scientists on the mineral deposit, which is located in waters 70-90 meters deep and centered approximately 40 km offshore.

In 2013, Odyssey received $27.5 million in cash from the sale of a minority stake in the Oceanica deposit, a project that was initially reported in March 2013. As previously announced, the company has engaged J.P. Morgan as its financial advisor to help it evaluate options to best maximize the value of the project including alternatives for financing the project, potential partnerships or other strategic options.

Odyssey Marine Exploration Reports Record Fourth Quarter and Full Year 2013 Results - Seeking Alpha


(For anyone who might have actually followed this thread, the above phosphate percentages are not "percentages of percentages"...LOL...and the project area is centered in an area approximately 25 miles offshore in waters 230 to 295 feet deep).

 

[G.I.B.]

Jesus Christ man, should I buy or should I sell. You guys are making my brain hurt

Tampa Bay Times article 11 March 14

In part states:

Tampa treasure hunting firm Odyssey Marine Exploration salvaged a profit out of its fourth quarter, buoyed by the sale of silver it recovered from the SS Gairsoppa shipwreck off the coast of Ireland.
Odyssey reported a net income of $10.8 million for the quarter ended Dec. 31, up from a year-ago loss of $900,000. Revenues more than doubled to $17.2 million, up from $7.9 million, primarily due to monetizing silver recovered from the Gairsoppa project in 2012 and 2013.
All told, Odyssey has recovered nearly 110 tons of silver from the Gairsoppa, a British cargo ship sunk by a German U-boat in 1941, the company reported today.

Click the above link to view the complete article.

 

[Ecodarwin]

Jolly: Hey you did a great summary of the Oceanica project. A couple of thoughts for your consideration: The depth of the targeted mining area is only 70 - 90 feet deep with some 3 meters of ore strata, thus much easier to access than CRP's nodules at 400+ feet and in a delicately thin 35 cm strata. Thus Oceanica's sand dredging appears to be comparable to aggregate dredging that has been operating without undue environmental consequences offshore of England in the North Sea.
Warren Buffet has addressed what consideration should be given to Ryan Morris: "...intelligence, energy and integrity are all important, but if a person lacks integrity, the others don't matter."

From the "comments" section:

"Based on this article, I was about to sell all my OMEX. Then I looked at the top where it said the author is shorting OMEX. So I realized there were two possibilities.
1) The author did all this research, and spent all this time because he is altruistically trying to help his fellow man or
2) He is trying to drive down the price so he can make a profit.
Which do you think?
Here's a hint, it is not number 1."

Here is another:
"Same old, same old. Ryan Morris will say anything at all to cause OMEX’s share price to decline. It doesn’t matter to him if it’s a lie, a distortion, or an omission of material fact – he just wants the stock to go lower at any cost. Thankfully the market has become inured to his “investigative research” and no longer pays attention.

Morris still doesn’t know a lot about Oceanica. He makes erroneous assumptions about where the company will mine within its claim. He makes erroneous assumptions about work done by Rofomex and Innophos. He makes erroneous assumptions about costs, the environmental permitting prospects, the political climate, concession status, and more.

His cost assumptions are clearly well off-mark. The cost chart that Morris displays is based on the “best guess” of an accountant who was part of the Phosmex organization. What Morris doesn’t realize is that there’s a massive pipeline built into the later cost numbers he shows in the chart. That means those costs include all the pipeline and pumping costs and slurry preparation costs. Even that estimate is questionable as it was based on a personal conversation rather than hard data. Oceanica has no need for pipelines if they operate like Chatham (which I guess that they will). Like Chatham, Oceanica is likely to take rock phosphate delivered at port at a cost of somewhere near $50/ton (Chatham will pay $80/ton).

The costs will be well below Chatham’s quoted price of $80/ton (which Chatham believes they can reduce). Chatham will operate in 1,200 feet of rough seas. I believe Oceanica will operate in 300 ft of relatively calm water. Based on my discussions with Chatham and dredgers, a $50/ton number is a good estimate. Some feel costs may come in below that number, but I’d rather be conservative. Most important, those familiar with the cost economics of subsea phosphate mining have the hard data to show these operations can be cost competitive with some of the largest and lowest cost phosphate mines in the world. What data does Ryan Morris supply?

Morris claims that the environmental permitting process stops nearly all mining projects in Mexico. Yet Mexico is the world’s number one producer of silver, and mining is the country’s third largest source of foreign income following oil and auto. According to a study done in 2013 by Behre Dolbear, Mexico ranked #5 in the world for business environment from mining. Further, Morris doesn’t mention that Phosomex successfully obtained a full mining permit for its phosphate dredging operation in Baja years ago. The fact is that Mexico depends on the mining sector for 5% of its GDP and it’s obvious that many mining applications are successful and permits are granted. This doesn’t sound like the unfriendly mining environment that Morris attempts to portray.

Morris cites the salt mine expansion that Mitsubishi attempted in the ‘80s as proof that mining is difficult to get approved in Mexico, even with a large budget. Yet he fails to note that Mitsubishi was attempting to expand into an established nature reserve, a protected whale breeding ground, and a known bird sanctuary directly inside the environmentally sensitive San Ignacio Lagoon. Oceanica has none of these issues. Rather than operate next to shore, I believe Oceanica will operate 20-30 miles offshore where the phosphate concentrations are highest.

The claim regarding overlapping concessions is absurd. The Ministry of Mining is the single authority in Mexico empowered to grant concessions, and Mexican statutes only allow for concessions to be granted on “free” lands – lands which have not already been granted a concession. http://bit.ly/1d65FYG
I spoke with the company about this idea, and they said that there are zero overlapping mineral concessions for Oceanica. The maps that are used on the Ministry’s website can be confusing and are not rendered in fine enough detail to establish true boundaries. For that purpose, the lawyers, geologists, and Ministry officials would have relied on a “meets and bounds” survey to establish the borders of the concession and determine that all land within those borders was not already claimed.

Morris states that underwater phosphate mining has, “never been completed in history.” What’s one more lie? Underwater phosphate mining goes back to the 1800’s in the US, when phosphate was dredged from rivers at depths of up to 50 feet. See http://bit.ly/1d65FrN . What Oceanica is going to do is not technically difficult. Every single part of the operation is done at commercial scale, for one purpose or another, at present.

The political climate for mining in Mexico isn’t deteriorating as Morris claims. It’s improving. Mexico has shown massive success attracting foreign investment since liberalizing the mining sector in the early 80’s and now it wants to take a bigger cut from the miners. Despite the increased tax, the relatively low general tax rate means that the overall tax burden is still highly competitive, that’s why most miners are continuing to invest in Mexico despite the increase. Mexico mining taxes unlikely to significantly impact investment - analyst - BNamericas Notably, the Mexican government will be anxious to prove it can still be successful at attracting new investment post the implementation of this tax structure. They are especially anxious to increase fertilizer feedstock production. Pemex 2014-18 business plan targets three petrochemical chains - BNamericas

Innophos chose not to pursue its claim because it was not economic. Oceanica will not be mining where Innophos was testing. For Morris to assume that Oceanica is non-economic because Innophos had no luck in a different spot is just foolish.

Every new mine is opposed by environmental groups. The difference for Oceanica is that their form of mining is relatively environmentally friendly, and they are not displacing anyone with their activities. Morris doesn’t appreciate the fact that mining 20 miles out in the open ocean is vastly different from mining in Magdalena Bay. Oceanica won’t disrupt whales, turtles, surfers, land developers, tour operators, or fishermen. The operations will be dramatically less invasive than presently approved commercial activities in the region such as land development, bottom trawling fishing, and land-based phosphate mining.

There’s little doubt in my mind that the project will be approved. If a couple environmentalists are truly “furious” about Oceanica as Morris claims, it’s only because they are being used as pawns in Ryan Morris’s holy war against OMEX. Once they are supplied with actual facts rather than Morris’s lies, they will appreciate the limited impact of the project as well as its massive economic and humanitarian benefits for the Mexican population. Regardless, a few narrow interest groups won’t determine the outcome of a project which, I believe, will have meaningful national importance to the Mexican people.

Morris obviously thinks he knows a lot about Oceanica. He thinks that pulling some concession info. and talking to a couple environmentalist gives him an edge. I’m going to go out on a limb and make the assumption that JP Morgan bankers and Mako investors have a lot more information about Oceanica than Ryan Morris. They not only have access to the same public information upon which Morris relies, but they have access to incredibly valuable private information that Morris doesn’t. They think that the asset is worth quite a bit of money. So, who has the informational and analytic advantage, Ryan Morris or Mako and JP Morgan?"[/QUOTE]

 

[SADS 669]

Gotta subscribe to this thread, the " discussion" is really entertaining but not necessarily pleasant........sigh

 

[AUVnav]

I suppose by now you have been able to read about the significant protests on the project, as well as the simple fact that the EIS has not been submitted yet.

According to the latest press release, Odyssey has decided to include stakeholder groups such as fisherman and others in the discussions. As a result, the EIS has gone from 1200 pages to over 4600 pages.

The protests have gained ground, and according to the latest press in Mexico, Odyssey was drilling and sampling without permission. When was the last time you were allowed to drill and excavate out in the water without a permit?

How is the $1.18 shareprice looking for you theses days? Buy op?

 

[Denarius]

Hey Jolly Mon, good stuff. Keep up the cause. And AUVnav, you know you sound strangely like that Morris poof. Same style, same arguments, are you guys friends?

 

[Jolly Mon]

Hey Jolly Mon, good stuff. Keep up the cause. And AUVnav, you know you sound strangely like that Morris poof. Same style, same arguments, are you guys friends?

Thanks.

You are probably aware of this, but the latest nonsense from Meson (AKA Ryan Morris) is basically one PRI senator who almost exclusively represents fishing interests objecting to the Oceanica project.

It is akin to a senator from West Virgina getting up in the U.S senate and lobbying for lesser restrictions on coal extraction. It is local politics, plain and simple.

Here is a link to the Mexico Mining Center so you can read senator Ricardo Barroso's comments for yourself : Breaking News

The entire premise of the latest Meson diatribe is debunked here: Odyssey Marine Provides Update on Oceanica Resources Environmental Impact Assessment Progress (NASDAQ:OMEX)

What's really hilarious is to go back through the history of Meson's articles concerning Omex and see how often Morris has been WRONG...just some recent examples here:

On March 17th Meson stated : "At best, the SS Central America has a very small amount of random passenger coinage or gold dust (a common method for carrying gold back then) that was not initially worth recovering."

On July 10th Meson stated : "only a few small containers of gold" had been recovered from Central America and "the project will clearly be unprofitable overall".

Omex has already recovered AT LEAST $20,000,000 from Central America and probably more in the neighborhood of $75,000,000 to $100,000,000.

Laughingly, on July 10th Morris further stated concerning Omex: "We model cash balance hitting zero, with likely corresponding required bankruptcy filing July 16th after mid-month payroll & bills are paid."

You guessed it. Odyssey did not declare bankruptcy on July 16th

On July 17th concerning Central America Meson stated: "Project now appears incrementally unprofitable for further salvage, seems unlikely Odyssey Explorer will revisit the site."

What happened ??

You guessed it, 2 days later, Odyssey Explorer was back at the site...and the gold extraction continues...

Omex is currently one of the prime bidders for the contract to search for the missing MH370 airliner...sound like a company about to close -up shop??

Just in passing I would like to say that I have never advised buying Omex. I am not a financial adviser. Omex is obviously a high risk stock. I have no idea what the future holds for the company....but I strongly believe there is solid chance for a large increase in value.

My entire pupose in responding to this thread was simply to point out that the "news article" in the original post was nothing more than one in a long series of hit pieces written by an unscrupulous short seller.

Incidentally, had you followed Meson's financial advice last year, your investments would have under performed the overall market by more than 300 %. Ineptitude of that degree is hard to believe, but Meson managed it.

 

[AUVnav]

Omex is currently one of the prime bidders for the contract to search for the missing MH370 airliner.

You base this on what information? Anyone can bid on the proposal, where do you get they are a prime bidder, that just means that the in the team they are bidding, they are the lead. Even you could submit a bid.



All that, and still $1.18 and dropping daily.

 

[AUVnav]

Incidentally, had you followed Meson's financial advice last year, your investments would have under performed the overall market by more than 300 %. Ineptitude of that degree is hard to believe, but Meson managed it.

Meson advised in March of 2014, when OMEX was at $2.50, that it should go to $0.
It is now at 79 cents?

Which advice are you talking about? Who is inept?