Judge Grants Motion In North Carolina Shipwreck Case:

[diverlynn]

Judge Grants Motion In North Carolina Shipwreck Case:
Odyssey Marine Exploration Named Sole Custodian For Shipwreck Site
Tampa, FL - February 25, 2008 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) has been named the sole plaintiff in the in rem Admiralty case number 4:05-CV-122-D3 pending in the United States District Court for the Eastern District of North Carolina after a U.S. District Judge granted the Joint Motion from Odyssey Marine Exploration and BDJ Discovery Group, LLC for "Substitution of Plaintiff."

In 2005, BDJ Discovery Group filed the original arrest action against the Unidentified Shipwreck Vessel, its apparel, tackle, appurtenances and cargo located in the waters of the Atlantic Ocean approximately 12 miles off the coast of North Carolina.

BDJ Discovery Group, the company that originally discovered evidence of the site, brought the project to Odyssey in 2007 and an agreement was reached for Odyssey to take over all aspects of the project. BDJ has assigned all of its rights to the artifacts and any wreck from which they originate to Odyssey in return for up to 15% of any proceeds from artifact sales after archaeological excavation, conservation, marketing and certain other expenses.

"As other groups assess the real costs and challenges of shipwreck projects, including archaeological recovery, conservation, legal and marketing expenses, we're being called more often on projects like these," commented Greg Stemm, Odyssey CEO. "We have the experience, technical expertise and infrastructure required to effectively handle all aspects of virtually any shipwreck project that comes our way."

"We knew that we had something very interesting when we discovered the first artifacts in the area," observed James Greene of BDJ. "When faced with the challenge of bringing together the technology and expertise for a proper archaeological excavation, much less dealing with legal, political and marketing issues, we felt it made the most sense to turn the entire project over to Odyssey, a proven leader in the field of shipwreck exploration. The quality of the work that the Odyssey team has done on the site since last summer is amazing."

Odyssey has been conducting survey and inspection operations in the area and on the arrested site since August 2007 and is currently planning the next stages of survey and archaeological investigation of the site.

Among other objects, a small number of gold and silver artifacts have been recovered from the "Firefly" site, but the identity of the shipwreck from which the artifacts originated has not yet been confirmed. In order to protect the site, no additional information is being released at this time about the artifacts recovered or operations at the site to date.

 

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[FISHEYE]

There is no ballast pile at that site.The treasure is in 60 feet of water.No remains of a shipwreck there either.

 

[PDJ]

Fisheye,
Can you support that info with any links or info?
PDJ

 

[MMAG]

Yea FISHEYE where did you hear that info. No more speaker phone for Frank.

A hand full of coins ,a couple of spikes a couple of Brazilian emeralds.
NO BALLAST PILE.
Sounded shakey to me so we passed.I'd be throwing every fking thing I could overboard too if I was stuck in that storm.
If they found a ballast pile it still won't be Elsalvador. Its 800 ft from my Last Hole.In 2 ft of water 35 ft down in the sand . I'd bet my MF ass on that.
I dont think anybody even riebe has compiled more research than Rik so according to the dead passengers and the 3 survivers . The ship went aground on a great bank of sand bashing into a 1000 pieces. The 3 survivors floated to shore (during the storm) on some rigging .
12mile off the coast= no survivors or at least not landing at the cape(during he Storm)?.
I dont think I'm the expert but I have read everything written on the subject 500 frking times.
Mike

 

[jeff k]

Mike... Are you sure you're talking about the same wreck? The court records show the following items, but since March 2006 the records have been placed under seal. I believe some more items have been recovered since then.

6 Gold bars approximately 3-4 inches in length;
- 2 Silver bars 7-7 ½ inches in length;
- 1 one half silver bar 4 inches in length;
- 3 small schards of silver;
- 2 Emeralds;
- 2, 1/2 Reale Spanish coins.

 

[mad4wrecks]

I'd put my money on MMAG.

 

[jeff k]

I'd put my money on MMAG.

I've already got my money on Odyssey. They've been surveying the wreck site since last August, so they must know something that Mike doesn't.

 

[ScubaDude]

There are over 5000 wrecks off NC, perhaps it's premature to pin a name on this one.

 

[PDJ]

Mike,
How is your project going?
PDJ

 

[jeff k]

Odyssey Marine Exploration Concludes Deal With Intersal, Inc. On North Carolina Shipwreck Site
Wednesday October 15, 9:15 am ET

TAMPA, Fla.--(BUSINESS WIRE)--Odyssey Marine Exploration (Nasdaq:OMEX - News), the world leader in the field of deep-ocean shipwreck exploration, announced today that it has reached an agreement with shipwreck exploration firm Intersal, Inc. to pursue operations at a site off the coast of North Carolina.

Intersal holds an exploration permit from the North Carolina Department of Cultural Resources, which includes the site and additional surrounding areas, some of which correlate with Odyssey’s “Firefly” shipwreck project. Odyssey and Intersal are committed to continuing Intersal’s policy of maintaining high archaeological standards and close co-operation with the North Carolina State Government.

The agreement also entitles Odyssey to share in substantial research and data acquired by Intersal over the years relating to the target shipwreck and the work completed to date in the permit area. A number of artifacts have been recovered from the site, which is the subject of an admiralty arrest action by Intersal in the Eastern District of North Carolina. Documents are being prepared to request the substitution of Odyssey as Plaintiff in the case. By taking over the arrest, Odyssey will assume certain rights and obligations associated with continuing operations at the site.

The area covered by this permit and arrest is located near Odyssey’s current “Firefly” project, which was acquired by Odyssey from BDJ Discovery Group in 2007 and includes one arrested site that has already produced a small number of gold and silver artifacts. This new Intersal site and permit area may also be related to the high-value, Colonial-era merchant vessel believed to be located in the area. The agreements with BDJ and Intersal are similar but separate and the areas do not overlap.

“This agreement with Intersal is a win/win situation for both parties. Intersal’s remarkable body of research and preliminary work has already yielded promising results, including the recovery of several interesting artifacts from the site. We are looking forward to using our own advanced technology and expertise to further explore the search area and are committed to continuing Intersal’s excellent relationship with the state and local governments of North Carolina,” said Mark Gordon, President of Odyssey Marine Exploration, Inc. “Even though our own arrested “Firefly” site falls outside the State’s jurisdiction, we anticipate including them in archaeological activities at that site as well as Intersal’s.”

Renowned for his work associated with the Queen Anne’s Revenge shipwreck project, Intersal’s late President Phil Masters spent 15 years conducting research around the world before moving to Beaufort, NC in 1998. During the ensuing decade he developed close relationships with the local community there as well as within the North Carolina State Government. Masters and Odyssey’s CEO Greg Stemm worked together in the creation of the Code of Ethics and best practice commercial archaeological standards promoted by the Professional Shipwreck Explorers Association.

“We lost a great friend and spokesperson for responsible commercial underwater archaeology last year when we lost Phil,” commented Greg Stemm, Odyssey’s co-founder and CEO. “Phil made a great impression on everyone he met, and really took the lead in proving that private groups can excel in underwater archaeology through his work in North Carolina. Continuing his work on this project with his son John, who brings a lot of experience to the table himself, is a real privilege.”

“Odyssey is the recognized world leader in ocean exploration, and best able to complete the work my father began years ago. He would not have partnered with anyone but the best in the industry, and I believe teaming up with a company of Odyssey’s caliber and quality is the surest way to make his vision a reality,” said John Masters, who is Director of Operations for Intersal.

Since late Spring 2008, Odyssey has been focusing marine resources and personnel on the “Atlas” project, which covers over 5,000 square miles in the area of the English Channel.

“The `Atlas' project has shown some productive results this year and has demanded our full focus. Not including the Ocean Alert, which has remained in Falmouth, the Odyssey Explorer and several other ships were utilized in the course of our survey, inspection and archaeological operations during 2008. This unprecedented level of activity has stretched our operational capacity and prevented us from putting a team off the coast of North Carolina so far this year. As the weather window in the `Atlas' area closes this fall, we will be shifting some of our focus to pursuing projects closer to home and plan to see significant progress on this North Carolina project during 2009,” added Greg Stemm.

Intersal was represented in the negotiations by David Paul Horan, the admiralty attorney who in 1982 won Mel Fisher’s high-profile Atocha case before the Supreme Court.