Salvor 6,
Yes I understand that one of the wrecks that SeaHunt claim to have found found and that was the subject of Spain's intervention in the courts might not have been LaGalga, but I don't think that either SeaHunt or Spain knew that at the time. SeaHunt claimed that they had spent $1.5 million dollars looking for the two wrecks, and Spain intervened in the Appeals Court case, at the behest of the US Government. I assume that SeaHunt must have thought that the two ships were carrying valuable cargoes to have spent that amount of money, but the nature and value of the cargo was not brought up in the Appeals Court case in 2000.
Spain's intervention (again at the behest of the US Government, who had earlier tried to intervene itself but was ruled to have no standing in the matter) was intended to establish the principle that under the 1902 Treaty of Friendship between the US and Spain, Spanish shipwrecks in US waters, and vice versa, were not "abandoned" except by specific action or declaration, and as such were not covered by the 1987 Abandoned Ships Act. Therefore title of Spanish wrecks did not devolve to the coastal states (Virginia, in this particular case) but remained the property of the original owner or its successors, be that the State or a private individual. The Court agreed with this principle, and found in favour of Spain. It doesn't actually matter whether whether the wrecks that were found by SeaHunt actually were the Juno and LaGalga, it was the principle that the US and Spanish Governments were trying to establish, and they succeeded in doing so.
SeaHunt were ordered to hand over to Spain all the artifacts they had recovered during their search, but I don't think that these included any "treasure", as such.
My point is that this intervention by Spain was not motivated by the hope that they would get a financial gain. Its intervention was just a part of a plan by the United States Government, mostly National Parks and the Department of State, to prevent Spanish shipwrecks in US waters from being salvaged. No permits for new finds have been issued since, as far as I can tell, and will not be issued in the future for wrecks in US waters that were owned by the Kingdom of Spain, whether they were Sovereign Vessels or on commercial missions.
Personally, I don't think that Spain's intervention in the Black Swan case was was motivated by financial gain, either. They just want to stop others from salvaging the wrecks of ships that were owned by the Kingdom of Spain when they sank. However that does not align with the LOS definition of Sovereign Vessel, which has been well established over the years, and should continue to be the touchstone.
Of course, the 1902 Treaty also covers privately owned Spanish ship wrecks in US waters, and though these are protected from unwelcome Salvage claims, their owners can choose to have them recovered, and are entitled to do so. Anybody finding a wreck that belonged to Hernan Cortes or his descendants should contact me, as I am the sole agent for the present heir to Cortes in such matters. Needless to say, any recovery would have to be carried out using the highest standards of underwater archaeological techniques and practices, but I see nothing wrong with the commercial disposal of artifacts, including their sale to suitable museums and other such repositories where the public can have access to them.
Mariner