Where I say "ten years" I mean "six years" (2004).
Odyssey Marine Article...
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jeff k
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Odyssey Marine (OMEX) Expects Strong Q310 Revenue Results
October 6, 2010 7:33 AM EDT
Odyssey Marines's (Nasdaq: OMEX) announced that they expect third quarter revs to exceed $8 million. Consensus is looking for revs of $5.49 million.
"Our strong third quarter revenue growth resulted from our strategic moves into mining exploration, revenue earned from syndicated projects and miscellaneous expedition projects including provision of government and insurance company services in the wake of the airline accident in the Eastern Mediterranean," stated President and COO, Mark Gordon. "What we are seeing now is the fruits of our strategic move to leverage our deep-ocean expertise into new sectors which we expect will provide significant revenue opportunities while we continue to engage in our core shipwreck business."
October 6, 2010 7:33 AM EDT
Odyssey Marines's (Nasdaq: OMEX) announced that they expect third quarter revs to exceed $8 million. Consensus is looking for revs of $5.49 million.
"Our strong third quarter revenue growth resulted from our strategic moves into mining exploration, revenue earned from syndicated projects and miscellaneous expedition projects including provision of government and insurance company services in the wake of the airline accident in the Eastern Mediterranean," stated President and COO, Mark Gordon. "What we are seeing now is the fruits of our strategic move to leverage our deep-ocean expertise into new sectors which we expect will provide significant revenue opportunities while we continue to engage in our core shipwreck business."
jeff k
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trinidad said:
"Spanish Navy officials were not immediately available to comment on which if any of the new possible shipwrecks might be valuable or when marine archeologists might determine this.
So far, 15 of the sites have been analyzed and the only thing of value that has turned up is an 18th-century anchor, the newspaper El Pais reported Wednesday.
It quoted Navy Admiral Daniel Gonzalez-Aller, the director of the search effort, as saying most of the sites examined so far will be ruled out as worthless and include remains of seaside human settlements and possibly even junk like washing machines."
jeff k
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Odyssey Marine Expands Revenue By Exploring Other Business
Last update: 10/6/2010 11:03:26 AM
By David Benoit
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Odyssey Marine Exploration Inc. (OMEX) has used its expertise in hunting sunken ships to move into other deep-water businesses, saying its third-quarter revenue will nearly double its sales for all of 2009.
Chief Operating Officer Mark Gordon plans to say at a conference on Wednesday in New York that the company is expecting third-quarter revenue to exceed $8 million, compared with 2009's total of $4.3 million.
Gordon told Dow Jones Newswires that the company, which has made a name for itself finding sunken treasure around the globe, has figured out a way to leverage its expertise into new areas.
Shares jumped 7.7% to $1.95 Wednesday after the company announced the revenue figure, the highest they have traded in a year but a far cry from the more than $5 they traded at in February 2009.
Gordon described the prior state of Odyssey as like a biotech company: it raised large amounts of cash and quickly burned through it all as it hunted for treasure, hoping to find something it could sell for some revenue.
Now, Gordon said, for the first time it is generating cash flow from its operations, which he said wouldn't have happened even a year ago.
During the third quarter, Odyssey was hired by the Lebanese government to help find the wreckage of an Ethiopian Airline crash. It was paid $1.4 million by the government and now has another $1.5 million contract from the insurance company involved to produce a "photo-mosaic" of the crash, he said.
Those two deals alone would have eclipsed the revenue from any quarter from the previous year.
Odyssey has also begun a program recently with Robert Fraser & Partners, a U.K. investment firm, where investors put money into a ship-finding expedition and own a stake in the find. These syndication deals allow Odyssey to get cash up front for exploration and still keep half of the final amount of any ship found.
Gordon said this situation allows the company to spread the risk for certain projects but still make a good profit. He said they have so far launched four syndicated explorations.
An expansion into deep-sea mining, including buying a 41% stake in a private ocean-mining company featuring some of the stars of deep sea exploration, Dorado Ocean Resources, has also started to bring in revenue. Though this project could be a big future revenue source and is starting to contribute contracting fees, Gordon cautioned real mining results remain years away.
While Odyssey has garnered attention for some of its finds, including a television show, investors have remained most nervous about the "Black Swan." Odyssey discovered the ship they dubbed the Black Swan in May 2007 and it has thousands of coins sitting in its vault from the wreck but are unable to sell them because of a challenge by the Spanish government that remains a bitter court battle.
Odyssey lost a prior court decision and saw shares plummet as investors fretted it would be a lost investment and that future finds could face similar challenges. Gordon says it is a unique case and reiterates the company's stance it will win in the end.
Last update: 10/6/2010 11:03:26 AM
By David Benoit
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Odyssey Marine Exploration Inc. (OMEX) has used its expertise in hunting sunken ships to move into other deep-water businesses, saying its third-quarter revenue will nearly double its sales for all of 2009.
Chief Operating Officer Mark Gordon plans to say at a conference on Wednesday in New York that the company is expecting third-quarter revenue to exceed $8 million, compared with 2009's total of $4.3 million.
Gordon told Dow Jones Newswires that the company, which has made a name for itself finding sunken treasure around the globe, has figured out a way to leverage its expertise into new areas.
Shares jumped 7.7% to $1.95 Wednesday after the company announced the revenue figure, the highest they have traded in a year but a far cry from the more than $5 they traded at in February 2009.
Gordon described the prior state of Odyssey as like a biotech company: it raised large amounts of cash and quickly burned through it all as it hunted for treasure, hoping to find something it could sell for some revenue.
Now, Gordon said, for the first time it is generating cash flow from its operations, which he said wouldn't have happened even a year ago.
During the third quarter, Odyssey was hired by the Lebanese government to help find the wreckage of an Ethiopian Airline crash. It was paid $1.4 million by the government and now has another $1.5 million contract from the insurance company involved to produce a "photo-mosaic" of the crash, he said.
Those two deals alone would have eclipsed the revenue from any quarter from the previous year.
Odyssey has also begun a program recently with Robert Fraser & Partners, a U.K. investment firm, where investors put money into a ship-finding expedition and own a stake in the find. These syndication deals allow Odyssey to get cash up front for exploration and still keep half of the final amount of any ship found.
Gordon said this situation allows the company to spread the risk for certain projects but still make a good profit. He said they have so far launched four syndicated explorations.
An expansion into deep-sea mining, including buying a 41% stake in a private ocean-mining company featuring some of the stars of deep sea exploration, Dorado Ocean Resources, has also started to bring in revenue. Though this project could be a big future revenue source and is starting to contribute contracting fees, Gordon cautioned real mining results remain years away.
While Odyssey has garnered attention for some of its finds, including a television show, investors have remained most nervous about the "Black Swan." Odyssey discovered the ship they dubbed the Black Swan in May 2007 and it has thousands of coins sitting in its vault from the wreck but are unable to sell them because of a challenge by the Spanish government that remains a bitter court battle.
Odyssey lost a prior court decision and saw shares plummet as investors fretted it would be a lost investment and that future finds could face similar challenges. Gordon says it is a unique case and reiterates the company's stance it will win in the end.
jeff k
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HMS Victory cannon 'rare example', says expert...
http://www.bbc.co.uk/news/world-europe-guernsey-11516163
http://www.bbc.co.uk/news/world-europe-guernsey-11516163
jeff k
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Odyssey Marine Exploration Granted Hearing by the 11th Circuit Court of Appeals
Press Release: Odyssey Marine Exploration, Inc. On Tuesday November 2, 2010, 7:30 am EDT
TAMPA, Fla., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX - News) has been notified that the Company's Request for Oral Arguments in the "Black Swan" case has been granted. The hearings are tentatively scheduled to take place during the week of February 28, 2011.
Generally, the United States Court of Appeals for the Eleventh Circuit, where this case is pending, hears oral arguments in approximately 25% of all appeals cases. Odyssey is appealing the district court's dismissal of the "Black Swan" case based on the district court's finding of lack of federal court jurisdiction.
"We are looking forward to presenting oral arguments in the 'Black Swan' case to the appellate court. We believe the district court incorrectly dismissed the case based upon clearly erroneous factual findings and flawed legal analysis of basic admiralty principles and the concept of sovereign immunity," said Melinda MacConnel, Odyssey Vice President and General Counsel. "In addition, Odyssey and the other claimants in the case were denied their right to due process because the district court failed to conduct an evidentiary hearing on the disputed issues of fact."
Additional appeals have been filed by groups who have presented documentation indicating that if Spain is correct, and the recovered cargo originated from the Mercedes, they are descendants of the owners of Mercedes' cargo and have legitimate property rights. Those claimants have recognized Odyssey's archaeological recovery efforts and have acknowledged Odyssey's right to a salvage award. Their pleadings focus on the Eleventh Circuit's recent opinion in the Aqua Log case (Aqua Log, Inc. vs. State of Georgia, 594 F.3d 1330, 11th Cir. 2010) which requires a sovereign to have possession of property in order to claim that the property is immune from the jurisdiction of the court. They also point out that if the court does not have jurisdiction, it has no authority to transfer possession of the property to anyone but Odyssey which had possession prior to the litigation. These pleadings and all of Odyssey's significant filings to date can be viewed at http://www.shipwreck.net/blackswanlegal.php.
Press Release: Odyssey Marine Exploration, Inc. On Tuesday November 2, 2010, 7:30 am EDT
TAMPA, Fla., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX - News) has been notified that the Company's Request for Oral Arguments in the "Black Swan" case has been granted. The hearings are tentatively scheduled to take place during the week of February 28, 2011.
Generally, the United States Court of Appeals for the Eleventh Circuit, where this case is pending, hears oral arguments in approximately 25% of all appeals cases. Odyssey is appealing the district court's dismissal of the "Black Swan" case based on the district court's finding of lack of federal court jurisdiction.
"We are looking forward to presenting oral arguments in the 'Black Swan' case to the appellate court. We believe the district court incorrectly dismissed the case based upon clearly erroneous factual findings and flawed legal analysis of basic admiralty principles and the concept of sovereign immunity," said Melinda MacConnel, Odyssey Vice President and General Counsel. "In addition, Odyssey and the other claimants in the case were denied their right to due process because the district court failed to conduct an evidentiary hearing on the disputed issues of fact."
Additional appeals have been filed by groups who have presented documentation indicating that if Spain is correct, and the recovered cargo originated from the Mercedes, they are descendants of the owners of Mercedes' cargo and have legitimate property rights. Those claimants have recognized Odyssey's archaeological recovery efforts and have acknowledged Odyssey's right to a salvage award. Their pleadings focus on the Eleventh Circuit's recent opinion in the Aqua Log case (Aqua Log, Inc. vs. State of Georgia, 594 F.3d 1330, 11th Cir. 2010) which requires a sovereign to have possession of property in order to claim that the property is immune from the jurisdiction of the court. They also point out that if the court does not have jurisdiction, it has no authority to transfer possession of the property to anyone but Odyssey which had possession prior to the litigation. These pleadings and all of Odyssey's significant filings to date can be viewed at http://www.shipwreck.net/blackswanlegal.php.
Jeff K said:
EXCEPT..that after the war, the admiralty court settled all the claims and Britain paid off the merchants for their loss. This settlement is well documented, especially for the Alvears. Spain also settled with the merchants.
So, as in the case where an insurance company pays off, and then becomes the legal owner, would that be Britain or Spain?
Spain has rights as a sovereign, but dont forget Spain has rights as an owner. Spain refused salvage as a sovereign, and Spain refused salvage as an owner, so commercial or not, they are the owner.
The US Court has already ruled that the recovery be returned to Spain, with very distinct and sound reasoning. Appellate rulings, such as Juno, La Galga, and Titanic, do not favor the Odyssey position, and the precedents will likely strengthen Spain's claims. The flavor of the Florida Court's recent ruling on the Marquis Tournay is also telling.
jeff k
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"EXCEPT..that after the war, the admiralty court settled all the claims and Britain paid off the merchants for their loss. This settlement is well documented, especially for the Alvears. Spain also settled with the merchants.
So, as in the case where an insurance company pays off, and then becomes the legal owner, would that be Britain or Spain?"
IT NEVER HAPPENED! SPAIN NEVER PAID ONE CENT TO THE MERCHANTS!
Don't you think if Spain had paid the merchants that James Goold would have submitted the documents to the court, but he did not submit one document showing Spain paid any of the merchants. Instead he tried to fool the court into thinking that Spain had done so. I see he fooled you, but I'm not surprised. Spain tried to get the Brits to pay the merchants, but they never did. Alvear was the only one to receive compensation from the Brits.
So, as in the case where an insurance company pays off, and then becomes the legal owner, would that be Britain or Spain?"
IT NEVER HAPPENED! SPAIN NEVER PAID ONE CENT TO THE MERCHANTS!
Don't you think if Spain had paid the merchants that James Goold would have submitted the documents to the court, but he did not submit one document showing Spain paid any of the merchants. Instead he tried to fool the court into thinking that Spain had done so. I see he fooled you, but I'm not surprised. Spain tried to get the Brits to pay the merchants, but they never did. Alvear was the only one to receive compensation from the Brits.
There was no need to bring that up at this point in time.
The entire argument to date has been FSIA and positive identification that the vessel is the Mercedes.
The information will be made available if it is necessary, which given the rulings to date, wont likely be necessary.
The entire argument to date has been FSIA and positive identification that the vessel is the Mercedes.
The information will be made available if it is necessary, which given the rulings to date, wont likely be necessary.
jeff k
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diggerww said:
I didn't bring that up, YOU DID. I just replied to your nonsense.
The appellate court granted Odyssey and the other claimants oral arguments. If the panel of judges agreed with Merryday's ruling then they would not have done so. You can fool some of the judges some of the time, but not all of of the judges all of the time.
Jeff K said:
Spain did submit the documents to the court of the events, and Odyssey did not refute the events. Your own statement "Spain tried to get the Brits to pay the merchants", yet you still claim that none of it happened.
jeff k
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10-Q Record Revenue...
http://finance.yahoo.com/news/Odyssey-Marine-Exploration-pz-2709123513.html?x=0&.v=1
http://finance.yahoo.com/news/Odyssey-Marine-Exploration-pz-2709123513.html?x=0&.v=1
jeff k
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Le Marquise Tournay...
http://www.independent.co.uk/news/u...-the-scourge-of-the-british-navy-2131814.html
http://www.independent.co.uk/news/u...-the-scourge-of-the-british-navy-2131814.html
capt dom
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So much for the timeless time capsule argument!
It is a travesty of justice that the public underwater archeology lobby
uses the "protecting" the public trust - so as to miss-inform the public of
the rapid rate of deterioration of ancient shipwreck sites like these....
Talk about "whose are the real 21st century real pirates!".....
The rats continue to guard the cheese....
It is a travesty of justice that the public underwater archeology lobby
uses the "protecting" the public trust - so as to miss-inform the public of
the rapid rate of deterioration of ancient shipwreck sites like these....
Talk about "whose are the real 21st century real pirates!".....
The rats continue to guard the cheese....
inletsurf
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It only makes sense that Odyssey would evolve into a more general deep sea salvage operation to generate real positive cash flow, to keep investors to fund their treasure hunting habit. Really, with all that technology, mobility, and expertise they would be foolish not to contract out non-treasure related salvage work.
jeff k
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Odyssey published four more interesting archaeology papers.
http://www.shipwreck.net/featuresarchpapers.php
http://www.shipwreck.net/featuresarchpapers.php
Salvor6
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Digger the academic archaeologists are extremely jealous of Odyssey's finds. Also because OMR is a for-profit company they won't accept any of OMR's reports for peer review.
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