Spanish Coast Guard arrests Odysseys treasure hunting ship

[jeff k]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Cablava... I have no idea who you are or what your track record is, but I'll put my money on Odyssey's attorneys. I think they know what they're doing.

http://news.justia.com/cases/odyssey-marine/

 

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[Cablava]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Jeff

If you look back through my posts you will see where I have given some of my basic background.

I do not want to get into a bun fight unless I have a client to pay me like the lawyers have.

A wonderful list of arrests and a lot legal bills to do it. But even if they do find the cargos on the arrested ships then they will still have a legal fight to get ownership, they do not own the cargos. An American court nor any other court can give you ownership of the cargo at this stage, it has to go through due process and you may lose.They only have the rights to locate the vessel and then have to fight in court over who owns what.

All I see are very expensive lawyers, spending your money as a shareholder, to attempt to gain ownership of something that does not belong to the company in the first place. And while I agree Odyssey's lawyers know what they are doing. But remember so do Spains, and the only thing that is sure here is that the law firms will make a lot of your money.

As an investment it is highly speculative and I am sure that you had that in mind when you invested in this stock, It has the added bonus of adventure, and now you can sit and live through a law suit suitable for a TV soap. So I am sure you have not bet the farm on this.

Many investors have already doubled there money on this stock, but they are not the same investors who post on boards like this and the ridiculous Yahoo board you guys frequent, and in all there are only about 20 posters, many who are the same people it seems slapping each other on the back, plus a few guys on the other side of the coin. And a rather arrogant idiot who posts should have him banned for the nasty content on a public forum, if this guy had one more brain cell we could put him in the corner and water him. (I am sure you know who I am talking about) he has damaged the credibility of Odyssey no end with his endless tirade of insults. He also may not be a real person just another alias of a poster as he does not have the common decency to show who he really is, so is just an electronic tag to me.

At the end of the court case we can all sit down and either cheer for our selves or eat humble pie.
But one things for sure it will take some time yet.

For investors there are plenty of stocks out there which will give great returns long before this one. Macquarie Bank for one. Odyssey is for adventures.

For me the interst in this case is about the process and the changes that will inevitably happen through the actions we have seen. Maybe Odyssey will get lucky but the rest of the worlds adventures will pay the price in new legislation. Spain will lead and others will follow.


Regards

Mike Collins

 

[rayredditch]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Maybe Odyssey won´t end up screwed like Fisher, where Spain loaned the Treasure then refused to return it saying it was Spanish (If it belonged to anyone it would be a South American country that Spain stole it from). And a US court Spain will just ignore (They even ignore the European Courts). Spain serves Spanish interests, and the rest don´t exist.

 

[Cablava]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Should the American courts ignore the other legal juristictions, it opens the door for these juristictions to ignore any arrest warrents of Odyssey's or any one else for that matter, that were obtained in an American court. Thus leveling the playing field and Odyssey would be the loser.

It goes on and on

 

[jeff k]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

"For me the interest in this case is about the process and the changes that will inevitably happen through the actions we have seen. Maybe Odyssey will get lucky but the rest of the worlds adventures will pay the price in new legislation. Spain will lead and others will follow."

Mike... I disagree. When Odyssey wins this case, and they will win, it will be a win for the whole industry. Spain cannot be allowed to bully everyone by claiming every Spanish flagged ship belongs to them under the guise of cultural heritage. International law is clear on this, and non-immune ships and their commercial cargoes do not belong to the flagged country.

As far as new legislation is concerned, it's already here (UNESCO).

 

[billydcox]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

I think Mexico should get into this fray, as that is where Spain stole it from in the first place.

 

[rayredditch]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Yep, all the South American countries, should ask Spain to give back all these treasures she keeps confiscating, and tell them it was stolen from them. But Spain would just ignore them, and carry on as usual.

 

[Cablava]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Jeff

UNESCO is hardly new, and after this there will be other legislation or a real strengthening of UNESCO not in our favor.

I admire your loyalty and support for Odyssey, but I do not agree they will win overwhelmingly or at all, the reason they chose an American jurisdiction was to have an advantage over any claimants (working with something they understand). But the rest of the world are skeptical of the US legal system so they will have to be very careful or they will be in the international court in Europe a whole new ball game.

So far they have not proven its not a Spanish ship, so either they can,t categorically make that statement, in which case then Spain will have the upper hand.

Or they can say its not Spanish, but it is someone Else's sovereignty.

At this time for Odyssey you would think if they could make Spain go away then they would have done it.

And one fact is for sure the cargo does not belong to Odyssey. So there will be another fight if it is proven not to be Spanish, maybe the Portuguese are next in line who knows, only Odyssey at this time.

And for those who want to complicate it further, maybe Mexico does have a claim, or any of the other countries that were raped at in those days. But I am not concerned with that issue as it is not part of the equation yet.

And one thing is very clear in Salvage law, "that is nothing is clear". You are dealing with many different legal systems which can be changed at any time by the countries involved, international law is wide open to interpretation.

As for Spain bullying countries and companies, well you do not have to look any farther than your own country for that, so what's good for the goose is good for the gander. Do not expect that you will get to much support from above on this, Spain is a sovereign nation while Odyssey is a two bit company compared to them. Politics will play a large part in this, as they have already with Spains illegal actions in theoretically international water off Gibraltar.

Also the cargo's real value is in doubt as well, (is there really half a billion people itching to buy a coin from Odyssey) it would be impossible to market all the coins at once therefor they are not worth half a billion $, therefore you have an asset which is potentially partially useless, and the real value would be melt down for the majority of the coins. Still silver is on the rise, as is gold.

I do not expect to convert you to my way off thinking, but this is not an open and shut case. I hope Odyssey have enough money to see this through because the other side does.

Regards

Mike

 

[SEAHUNTER]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Mike
I think you only need half a million people to each buy a coin for $1000 in order to attain half a billion in sales. And I do believe Oddyssey has more than proved the ability to sell one ounce silver coins for much more than $1000. Time will tell.
Seahunter

 

[Cablava]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

Seahunter

Sorry a slip on the keyboard half a million is correct, and sure they have sold a number of coins but not that many in reality. And surly when there may be 500,000 coins then they are no longer rare so unless they sell just a few for a good price and sit on the rest then there really will not get that much cash flow from it.

Keep up the good work a Jupiter I always enjoy reading about your finds and experiences.

Regards

Mike Collins

 

[jeff k]

Re: Spanish Coast Guard arrests Odyssey's treasure hunting ship

http://www.independent.ie/opinion/letters/salvaging-a-little-for-the-argument-1215108.html