Steamer Merida / Million Dollar Silver Cargo

[jeff of pa]

The Baltimore Sun​

Wed, Oct 04, 1916 ·Page 3

At the time of Merida's loss, her total value including the ship and the cargo was estimated to be approximately US$2,000,000 (equivalent to $65,000,000 in 2023)

as per WIKI: There were no any further large scale attempts to raise the presumed fortunes hidden in Merida's wreck. The treasure-hunting organization Gulfstream Ventures secured legal control over the wreck site in 2013 by "arresting" the vessel through court order but have yet to recover any valuables

SS Merida (1906) - Wikipedia

en.wikipedia.org

 

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[Crow]

Hello Jeff

Once again thanks for the interesting story. There has been a lot of interesting speculation on the amount of treasure on her?

I suspect the contents was looted as the ship was sinking. Several key points below worth mentioning.

1: The night was dark with calm seas,

2: All passengers and the entire crew, with the exception of the captain, first officer and 4 others, who stayed on board Merida, were transferred to Admiral Farragut without an incident.

The six crew still on board had 4-5 hours at the most to loot the safe of the sinking ship. after passengers evacuated.

3: In 1933 Bowdoin reported on July 21 that his expedition was able to raise the purser's safe from Merida' strong room.
4: Continuing with their search the divers were able to examine the strongroom and claimed they have found nothing of value in it. Furthermore, Bowdoin claimed the safe was found open and contained only a few keys and worthless papers.

Why would keys be inside the save unless was open and keys thrown in after it was shut?

So for me the contents was looted by the captain first officer and 4 crew.

As for the silver and copper are still on wreck but the valuables from the safe are long gone.



Crow

 

[jeff of pa]

I am curious if there is an Expiration on arrest if they just sit on it. Or If Gulfstream Ventures needs to Dissolve first,

Seems sad they don't seem to want it , but also don't want others to have it Either (GREED )

 

[Crow]

I am curious if there is an Expiration on arrest if they just sit on it. Or If Gulfstream Ventures needs to Dissolve first,

Seems sad they don't seem to want it , but also don't want others to have it Either (GREED )

It comes down to sitting on it. Not having the capital or perhaps even the expertise. they will probably want to partner with a more experienced salvage company that has the expertise to salvage it. They could sit on it get 10% collect 6.5 million for doing nothing or taking any financial risk.

Crow

 

[ARC]

It comes down to sitting on it. Not having the capital or perhaps even the expertise. they will probably want to partner with a more experienced salvage company that has the expertise to salvage it. They could sit on it get 10% collect 6.5 million for doing nothing or taking any financial risk.

Crow

Perhaps they are waiting for silver to go up in value.

heh

 

[Crow]

Perhaps they are waiting for silver to go up in value.

heh

Possible but I suspect its more about having the expertise and proper resources to complete the project.

LLC Companies are governed by corporate law. Some laws are more lax in some states compared to others. It comes down to working capital. Having a company registered shows you interested in developing a project and not just a dreamer. Legal and formal business contracts are based on that entity gives to a small degree a little bit of protection. However it all comes down to having liquid assets to succeed in the recovery project and a business plan that is achievable.

There is an old saying Money talks BS Walks.

Crow

 

[Darren in NC]

Agreed, Crow. I did extensive research on the Merida. The passengers were not allowed to bring their luggage and belongings. But the crew showed up with theirs a few hours later. We don't have to wonder what was in their bags. The purser was later found at a posh resort, and referring to the ongoing salvage effort, he said they shouldn't even bother with the strongroom, but instead look through the passengers' rooms for possible "leftovers." Why would he make such a statement? Sounds like he's almost incriminating himself. And how is he at a posh resort on the meager salary of a ship's purser? I doubt there's much left worth salvaging. The head of Sorima also did a salvage job on the Merida, and left without revealing what he had found. So...very doubtful if much is left that could be worth the expense of salvaging a steel vessel at today's costs.