BRIEF: Odyssey Makes Case For Sunken Treasure

Wed. November 19, 2008; Posted: 01:18 AM

TAMPA, Nov 19, 2008 (Tampa Tribune - McClatchy-Tribune Information Services via COMTEX) -- OMEX | Quote | Chart | News | PowerRating -- Odyssey Marine Exploration, the Tampa company that recovered sunken treasure worth an estimated $500 million from the Atlantic Ocean in 2007, tried knocking down Spain's claim to the loot in papers filed Monday in U.S. District Court in Tampa.

Spain claims the treasure -- 17 tons of Colonial-era coins -- was carried by a Spanish warship known as the Nuestra Senora de las Mercedes and is immune from any U.S. claim. Spain has claimed ownership of the haul.

Odyssey blasted Spain's claim, arguing sovereign immunity applies only to military ships on a noncommercial mission. The Mercedes wasn't on an exclusively military mission when it sank south of Portugal in 1804, the company says.

"As the public will now see, there are many facts that contradict the claims made by Spanish experts related to the site," Odyssey CEO Greg Stemm said in a statement Tuesday.

A judge will decide whether the court has jurisdiction over the case.

To see more of the Tampa Tribune or to subscribe to the newspaper, go to http://www.tampatrib.com. Copyright (c) 2008, Tampa Tribune, Fla. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on Odyssey Marine Exploration Inc (OMEX) click here. Odyssey Marine Exploration Inc (OMEX) has Short Term PowerRatings of 4. Details on Odyssey Marine Exploration Inc (OMEX) Short Term PowerRatings is available at This Link.

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