$$$$$$$$$$$
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fire_diver
Contributor
Good for them!
FIXXERVI6
Contributor
Heard this on NPR this morning, too bad no wealthy boats sink in texas lakes or florida caves :-(
firediver:
Agreed...They worked long and hard to find this wreck. But what a haul aye
OP
"Odyssey Marine Exploration issued the following press release today:
Odyssey Provides "Black Swan" Shipwreck Information Update
Tampa, FL - May 21, 2007- Since the announcement by Odyssey Marine Exploration,
Inc. (AMEX:OMR) of the recovery of over 500,000 coins from the shipwreck
code-named "Black Swan", intense international media coverage has led to many
questions that the Company would like to address.
In addition to the following questions and answers, additional information on
the shipwreck can be accessed in the "Black Swan Question and Answer" section of
Odyssey's website at www.shipwreck.net, or a copy may be obtained by contacting
the Company.
1. It has been widely reported that this shipwreck could be worth up to $500
million. What is the Company's position on this?
The Company has not estimated the total potential value of the shipwreck, other
than to estimate on a preliminary basis a wide range of potential retail prices
based on the coins that have been conserved to date.
What we know is that we have recovered over 500,000 silver coins weighing over
17 tons, along with some gold coins and other artifacts. After conservation of
the first 6,000 coins, we requested that a numismatist and one of the world's
most experienced coin marketers, Nick Bruyer, inspect the coins and provide an
opinion of the retail pricing that we could expect from the collection.
Based on Mr. Bruyer's opinion, Odyssey reported that we expected the retail
pricing of the silver coins to range from several hundred to four thousand
dollars per coin. This wide range of prices would depend on the condition,
origin and date of the individual coins. We understand that in a separate
interview with a reporter, Mr. Bruyer provided his opinion that the mean retail
price of the coins could be approximately $1,000 based on the small sample of
coins that he inspected. This was reported as a potential $500 million retail
value for the coins, which explains where that figure originated.
Odyssey's position is that until all the coins are conserved, documented and
graded, it is impossible to know what the entire collection would bring at
retail. Based on the coins that have been conserved to date and that he has been
able to inspect, we are comfortable with Mr. Bruyer's opinion that coins from
the "Black Swan" will bring from several hundred to four thousand dollars per
coin retail. These are estimates that could change significantly when the rest
of the coins are conserved and do not include the cost of marketing and sales,
so actual revenue to Odyssey would be much lower than retail sales prices.
For more information on the marketing and pricing of coins, see questions 2, 8
and 12 in the "Black Swan Q and A".
2. There have been reports that the "Black Swan" is a number of different
shipwrecks, including HMS Sussex and the Merchant Royal. Are any of these
reports correct?
We can confirm that the "Black Swan" is not HMS Sussex, and that the "Black
Swan" was not found in waters anywhere near the shipwreck believed to be HMS
Sussex. Beyond that, we cannot confirm the identity of the shipwreck because we
are not certain ourselves. The site is in an area in which a number of
Colonial-era Shipwrecks were believed to be lost. The "Black Swan" bears
characteristics of one shipwreck in particular, but some of the evidence
gathered to date is inconsistent with our research, so we want to be sure of the
identity before we announce it.
3. It has been reported that the Spanish Government is engaging in a "probe" of
Odyssey because it is "suspicious" that we have not publicized more information
about the shipwreck. Is this true?
We have no knowledge of any such inquiry, and would expect that we would have
been the first ones contacted if there was one. In our experience with the
Spanish Government, with whom we have had a very cordial relationship for many
years, we would have been informed directly or through the US or UK embassy of
any outstanding issues relating to Odyssey's operations.
During the past few days, we have also seen many fanciful media reports from
Spain with absolutely no substance in reality. Unfortunately, some of these wild
allegations would logically cause concern to the Spanish Government. We
anticipate presenting the Spanish Government with an official account of our
activities in order to assure them that many of these media reports relative to
the "Black Swan" are pure fiction.
We have stated clearly that the recovery was conducted in conformity with
Salvage Law and the Law of the Sea Convention, beyond the territorial waters or
legal jurisdiction of any country. We do not believe that the recovery is
subject to sovereign immunity by any nation pursuant to the Law of the Sea
Convention.
The coins were brought into the United States with a valid export license
granted by the country from which they were exported, and imported legally
pursuant to US Law.
There was no point at which any aspect of the "Black Swan" operation was within
the jurisdiction of Spanish authorities, and we will be pleased to provide proof
of that fact to the Spanish Government if requested officially.
4. What about the claim that the Spanish Government has now asked the "Guardia
Civil" marine patrol to monitor Odyssey's activities?
The Spanish Guardia Civil has always monitored Odyssey's ships in Spanish
Territorial waters. When operating in or near Spanish Territorial waters, we
report our operational plans and movements to the Guardia Civil marine patrol
before we send our ships to sea. They are able to monitor all our activities
visibly with their patrol boats and through radar, so it is illogical to suggest
that we have conducted any illicit operations in Spanish territorial waters.
5. What happens, if you finally determine the identity of the "Black Swan" and
establish that the UK, Spain, any other country or even individuals may have
rights to the shipwreck?
If we are able to confirm that some other entity has a legitimate legal claim to
this shipwreck when - and if - the identity is confirmed, we intend to provide
legal notice to any and all potential claimants. Even if another entity is able
to prove that it has an ownership interest in the shipwreck and/or cargo and
that they had not legally abandoned the shipwreck, Odyssey would apply for a
salvage award from the Admiralty Court. In cases such as this, salvors are
typically awarded up to 90% of the recovery.
We do believe that most shipwrecks that we recover, including the "Black Swan",
will likely result in claims by other parties. Many will be spurious claims, but
we anticipate that there might be some legitimate ones as well. In the case of
the "Black Swan", it is the opinion of our legal counsel that even if a claim is
deemed to be legitimate by the courts, Odyssey should still receive title to a
significant majority of the recovered goods.
6. Why is Odyssey being so "secretive" about the "Black Swan?"
Based on past experience with other shipwrecks, we have found that putting out
information about the identity of shipwrecks into the public before we are
certain of the identity results in wild speculation about values, ownership
rights and scores of other issues. We also believe that it would be an added
risk factor to disclose the location of the site because we have publicly stated
that we have left a large number of artifacts on the site, and the security risk
is obvious.
7. Why haven't you determined the identity of the shipwreck yet? When will you
announce the identity?
Determining the identity of a shipwreck is complicated. For example, it would be
possible to find a French-built ship, with English cannons, Dutch pottery,
Chinese porcelain, Turkish pipes, and Venetian trading beads that had been
captured by pirates before it sank. Proving the shipwreck's identity in that
case might prove very difficult, if not impossible depending on the research
available.
In the best interest of all concerned, we will follow our often-stated policy of
announcing what we know about the identity of a shipwreck, only after it's
confirmed by research.
8. There have been reports of a partnership between Odyssey Marine Exploration
and the Disney organization. Are these true?
We can confirm that Odyssey and the Disney organization have recently entered
into a relationship on a number of projects, and that the two companies are in
discussions relative to some new partnership opportunities.
We have immense respect for Disney and believe that a combination of Odyssey's
authentic deep-ocean adventures coupled with Disney's story-telling,
film-making, television and marketing capabilities will reap benefits for both
companies, while providing the public with an unprecedented opportunity to enjoy
the thrill of deep-ocean exploration.
About Odyssey Marine Exploration Odyssey Marine Exploration is a Publicly Traded
US Company with several shipwreck projects in various stages of development
throughout the world. Additional information about Odyssey, the "Black Swan"
project, and the Company's other activities is available at www.shipwreck.net.
Odyssey Marine Exploration
P.O. Box 320057
Tampa, FL 33679-2057
http://www.shipwreck.net"
Odyssey Provides "Black Swan" Shipwreck Information Update
Tampa, FL - May 21, 2007- Since the announcement by Odyssey Marine Exploration,
Inc. (AMEX:OMR) of the recovery of over 500,000 coins from the shipwreck
code-named "Black Swan", intense international media coverage has led to many
questions that the Company would like to address.
In addition to the following questions and answers, additional information on
the shipwreck can be accessed in the "Black Swan Question and Answer" section of
Odyssey's website at www.shipwreck.net, or a copy may be obtained by contacting
the Company.
1. It has been widely reported that this shipwreck could be worth up to $500
million. What is the Company's position on this?
The Company has not estimated the total potential value of the shipwreck, other
than to estimate on a preliminary basis a wide range of potential retail prices
based on the coins that have been conserved to date.
What we know is that we have recovered over 500,000 silver coins weighing over
17 tons, along with some gold coins and other artifacts. After conservation of
the first 6,000 coins, we requested that a numismatist and one of the world's
most experienced coin marketers, Nick Bruyer, inspect the coins and provide an
opinion of the retail pricing that we could expect from the collection.
Based on Mr. Bruyer's opinion, Odyssey reported that we expected the retail
pricing of the silver coins to range from several hundred to four thousand
dollars per coin. This wide range of prices would depend on the condition,
origin and date of the individual coins. We understand that in a separate
interview with a reporter, Mr. Bruyer provided his opinion that the mean retail
price of the coins could be approximately $1,000 based on the small sample of
coins that he inspected. This was reported as a potential $500 million retail
value for the coins, which explains where that figure originated.
Odyssey's position is that until all the coins are conserved, documented and
graded, it is impossible to know what the entire collection would bring at
retail. Based on the coins that have been conserved to date and that he has been
able to inspect, we are comfortable with Mr. Bruyer's opinion that coins from
the "Black Swan" will bring from several hundred to four thousand dollars per
coin retail. These are estimates that could change significantly when the rest
of the coins are conserved and do not include the cost of marketing and sales,
so actual revenue to Odyssey would be much lower than retail sales prices.
For more information on the marketing and pricing of coins, see questions 2, 8
and 12 in the "Black Swan Q and A".
2. There have been reports that the "Black Swan" is a number of different
shipwrecks, including HMS Sussex and the Merchant Royal. Are any of these
reports correct?
We can confirm that the "Black Swan" is not HMS Sussex, and that the "Black
Swan" was not found in waters anywhere near the shipwreck believed to be HMS
Sussex. Beyond that, we cannot confirm the identity of the shipwreck because we
are not certain ourselves. The site is in an area in which a number of
Colonial-era Shipwrecks were believed to be lost. The "Black Swan" bears
characteristics of one shipwreck in particular, but some of the evidence
gathered to date is inconsistent with our research, so we want to be sure of the
identity before we announce it.
3. It has been reported that the Spanish Government is engaging in a "probe" of
Odyssey because it is "suspicious" that we have not publicized more information
about the shipwreck. Is this true?
We have no knowledge of any such inquiry, and would expect that we would have
been the first ones contacted if there was one. In our experience with the
Spanish Government, with whom we have had a very cordial relationship for many
years, we would have been informed directly or through the US or UK embassy of
any outstanding issues relating to Odyssey's operations.
During the past few days, we have also seen many fanciful media reports from
Spain with absolutely no substance in reality. Unfortunately, some of these wild
allegations would logically cause concern to the Spanish Government. We
anticipate presenting the Spanish Government with an official account of our
activities in order to assure them that many of these media reports relative to
the "Black Swan" are pure fiction.
We have stated clearly that the recovery was conducted in conformity with
Salvage Law and the Law of the Sea Convention, beyond the territorial waters or
legal jurisdiction of any country. We do not believe that the recovery is
subject to sovereign immunity by any nation pursuant to the Law of the Sea
Convention.
The coins were brought into the United States with a valid export license
granted by the country from which they were exported, and imported legally
pursuant to US Law.
There was no point at which any aspect of the "Black Swan" operation was within
the jurisdiction of Spanish authorities, and we will be pleased to provide proof
of that fact to the Spanish Government if requested officially.
4. What about the claim that the Spanish Government has now asked the "Guardia
Civil" marine patrol to monitor Odyssey's activities?
The Spanish Guardia Civil has always monitored Odyssey's ships in Spanish
Territorial waters. When operating in or near Spanish Territorial waters, we
report our operational plans and movements to the Guardia Civil marine patrol
before we send our ships to sea. They are able to monitor all our activities
visibly with their patrol boats and through radar, so it is illogical to suggest
that we have conducted any illicit operations in Spanish territorial waters.
5. What happens, if you finally determine the identity of the "Black Swan" and
establish that the UK, Spain, any other country or even individuals may have
rights to the shipwreck?
If we are able to confirm that some other entity has a legitimate legal claim to
this shipwreck when - and if - the identity is confirmed, we intend to provide
legal notice to any and all potential claimants. Even if another entity is able
to prove that it has an ownership interest in the shipwreck and/or cargo and
that they had not legally abandoned the shipwreck, Odyssey would apply for a
salvage award from the Admiralty Court. In cases such as this, salvors are
typically awarded up to 90% of the recovery.
We do believe that most shipwrecks that we recover, including the "Black Swan",
will likely result in claims by other parties. Many will be spurious claims, but
we anticipate that there might be some legitimate ones as well. In the case of
the "Black Swan", it is the opinion of our legal counsel that even if a claim is
deemed to be legitimate by the courts, Odyssey should still receive title to a
significant majority of the recovered goods.
6. Why is Odyssey being so "secretive" about the "Black Swan?"
Based on past experience with other shipwrecks, we have found that putting out
information about the identity of shipwrecks into the public before we are
certain of the identity results in wild speculation about values, ownership
rights and scores of other issues. We also believe that it would be an added
risk factor to disclose the location of the site because we have publicly stated
that we have left a large number of artifacts on the site, and the security risk
is obvious.
7. Why haven't you determined the identity of the shipwreck yet? When will you
announce the identity?
Determining the identity of a shipwreck is complicated. For example, it would be
possible to find a French-built ship, with English cannons, Dutch pottery,
Chinese porcelain, Turkish pipes, and Venetian trading beads that had been
captured by pirates before it sank. Proving the shipwreck's identity in that
case might prove very difficult, if not impossible depending on the research
available.
In the best interest of all concerned, we will follow our often-stated policy of
announcing what we know about the identity of a shipwreck, only after it's
confirmed by research.
8. There have been reports of a partnership between Odyssey Marine Exploration
and the Disney organization. Are these true?
We can confirm that Odyssey and the Disney organization have recently entered
into a relationship on a number of projects, and that the two companies are in
discussions relative to some new partnership opportunities.
We have immense respect for Disney and believe that a combination of Odyssey's
authentic deep-ocean adventures coupled with Disney's story-telling,
film-making, television and marketing capabilities will reap benefits for both
companies, while providing the public with an unprecedented opportunity to enjoy
the thrill of deep-ocean exploration.
About Odyssey Marine Exploration Odyssey Marine Exploration is a Publicly Traded
US Company with several shipwreck projects in various stages of development
throughout the world. Additional information about Odyssey, the "Black Swan"
project, and the Company's other activities is available at www.shipwreck.net.
Odyssey Marine Exploration
P.O. Box 320057
Tampa, FL 33679-2057
http://www.shipwreck.net"
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