OME losses court case and 500,000 million - SailNet Community

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  #1  
Old 06-08-2009
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OME losses court case and 500,000 million

Odyssey Marine Exploration lost it's case and 500,000 million in gold & silver coin found in international waters

story here
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Old 06-08-2009
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Old 06-09-2009
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what ever happened to the law of salvage. they should be able to keep it or get a good % of its value, like 50 %.
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Old 06-09-2009
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Kinda interesting in a historical perspective: The gold that the Spanish stole from Native Americans (all over America, not just the US) should now be returned to....? The Spanish
Hey' I want my money back too, the Vikings sailed to north America around 800, and they may have taken some gold too.
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Old 06-09-2009
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Quote:
Originally Posted by scottyt View Post
what ever happened to the law of salvage. they should be able to keep it or get a good % of its value, like 50 %.
Spain is claiming sovereign immunity in repects to salvage rights.
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Old 06-09-2009
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Quote:
Originally Posted by scottyt View Post
what ever happened to the law of salvage. they should be able to keep it or get a good % of its value, like 50 %.
I've only read a tiny bit of the judge's argument, but I did learn something new: Odyssey, the exploration company, is making a claim under the law of finds, not the law of salvage. Whereas the latter entitles salvers a fee for bringing the wreck up, the former is the one that actually grants ownership. The latter is the one you're supposed to worry about when getting help from another boat -- that entitles them to claim salvage against you, but not finds. I.e., a fee for helping out, but not ownership of your vessel.

Anyway I don't know much about international martime law but it seems unjust unless Spain had been actively engaged in recovering this wreckage for the past two hundred years. If you abandon a vessel (or any property) for that long, I don't think you should get to claim ownership over it, especially if you're a "sovereign" and not a natural person.
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Old 06-09-2009
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What a rip off.

So the lesson learned here is what ? If you find a valuable treasure full of interesting artifacts, history, etc, you should tell ... nobody ... or they'll steal it from you .. instead you should just quietly recover it, melt it down, and sell the bricks to the highest bidder, is that the message here ?
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Old 06-09-2009
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For the law of finds, it looks like they lost the easiest answer, in court. They still have to apeal, which will probably not be overturned, In My Amatuer Opinion (IMAO?).

For the law of salvage, they still have a good shot. That would give them a percentage, perhaps 50% of the find. Again IMAO.
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Old 06-09-2009
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That kind of news could ruin your whole day.
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Old 06-09-2009
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Quote:
Originally Posted by wind_magic View Post
What a rip off.

So the lesson learned here is what ? If you find a valuable treasure full of interesting artifacts, history, etc, you should tell ... nobody ... or they'll steal it from you .. instead you should just quietly recover it, melt it down, and sell the bricks to the highest bidder, is that the message here ?
Yep.

No point in preserving antiquities and history.

Just plunder, baby, plunder!!
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