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catoismymotor (60.25)

"No good, I've known too many Spaniards."

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June 04, 2009 – Comments (2) | RELATED TICKERS: OMEX , SLW , AUY

"No good, I've known too many Spaniards" - The Man In The Black Mask, The Princess Bride

That seems to sum up the reaction from Odyssey Marine Exploration Inc. (OMEX) today after a Federal magistrate judge found in favor of the Spanish goverment. In dispute was the rightful ownership of a $500 million treasure found by OMEX. As I write this the share price for OMEX has dropped by 40%. I think this would make a great pick for caps. If you wish to play for real money I think you have a fair shot at making up for today's loss inside of a year. Keep in mind OMEX is going after treasure / commodity carrying ships. That means anything goes from galleons to Liberty Ships. Copper, lead, bronze, gold, silver, platinum are their bread and butter. From this point whatever they find should only go up in market value. And that is not including jewels and stamped coins.

Click here for the AP story.

2 Comments – Post Your Own

#1) On June 04, 2009 at 3:24 PM, portefeuille (99.75) wrote:

I was a little early with my "outperform" rating (see comment #286 here) , but still tend to agree. I like Spain though (have spent around 3 years there).

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#2) On January 10, 2011 at 5:49 PM, rfaramir (30.52) wrote:

New developments due to WikiLeaks!

http://shipwreck.net/pr214.php 

and earlier, in December, http://shipwreck.net/pr213.php 

Apropos comment in your title, though it's unfair to tar all Spaniards with the actions of a few. I'm more concerned with how far to trust the US government, especially the State Department, which seems to always have the interests of other governments ahead of our own.

By my count, the 17 tons of silver coins alone is worth about 837,000 FRNs, let alone the gold coins and artifacts.

Question: If a government has declared bankruptcy, what is its standing in claiming a discovered treasure? I can see how it would LIKE to claim it, of course, especially since it could lie and say that lack of said treasure may have helped precipitate their default. But more accurately, wouldn't it be true that if a country has defaulted, they should lose all claims to past lost treasures. Since they have repudiated sovereign debt, they have no claim on sovereign treasure finds. Spain has defaulted many times since this treasure was lost to the private persons and companies it belonged to... AMIRIGHT?

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