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