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Spain Reroutes Odyssey Ship
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Published: October 17, 2007
Updated: 10/17/2007 10:11 am
Spanish authorities on Tuesday boarded another ship belonging to Odyssey Marine Exploration and forced it to the Spanish port of Algeciras to be inspected.
It's the latest development in a simmering dispute over ownership of a giant sunken treasure Odyssey recovered from a shipwreck in the Atlantic Ocean.
The Odyssey Explorer was about three miles off the coast of Gibraltar when it was intercepted by the Spanish Civil Guard, the Tampa-based company said.
The same scenario played out July 12, when Spanish authorities, acting on orders from a Spanish court, seized and inspected another Odyssey ship, the Ocean Alert. That vessel was released a few days later.
Spanish authorities contend the treasure, 17 tons of colonial-era coins worth an estimated $500 million, may belong to Spain if it was recovered from Spanish waters or a ship that sank while in the service of Spain.
Odyssey refuses to disclose the identity of the shipwreck or its location, but Spain thinks an inspection of the Odyssey Explorer could uncover the location of the shipwreck, which Odyssey has code-named "Black Swan."
Greg Stemm, Odyssey's chief executive officer, said Tuesday the Black Swan was not found in Spanish waters and that ownership of the treasure is in the hands of a federal judge in Tampa.
"So we're not sure what the inspection of the Explorer is meant to accomplish," Stemm said in a statement. "We had again invited Spanish officials to inspect the Explorer in advance of our departure and they chose not to take us up on it."
Spanish authorities were not available for comment Tuesday.
Rare coin expert Nick Bruyer said in May that the 500,000 gold and silver coins could be worth $1,000 each, on average. Odyssey, which has moved the booty to the United States, said it may be the largest sunken treasure ever discovered.
Spanish authorities and Odyssey executives have filed a series of legal briefs and motions in U.S. District Court in Tampa, arguing over rights to the treasure.
Odyssey has asked the court to keep the locations of three treasure-laden shipwrecks confidential. The company has repeatedly said the treasure it recovered from the Atlantic Ocean was outside the jurisdiction of any country.
Without the location and other information about the artifacts Odyssey recovered, however, Spain claims it would be impossible to determine whether its claim to the treasure is valid.
Some in Spain think the Black Swan treasure came from the HMS Sussex, which was leading a British fleet into the Mediterranean for a war against France in 1694 when it sank in a storm off Gibraltar.
Odyssey is seeking damages related to Spain's boarding and seizure of the Ocean Alert in July. The company claims the boarding and seizure were illegal.
The legal battle with Spain has gotten expensive for Odyssey, a publicly held company that has been losing money.
Last month, the company received $7 million from Fortress Investment Group in return for shares of Odyssey stock. The extra cash will help the company fund its legal battle with Spain, the company said.
Shares in Odyssey closed Tuesday at $6.67, up 31 cents a share.
Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.
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