Odyssey Marine (OMEX) Whacked After Ordered To Return Property Recovered to Spain
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is under serious pressure in pre-open trading after the U.S. Federal Court Magistrate's recommendation that Spain's Motion to Dismiss the "Black Swan" case be granted and that the property recovered be returned to Spain.
Odyssey Marine Exploration plans to file a written objection to the ruling.
The recommendation which was filed June 3, 2009 concludes that the court lacks jurisdiction to hear the case.
Odyssey brought the "Black Swan" case to federal court in the spring of 2007 after discovering a site in the Atlantic Ocean with over 500,000 gold and silver coins. Spain filed a claim in the case asserting that the cargo came from the Nuestra Senora de las Mercedes, a Spanish vessel which exploded in 1804. Despite the absence of a vessel at the site, the District Court Magistrate has indicated that he believes that there is sufficient evidence to confirm that the site is that of the Mercedes and that the vessel and its cargo are subject to sovereign immunity.
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