Send us Feedback

Odyssey Marine Exploration (OMR)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

OMEX » Topics » in Black Swan Admiralty Case

This excerpt taken from the OMEX 8-K filed Jul 24, 2009.

in “Black Swan” Admiralty Case

Tampa, FL — July 22, 2009 – Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) has filed its objections to the June 3, 2009 Report and Recommendation in the “Black Swan” Admiralty case (case number 08:07-cv-614).

Odyssey’s Objections include arguments that:

 

  1) The applied legal standard of review is incorrect.

 

  2) There is no coherent vessel located at the “Black Swan” site.

 

  3) There is clear and convincing evidence of the commercial nature of the Mercedes’ mission at the time of her demise which Odyssey believes legally nullifies the claim to sovereign immunity of that vessel.

 

  4) A distinction between cargo and vessel is allowed and even required by settled admiralty law.

 

  5) The majority of the coins aboard the Mercedes were merchant-owned, commercial cargo being shipped as freight for a fee and were never owned by Spain.

“We know that admiralty law is complex, and the facts of this case are unique. I believe that the recommendation missed some key issues, and we have underscored those in our objection. We are confident that the facts and applicable law are in our favor,” said Melinda MacConnel, Vice President and General Counsel for Odyssey Marine Exploration.

Odyssey’s complete “Objections to the June 3, 2009 Report and Recommendation” is available at www.shipwreck.net/blackswanlegal.php. Objections have also been separately filed by many descendants of the merchants who owned the private cargo on the Mercedes, arguing that the cargo never belonged to Spain, and that Odyssey was within its rights to recover coins on behalf of the true owners.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki