Written by the TreasureGuide for the exlusive use of the Treasure Beaches Report.
The following is an article about the Tommy Thompson case, and was written by Tommy's attorney from the University of Florida college of law. It was published in the Tampa Bay Times.
Thompson’s case began as a deep-sea adventure in 1989, when the brilliant maritime engineer made the greatest treasure find of the century. He located the S.S. Central America, which was carrying the spoils of California’s Gold Rush when it sank in 1857, yielding a treasure worth upwards of $765 million in 2024 dollars. Even more amazing than finding the wreck was Thompson’s ability to precisely salvage portions of the wreck in nearly 8,000 feet of water.
However, Thompson’s story soon took a turn for the worse: legal battles ensured for decades, driver by 30 insurance companies that claimed interest in the wreck and investors who were dissatisfied with their return on this highly speculative investment.
Thompson, having had enough (decades) of the judicial system, wasn’t able to excuse himself from participating in more legal trials or hearings. And, for his failure to appear in court in 2012, the federal court issued a warrant for his arrect for criminal contempt of court...
the judge... found that holding Thompson in civil contempt is no longer in the interests of justice...
Mel Fisher, a treasure hunter who famously found the Atocha shipwreck off the Florida Keys, spent more than 15 years searching for the wreck. He then spent nearly a decade arguing to keep countless millions of artifacts, in legal battles that reached all the way to the U.S. Supreme Court...
Here is the link for the entire article.
Thanks to SuperRick for that link.
It seems to me that the most disastrous case for shipwreck treasure hunting was the ruling that required Odyssey Marine to turn over 600 million dollars' worth or treasure from the Mercedes that was found off the coast of Span.. Odyssey Marine was one of the best equipped and most scientific of the treasure salvage companies and worked in important deep sea projects.
See US judge orders company to pay Spain $1 million | AP News
As a result the company changed its business model, and now focuses on deep sea mining for precious minerals. Here is how they put it on the company web site.One of Odyssey's current projects is the Lihir project, which is described below.
The project's license area is adjacent to Lihir Island in Papua New Guinea, where a major international mining company mined and processed one of the world's largest known terrestrial gold deposits.
The Exploration License for the Lihir Gold Project covers a sizeable subsea area containing at least four prospective exploration targets in two mineralization types: seamount-related epithermal and modern placer gold. Previous exploration expeditions in the license area, including a survey conducted by Odyssey, indicate a polymetallic resource with commercially viable gold content likely exists. Additionally, the two subaqueous debris fields within the area are adjacent to the terrestrial Ladolam Gold Mine. They are believed to have originated from the same volcanogenic source.
See Lihir Gold Project | Odyssey Marine
Odyssey Marine is a publicly trade company (stock symbol OMEX). The price of the common stock has dropped to around 45 cents a share. It was once up around $12.00.
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Source: SurfGuru.com |