Thursday, August 21, 2008

Odyssey Marine Exploration Welcomes Peru's Filing In "Black Swan" Case

TAMPA, Fla., Aug 20, 2008 (BUSINESS WIRE) -- Odyssey Marine Exploration, Inc., the world leader in the field of deep-ocean shipwreck exploration, announced today that the Republic of Peru filed a motion in federal court in one of the company's pending admiralty cases. As anticipated after numerous statements in the media, Peru formally filed a Verified Conditional Claim in the "Black Swan" admiralty case, which was originally filed by Odyssey Marine Exploration. The case is currently pending before the U.S. District Court in Tampa, Florida.

"Odyssey's position is to encourage every appropriate claimant to present its potential claims in a case like this, so we welcome Peru's filing, even as the Company reserves its legal position. If the court does not find that the property was abandoned, we believe that the property in the "Black Swan" case would be handled under the traditional law of salvage," said Greg Stemm, Odyssey Chief Executive Officer.

The nature of a salvage award is . . .

Full story at: Link

No comments: