Odyssey Marine shares plunge after court sides with Spain over loot

(TAMPA, Fla.) — Odyssey Marine Exploration Inc. shares lost almost half of their value today after a U.S. judge ruled that the deepsea salvage company should return loot from a two-century-old shipwreck to Spain, Bloomberg News reported. A federal magistrate judge in Tampa said the U.S. lacks jurisdiction to support Odyssey Marine’s claim on the artifacts recovered from the Spanish ship Mercedes. One unresolved issue is whether the Mercedes was on a military or commercial voyage.
Click here to view the Bloomberg story.
By Professional Mariner Staff