http://www.sptimes.com/2007/05/31/Business/Spain_sues_Odyssey_Ma.shtml
Spain filed suit Wednesday against Odyssey Marine Exploration over a 17th century merchant shipwreck that many believe to be that of the Merchant Royal. "The Kingdom of Spain has not abandoned its ownership and other rights in sunken vessels of the Kingdom of Spain, in vessels sunk while in the service of the Kingdom of Spain, and in cargo or other property of the Kingdom of Spain on or in sunken vessels," said the lawsuit, filed in U.S. District Court for the Middle District of Florida.
Spain's representative U.S. lawyer, James Goold, said that Spain has filed claims against three wrecks that OMR has discovered; an Italian-registered passenger boat, the Ancona, found last year in the Mediterranean; an unidentified vessel located west of Gibraltar; and the latest, the Black Swan, a 17th century merchant ship that drew international attention when it yielded 500,000 silver coins and nearly doubled OMR's stock price overnight.
Spain believes that the Black Swan sank in 1641 while under contract with the King and was carrying Spanish funds. It is not clear just how strong a case Spain has but there are precedents with an earlier case concerning the Juno and La Galga, in which salvagers discovered Spanish ships in U.S. waters and were made to return the artifacts they recovered back to Spain.
A statement from Odyssey said that even if Spain can demonstrate its legal rights over the treasure site, the company still has a way in which they will be able to keep 90% of the find.
