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ACAS, $3 hit pre market!
ABWTQ- Holy Crap NEWS! AbitibiBowater wins approval of US$600-million loan!!!!
http://www.canada.com/business/fp/AbitibiBowater+wins+approval+million+loan/1662563/story.html
Check out this samich between the 50ma and the 200ma! CIM Looks like it might breakout imo. Maybe monday/sometime next week.
OMEX, closed a/h at 2.31. Tomorrow shall be interesting!
I honestly wouldn't be surprised to see this bounce back tomorrow or early next week to near it's per-wtf price. Here is to hoping anyway.
the stock never should have sold off in the first place, the treasure in question was never on the books! Has anyone ever watched the tv show?!?!?! Like you said, they are finding treasure all the time lol.
OMEX NEWS. This is good news that the treasure in question NEVER affected their balance sheet!!!. This might have the potential to go bigly tomorrow and is gaining national attention!
Odyssey Provides Additional Update on "Black Swan" Case
On Thursday June 4, 2009, 3:38 pm EDT
TAMPA, Fla.--(BUSINESS WIRE)--Since the announcement of the Magistrate's recommendation in the "Black Swan" case, intense international media coverage has led to many questions that Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - News) would like to address.
What was this recent court filing by the Magistrate?
This was not a ruling in the case. The recent filing was a recommendation by U.S. Federal Court Magistrate Mark A. Pizzo that Spain's Motion to Dismiss the "Black Swan" case be granted. The recommendation which was filed June 3, 2009, opines that the Court lacks jurisdiction to hear the case. Odyssey and any other interested parties may file written objections to the recommendation before any ruling is issued, and Odyssey intends to file an objection.
How do you feel about the recommendation?
While we respect the Magistrate's experience, judges are not infallible, as evidenced by the multitude of verdicts that are overturned each year in appellate court. We believe key pieces of evidence were ignored or discounted that show the Mercedes WAS clearly on a commercial mission when she sank and that the majority of cargo (coins) aboard the ship was owned by PRIVATE individuals, not the government. "Returning" the coins to the Spanish Government when they never owned them defies logic and reason. We also disagree with the Magistrate's apparent assumption that a vessel was found at the site. Furthermore, the Magistrate accepted facts as presented by Spain without giving Odyssey an opportunity to cross examine witnesses at a trial.
Do you plan to appeal if the Magistrate's recommendations are followed by the Judge when he makes his ruling?
Yes. This recommendation is far from the end of the "Black Swan" case. We believe that the judge or the appellate court will see the legal and evidentiary flaws in Spain's claim, and we'll be back to argue the merits of the case. We will continue to vigorously defend our rights to what we have legally recovered and submitted to the jurisdiction of the Court.
Does this mean the case will drag on even longer?
This does not have a significant impact on our timelines or legal plans. We fully expected Spain to file an appeal if their Motion to Dismiss was denied, and so we have been planning and budgeting for an appeal in the case.
Are the other claimants in the case planning to object as well?
While we presume that the claimants in the case who assert ownership rights by virtue of the fact that their ancestors owned a portion of the cargo will join us in objecting, we cannot comment for them or for Peru.
Does this affect your current operations?
No, our shipwreck operations continue to be focused in the "Atlas" search area with both of our ships working in the English Channel. We also have been planning additional operations for 2009 in other areas of the world.
Does this affect your plans for an HMS Victory agreement?
No. We are continuing to work cooperatively with the UK Government toward a negotiated agreement as stated in the filing by their attorneys. As demonstrated by our partnering agreement on the shipwreck of HMS Sussex, a sovereign immune British warship, we have a history of working cooperatively with the UK Government. An overview of this agreement is available at www.shipwreck.net/pam.
How does this affect your balance sheet?
It does not have any effect on our balance sheet. The "Black Swan" coins were never treated as assets on our balance sheet.
Does this recommendation mean you will be changing your business model?
No. This particular situation is unique and our portfolio of potential shipwreck targets includes many merchant wrecks more like the SS Republic where there are no government ownership issues. In the case of the SS Republic, we obtained title to the shipwreck and its cargo less than eight months after the discovery of the shipwreck site.
There are also other governments who are open to cooperating with Odyssey, and who are enthusiastic about our potential partnership proposals. Our model is especially attractive in today's economic climate, because we use no taxpayer money and fund recovery, archaeology, conservation and education.
What other shipwreck projects are you working on?
We currently have two ships working in the "Atlas" search area utilizing new technology integrated into the ZEUS platform which are expected to enhance search and inspection capabilities. Operations aboard Odyssey Explorer are currently being filmed for the Discovery Channel series "Treasure Quest."
The "Atlas" search area contains at least five high value targets, one of which, HMS Victory, was located last year by Odyssey. We are continuing to search for the other high value targets and we are conducting additional operations intended to help identify a site already located.
We plan to resume work on the North Carolina project later this year. Shipwreck exploration firm and Odyssey partner, Intersal, Inc. has received a renewal of its exploration permit from the North Carolina Department of Cultural Resources for a site off the coast of North Carolina and additional surrounding areas, some of which correlate with Odyssey's "Firefly" shipwreck project. Odyssey has an agreement with Intersal, Inc. to pursue operations under this permit and to share in substantial research and data acquired by Intersal over the years relating to the target shipwreck and the work completed to date in the permit area.
The area covered by this permit and arrest is located near Odyssey's current "Firefly" project, which was acquired by Odyssey from BDJ Discovery Group in 2007 and includes one arrested site that has already produced a small number of gold and silver artifacts. The Intersal site and permit area may also be related to the high-value, Colonial-era merchant vessel believed to be located in the area. The agreements with BDJ and Intersal are similar but separate and the areas do not overlap.
In addition we have several other shipwreck projects in development which may lead to operations in 2009.
ACAS closed at 2.97. Might be trying to break the $3 mark a/h or tomorrow! Unless freaky friday does it's thing again. If it does, look for the break monday.
sadly, it looks like it was an over reaction from the market. I love watching the show and when I saw this drop this morning I was all in. I love the part that says the treasure in question was never even reflected on the balance sheet!!!
OMEX NEWS. This is good news that the treasure in question NEVER affected their balance sheet!!!. This might have the potential to go bigly tomorrow and is gaining national attention!
Odyssey Provides Additional Update on "Black Swan" Case
On Thursday June 4, 2009, 3:38 pm EDT
TAMPA, Fla.--(BUSINESS WIRE)--Since the announcement of the Magistrate's recommendation in the "Black Swan" case, intense international media coverage has led to many questions that Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - News) would like to address.
What was this recent court filing by the Magistrate?
This was not a ruling in the case. The recent filing was a recommendation by U.S. Federal Court Magistrate Mark A. Pizzo that Spain's Motion to Dismiss the "Black Swan" case be granted. The recommendation which was filed June 3, 2009, opines that the Court lacks jurisdiction to hear the case. Odyssey and any other interested parties may file written objections to the recommendation before any ruling is issued, and Odyssey intends to file an objection.
How do you feel about the recommendation?
While we respect the Magistrate's experience, judges are not infallible, as evidenced by the multitude of verdicts that are overturned each year in appellate court. We believe key pieces of evidence were ignored or discounted that show the Mercedes WAS clearly on a commercial mission when she sank and that the majority of cargo (coins) aboard the ship was owned by PRIVATE individuals, not the government. "Returning" the coins to the Spanish Government when they never owned them defies logic and reason. We also disagree with the Magistrate's apparent assumption that a vessel was found at the site. Furthermore, the Magistrate accepted facts as presented by Spain without giving Odyssey an opportunity to cross examine witnesses at a trial.
Do you plan to appeal if the Magistrate's recommendations are followed by the Judge when he makes his ruling?
Yes. This recommendation is far from the end of the "Black Swan" case. We believe that the judge or the appellate court will see the legal and evidentiary flaws in Spain's claim, and we'll be back to argue the merits of the case. We will continue to vigorously defend our rights to what we have legally recovered and submitted to the jurisdiction of the Court.
Does this mean the case will drag on even longer?
This does not have a significant impact on our timelines or legal plans. We fully expected Spain to file an appeal if their Motion to Dismiss was denied, and so we have been planning and budgeting for an appeal in the case.
Are the other claimants in the case planning to object as well?
While we presume that the claimants in the case who assert ownership rights by virtue of the fact that their ancestors owned a portion of the cargo will join us in objecting, we cannot comment for them or for Peru.
Does this affect your current operations?
No, our shipwreck operations continue to be focused in the "Atlas" search area with both of our ships working in the English Channel. We also have been planning additional operations for 2009 in other areas of the world.
Does this affect your plans for an HMS Victory agreement?
No. We are continuing to work cooperatively with the UK Government toward a negotiated agreement as stated in the filing by their attorneys. As demonstrated by our partnering agreement on the shipwreck of HMS Sussex, a sovereign immune British warship, we have a history of working cooperatively with the UK Government. An overview of this agreement is available at www.shipwreck.net/pam.
How does this affect your balance sheet?
It does not have any effect on our balance sheet. The "Black Swan" coins were never treated as assets on our balance sheet.
Does this recommendation mean you will be changing your business model?
No. This particular situation is unique and our portfolio of potential shipwreck targets includes many merchant wrecks more like the SS Republic where there are no government ownership issues. In the case of the SS Republic, we obtained title to the shipwreck and its cargo less than eight months after the discovery of the shipwreck site.
There are also other governments who are open to cooperating with Odyssey, and who are enthusiastic about our potential partnership proposals. Our model is especially attractive in today's economic climate, because we use no taxpayer money and fund recovery, archaeology, conservation and education.
What other shipwreck projects are you working on?
We currently have two ships working in the "Atlas" search area utilizing new technology integrated into the ZEUS platform which are expected to enhance search and inspection capabilities. Operations aboard Odyssey Explorer are currently being filmed for the Discovery Channel series "Treasure Quest."
The "Atlas" search area contains at least five high value targets, one of which, HMS Victory, was located last year by Odyssey. We are continuing to search for the other high value targets and we are conducting additional operations intended to help identify a site already located.
We plan to resume work on the North Carolina project later this year. Shipwreck exploration firm and Odyssey partner, Intersal, Inc. has received a renewal of its exploration permit from the North Carolina Department of Cultural Resources for a site off the coast of North Carolina and additional surrounding areas, some of which correlate with Odyssey's "Firefly" shipwreck project. Odyssey has an agreement with Intersal, Inc. to pursue operations under this permit and to share in substantial research and data acquired by Intersal over the years relating to the target shipwreck and the work completed to date in the permit area.
The area covered by this permit and arrest is located near Odyssey's current "Firefly" project, which was acquired by Odyssey from BDJ Discovery Group in 2007 and includes one arrested site that has already produced a small number of gold and silver artifacts. The Intersal site and permit area may also be related to the high-value, Colonial-era merchant vessel believed to be located in the area. The agreements with BDJ and Intersal are similar but separate and the areas do not overlap.
In addition we have several other shipwreck projects in development which may lead to operations in 2009.
In OMEX again at 2.15
damn nice
I love watching the show arrrrrrrr and this really arrrrrrrrrks my chain that spain would try to do this arrrrrrrrrrr. I do not think they will arrrr get away with this arrrrrrrrr.
I really think it has dropped waaaay to far for the news. The ship has it's own show, still discovery treasure, and has not traded under 2.60 in a couple years. I think it has a ways to go and am contemplating getting back in. Tomorrow should gain a lot of attention.
OMEX 5 min chart
Judge orders $500 mn in sunken treasure returned to Spain
Thursday 06/04/2009 12:58 PM ET - Efe News Services
Related Companies
Symbol Last %Chg
OMEX 2.15 -44.44%
As of 2:48 PM ET 6/4/09
Spain obtained an important legal victory in its battle over ownership of $500 million in gold and silver coins that a U.S. treasure-hunting firm salvaged from a colonial-era Spanish shipwreck at the bottom of the Atlantic.
Odyssey Marine Exploration, Inc. since the spring of 2007 has been defending in court its claim that Madrid cannot prove what the company calls the "Black Swan" treasure was removed from the Nuestra Señora de las Mercedes.
In a ruling issued late Wednesday, U.S. District Judge Mark Pizzo fully accepted the arguments of the Spanish government and ruled that the treasure must be returned to Spain because the shipwreck is, in fact, the Mercedes and so the cargo is covered by sovereign immunity and may not be salvaged and kept by others.
The judicial struggle does not end here, however, because Odyssey immediately announced that it will appeal the decision, which surprised the firm, based in Tampa, Florida.
"We will object to the Magistrate's recommendation," Melinda MacConnel, Odyssey's vice president and general counsel, said in a statement.
"This is clearly a case where there are many relevant issues of fact that have been disputed, including the issue of whether the Mercedes was on a commercial mission and whether the property recovered belonged to Spain. I presume that the claimants in the case who assert ownership rights by virtue of the fact that their ancestors owned a portion of the cargo will join us in objecting," she said.
Odyssey CEO Greg Stemm expressed surprise at Pizzo's ruling and said that the company had adhered scrupulously to the law.
"For the court to find that enough evidence exists to conclusively identify the site as the Mercedes and that neither Odyssey nor the claimants who owned the property have any legal interest is just wrong," he said.
"I'm confident that ultimately the judge or the appellate court will see the legal and evidentiary flaws in Spain's claim, and we'll be back to argue the merits of the case," Stemm said.
Odyssey in 2007 brought the case before a federal court in Tampa and argued that the gold and silver coins found at the shipwreck site belonged to it.
The Spanish government presented evidence it used to argue that the Spanish navy warship and its cargo rightfully belong to Madrid and it rejected Odyssey's claim, demanding the return of all the items brought up from the ocean bottom at the site by the treasure-hunting outfit.
The historical documents presented in the case show that the Mercedes sank in combat against the English fleet on Oct. 5, 1804, off the coast of southern Portugal, and so Spain asserted that the vessel and its cargo are part of its historic heritage, not to mention being the gravesite of more than 250 Spanish sailors and citizens who died when the frigate exploded and went to the bottom.
The Spanish government also criticized the fact that Odyssey undertook the marine salvage operation in secret after having received specific instructions that that was prohibited.
The documentation presented by the Spanish government showed that the Mercedes was on active military service with the mission of protecting the Spanish state and its citizens throughout its existence, and specifically at the moment it blew up and sank.
U.S. lawyer Jim Goold, who represented the interests of the Spanish government, also emphasized that Odyssey was aware that it was dealing with the Mercedes and so consequently it acted in secret.
Among the documentation presented by Spain was photographic material and other evidence such as cannons, anchors, weapons, personal effects and a wide variety of other items, including the coins taken from the wreck, all of which - the Spaniards asserted - allowed the vessel in question to be identified as the Mercedes.
Goold also defended the right of sovereign immunity that asserts the right of a nation to protect its historic sites and heritage, including sunken ships, from any kind of disturbance or plundering by treasure hunters.
Spanish Culture Minister Angeles Gonzalez-Sinde said Thursday that Pizzo's ruling sets "an important precedent with an eye toward all future undersea discoveries."
"We're very happy. This decision is very important. I'm glad that the judge really saw that the ship and the treasure belong to Spain," he said. EFE
esc-lca/bp
********************
The good news.
Shipwreck explorer Odyssey Marine Exploration ($2.20, -$1.67, -43.16%) was ordered by the U.S. Federal Court Magistrate to return the property it recovered in the so-called Black Swan project - an estimated half a billion dollars of sunken cargo in the Atlantic Ocean - to Spain. The company said it would file a written objection to the recommendation. Investors had expected Odyssey to succeed in the case, in part because no ship was found, only valuable debris, and admiralty laws concerning sovereign immunity typically apply only to ships.
I'm in, waiting for that beautiful $3 break than hopefully we'll have a breakout!
Played OMEX this morning off a huge bounce off some "bad" news. My appologies for forgetting to post it here.
I wish. I didnt buy in. I might tomorrow, havnt' decided yet. Might drop back below the 200ma again but I doubt it. WE'll see what happens tomorrow.
Can you say ba ba ba breakout?!?!?!
CNB News... I highly doubt it would break the $1, so appears to be near a low. What do you all think?
http://finance.yahoo.com/news/Colonial-BancGroup-Names-bw-15429639.html?.v=1
dang
thx!
KEY looks like it might be near bottom again!
what a terrible day, i'm VERY red today lol
Picked up some KEY A/H. Nice chart, especially looking through the history of todays candle. Not to mention a huge volume day will be tripping radars tonight.
ACAS Chart. Testted 2.99 today. $3 break will be huge IMO. i noticed my trend lines are the wrong color lol. You get the picture though, can't edit it until later tonight.
ACAS hopefully will break $3 soon!
Stocksniperz Tuesdays Stock Watch. (ACAS looks poised and ready to me, check out DEC 22 area, also, all three STO's crossed yesterday.... anyone else?)
anyone have anything on watch tomorrow?
DPTR flying a/h
ABWTQ Chart
LOL, it's the same exact e-mail I got!!!!!
not much, my whole family is sick and now i caught it. Fever at 102.3 so far and climbing. Gonna be tough to wake up tomorrow at 2am for the open lol
boo!
excell sheet started
I would not mind being one. So if anyone want's to send me theirs, I will keep it private and pool them up. I know of one other individual that might be willing to help. I'm awaiting a phone call from him.
Got out of LEA for a terrible loss today. I don't like holding it not knowing wtf is going on with GM and all the halts. There is a massive short interest in it as well. Def going to keep it on watch b/c if it goes up and the shorts start popping = weee.
I'm still holding ANPI. Went up so fast this morning by the time I got message Loniee it was over lol. I didn't even time to sell before it dropped back and traded flat the rest of the day. Hopefully tomorrow will gap up and break the $2.53ish high it hit today.
Nice call there!
We've had some nice volume over the last month, let's hope something is brewing.
Did anyone notice what kind of chart is forming on LEA today?!?!?! My favorite charts evah! I'll draw it up when I get home, but who can tell me?!?!?!