Well, another nice fairly long communication via ph w the state rep today.
I think i have a lot of good info to share as i asked a lot of questions and was answered in a very professional and courteous manner.
For starters, let's put to rest the new fantasy island 2 yrs number which has obviously been made up.
According to the state rep, once we satisfy the state w the 3 items a ships spike, a gold or silver coin, a ballast stone, a pottery shard, etc. They then have 30 days to get back to us w any questions or concerns about giving us the full salvage permit. Just as it was w the previous sites for which SFRX was granted full salvage permits. During this time DEP and ACOE have 30 days and 60 days respectively to get their work done.
So, in essence and a perfect world we could have the permit as early as 60 days but more than likely it would take 90 days give or take. Again, this information comes directly from the horses mouth, unlike some of the info which has been coming from the other end of the horse.
I asked how the value of the items would be split and if we were entitled to 80% of anything excavated/salvaged during this phase and the answer is a resounding yes.
i asked how an item such as the one which was in the news yesterday is found. How exactly does the split work since obviously they're not going to cut off 80% of the item LOL. The answer is that the state is interested in unique and rare items and things which they don't already have in their collection. So at the "official" end of each years diving season they would go back and look at all of the items recovered and would use what is called an offset to make the deal work. In other words, the state would give more of the redundant items back to make sure that the salvager received their fare share. Of note also, again the state is not looking to add 1,000 of the same piece to their collection and so if say a chest of similar coins is found, the state may only keep a small % and let the salvager have the rest.
They don't necessarily keep 20% of what is found. They may even let the salvager keep all of an item found in a specific "season" if they have more than what they need of said item already in their collection.
I asked what happens w the state keeping so many unique items, would those items be available for SFRX to display and exhibit ? As sh i said, in the end we are interested in how we, SFRX, can make money. So monetizing everything is what we are interested in. The answer again was "yes" the state would have no problem loaning items out to be shown as part of an exhibit.
Items found go to state preservation and are looked over and inspected there and any metallic items which may be corroded are cared for so as to not become damaged any further being exposed to oxygen after so long.
The states main concern and mission is to determine the nature of the wreck, the association to what country and to, if possible, figure out which specific ship it is. The last part is very difficult to do w 100% accuracy and even many of the named wrecks which have been found since the 1960's, even though there is a general consensus on which exact ship each one is, it is still not 100% among all experts. So the naming of a specific ship is not something which is easy to do.
And finally, i asked if we find hypothetically speaking a 1,000 coins, what is the process ? What do we have to do ? Was told that the state has to be contacted and they determine the importance of any items found and in the case of treasure, we'd be granted permission to bring it up. In other words, we'd be salvaging those items found. They are not likely to leave found treasure on the ocean floor to be moved around by a storm and lost again. I also asked if while on site, even if we find items and turn them in are we allowed to keep working the site ? Again, yes. And what if we stumble upon more treasure, do we get to bring that up too ? Same process as above. So i guess there is some gray area here as to the difference between a full salvage and this phase 2 permit. The full salvage is exactly what it says. Full salvage. Every item found can be brought up. During this 2nd phase, we will not be brining up redundant items but anything of great value will not be left behind. And i should note, the state will have to be notified w each specific item found.
If a canon is found since they are heavy and require a lot of work to bring up and are not a threat to be stolen by just anyone, that item would just be photographed and logged and then be left down below during phase 2. Both because of the trouble it is to bring up and also to be used as an underwater landmark by the salvagers.
There was a lot more detailed talk and i took a lot of notes, but i think this answers many of the most important questions which are of immediate concern and also puts to rest this magical 2 yr number we were given by the other end of the horse.
SFRX
Making the Market on Our Terms !!
