Beliss Corporation (BLIS)

[hedge_fun]

They recruited someone who has had success locating wrecks, Bobby Pritchett.

I am surprised they haven’t said they have found something and are seeking an Admiralty claim. That legal process generally takes about 90 days start to finish.

The biggest issue is if the wreck has the right legal profile. Most don’t.

A Spanish vessel belongs to Spain, regardless of when it sank, and they don’t allow their cultural heritage to be disturbed. In fact it is illegal without their permission. Same with France, Germany, Russia, Japan, UK, and a few others. The US recognizes Sovereign Immunity and expects the same from these countries. TSR doesn’t even want to go there. Pritchett just had a huge legal setback with France.

Their target should be a vessel that sank with a valuable cargo whose owner no longer exist. An example would be a passenger liner from the early to mid 1800’s. Generally those companies no longer exist, so they can’t make a claim on the wreck. Of course if they do exist they would likely pay a salvage award, which would usually be 80% or more.

The site TSR is working in Florida state waters is grandfathered, as the legal matters were resolved back in the 80’s. Just like the Atocha and Santa Margarita.

The Bahamas doesn’t recognize Sovereign Immunity which is why Allen Exploration (Carl Allen) is able to salvage the Maravillas. They believe it’s their wreck as it sank in their territorial waters. Spain objected and the Bahamas told them to go pound sand. I know of another salvor who has a permit application on the Prime Ministers desk wanting to contract with them. There are several galleons that sank around the Bahamas, but they don’t hand out permits to just anyone. AllenX is the only active permit there.

I’m a shipwreck junkie. It would be great to hear of a new find. I hope it works out and Bobby not only finds it, but gets to keep it.

GL

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