Seafarer Exploration Corp (SFRX)

[hedge_fun]

Judd was delusional, but not stupid. SFRX......

paid Judd whether treasure was found or not. He got involved with Juno about 5 years after Mel Fisher found the Atocha, which likely fueled the delusion.

The more sensible question is who would agree to fund operations of an unknown vessel that had no data to suggest it contained a valuable cargo, which was confirmed by previous salvors who had worked the site?

Maybe take a few days and take a look, but beyond that, why agree to such?

Tulco Operations

To date, Tulco has recovered over 60 cannon balls, many in almost “like new” condition. They have 4-pounders, 8-pounders, 12-pounders and even cannon balls made of stone. Speculation is that only the largest galleons would have been carrying such a variety of fire power, and the fact that the King of Spain insisted that his share of the treasure be carried only on the largest and most heavily armed galleons. In addition, Tulco has musket balls, sail rigging, ship’s timbers, ship’s nails (some over three feet long) including “Spanish-Jade.”

The most significant finds to date are the stone cannonballs and 12-pound iron cannonballs. The stone cannonballs are exactly the same physical size as an 8-pound iron cannon ball but weighs less than a pound. They were used in battle like a mortar grenade in that they would be lobbed on to the deck of opposing ships where they would shatter sending out deadly pieces of sharp rock in all directions. Considering the effort involved in carving raw rock into round 3.5-inch diameter stone cannon balls, it is management’s opinion that they would likely only be used on the most important, largest, best-armed ships of the line. The 12-pound cannon balls were fired from a cannon known as a demiculverin. This weapon was 10-feet long, weighed about 4000-pounds, and was frequently made of bronze. We believe that only a very large, heavily-armed vessel of the day would have been able to carry and fire such weapons.

In the second half of the 19th century, a Frenchman developed a process to test the relative "hardness" of stones. This is significant because for hundreds and even thousands of years going back to the Chinese, statues, sword handles and other decorative items were carved from what was called "jade." It turns out that over these many years, there were three separate types of stones that were all called jade. In that era there was no way then of telling them apart. Jadeite, Nephrite, and Serpentine were all utilized in the making of "jade" ornaments.

Among the ballast stones at Tulco’s wreck site, they found hundreds of pounds of large rocks—several weighing over 100-pounds each. Further analysis has determined that this rock is in fact serpentine. Accordingly, if this “serpentine” was the bulk of the cargo on the galleon, rather than jade, the potential value of the artifacts and cargo could be minimal and our investors may lose all or a part of their investment.

https://www.sec.gov/Archives/edgar/data/1106213/000136110608000176/organetix_8k-060408.htm

Artifact Recovery and Conservation Program (the “Program”).


(a)TULCO desires to have an ongoing artifact recovery and conservation program (“Program”) completed on the Site and Seafarer agrees, for the purpose of funding the artifact conservation program, to pay TULCO the sum of twenty thousand dollars ($20,000) per calendar year during the term of this Agreement (the “Conservation Payment”). The Conversation Payment will be due to TULCO by January 1st of each full calendar year that this Agreement is in effect. The artifact conservation program and laboratory shall be operated jointly by the PARTIES during the term of this Agreement. The PARTIES understand that as more shipwreck items are recovered, conservation costs will increase. TULCO will provide SEAFARER with ninety (90) days advanced written notice of any increase in conservation costs and TULCO and SEAFARER will mutually agree in writing as to a course of action regarding the payment of any increased costs.

SEAFARER agrees to furnish its own personnel, salvage vessel and equipment that it deems, with consultation with TULCO, necessary to conduct exploration, recovery and salvage operations on the Shipwreck Site. SEAFARER will also provide its own archaeologist. SEAFARER agrees to consult with TULCO or a designated representative of TULCO regarding the recovery operations at the Shipwreck Site. SEAFARER will pay all of its own expenses directly associated with salvage operations, including, but not limited to fuel, food, ground tackle, other electronic equipment, dockage, wages, dive tanks, and supplies. When operating at the Shipwreck Site, SEAFARER will display an identification sign that can be seen from a helicopter. TULCO will supply the sign.

https://www.sec.gov/Archives/edgar/data/1106213/000119983510000408/exhibit_10-1.htm