SFRX needs a realistic business model. Spanish galleons....
are a pipe dream.
I posted a video earlier today and will link it again. It is of Spain's attorney and their star witness Dr. Delgato speaking in Washington, DC after they helped Spain win their claim against Odyssey Marine.
Folks can poo poo it and say Odyssey went after a warship, but in the Q&A starting around the 1:20:45 mark it is made clear based on their representations of Spain that all Spanish wrecks are off limits. In fact Jim Goold says he can't even discuss the notion if that is someone's pursuit because it's LIKELY he will see them in court representing Spain.
This is from SFRX's website.
Spain began to send fleets of ships to the new world to pick up and bring back amazing amounts of treasure. Starting in the 1550s, Spain established a port in Havana Cuba where they could repair their ships and fortify their provisions for their non-stop trip back to Seville, Spain.
In the video link below it is clear, and SFRX even admits in their timeline that Spain is the sovereign power directing the missions they speak of.
Dr. Delgato states after the question is asked how the outcome of Spain v Odyssey will change the salvage industry, and he opines that it isn't wise to even consider seeking to salvage a wreck without first getting permission from the owner of the property. All wrecks have an owner, and an Exploration Permit doesn't give ownership rights. Nor would a Recovery Permit issued by the state of Florida.
US Law and precedent would require Florida to relinquish ownership to the actual owner even if they by some miracle gave Seafarer's Quest a Recovery Permit for Melbourne or Juno.
Yes Melbourne is state waters, but Spain, just like France in the GME case, was the owner of the wreck (artifacts) GME found in state waters. Florida went so far as to take France's side and would likely ultimately recognize Spain as the owner.
In the case against Odyssey one of the biggest proof of ownership was the cannons that were found. In the case with GME it was the French bronze cannons that were proof it was France's property.
Didn't SFRX find a relocated cannon HTQ tried to remove? While it made for a nice PR it was likely a bad legal move if you want ownership.
Shareholders might seek news to get a rise in the share price so they can dump shares or feel better about their investment, but the ONLY news worth getting is salvage rights to a wreck that over 2 decades of research and exploration on Melbourne hasn't produced.
I would love for someone to explain how Jim Goold or Dr. Delgato are wrong. Or that they didn't say what they actually did say, which is Spain won't deal and ever wreck has an owner.
I suggest this is a video talk worth watching, but they most relevant legal points began at around the 1:20:45 mark.
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