Odyssey Marine Exploration, Inc. v. The Unidentified Shipwrecked Vessel

Filing 232

DECLARATION of Gianluca Morello re 230 Objection by Odyssey Marine Exploration, Inc.. (Attachments: # 1 Exhibit 1, # 2 Exhibit 2, # 3 Exhibit 3, # 4 Exhibit 4, # 5 Exhibit 5, # 6 Exhibit 6, # 7 Exhibit 7 - Part 1 of 5, # 8 Exhibit 7 - Part 2 of 5, # 9 Exhibit 7 - Part 3 of 5, # 10 Exhibit 7 - Part 4 of 5, # 11 Exhibit 7 - Part 5 of 5, # 12 Exhibit 8, # 13 Exhibit 9, # 14 Exhibit 10)(Morello, Gianluca)

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Com modityOnline
Spain hunts for gold treasure in sea
BARCELONA (Commodity Online): Spain, struggling to tackle the recession and financial downturns, is finally banking on treasures buried under the ocean.
According to news reports, cash-strapped Spain has ordered its navy to look for huge gold reserves that were lost at sea in the 16th century.

Gold bullion and silver treasure worth £85billion - the size of the nation's current budget shortfall - lies on the sea bed off the coast of southern Spain.
The Inca and Aztec loot is believed to be in heavily laden vessels which hit the bottom of the sea in bad weather as they returned to Cadiz from South America Naval mine sweepers are to begin radar and sonar surveys to try to locate the wrecks.

Meanwhile, American treasure-hunters have been ordered to handover an estimated £250 million worth of gold and silver coins salvaged from a Spanish ship, in Atlantic waters. The Spanish government has won a two-year legal batte against commercial marine archaeologist firm Odyssey, which Spain accused of

plundering its national heritage.
The Florida-based Odyssey Marine Exploration recovered 17 tonnes of gold and silver from a sunken vessel they code-named the 'Black Swan' in March 200ï Nasdaq-listed company refused to reveal the location of the wreck insisting that it had been found in international waters and therefore beyond the legal jurisdi, of anyone country.
But when the record haul was announced Spain came to suspect the treasure had been looted from the Nuestra Senora de las Mercedes, a Spanish frigate la, with bullion from the Americas that sunk by the British off the coast of Portugal in October 1804.

Spain branded the Odyssey team '21 st century pirates' and sent its navy to intercept vessels owned by Odyssey as they explored the waters around Spain. n seized equipment and records but failed to find the salvaged coins which had already been secretly flown out to a warehouse in Tampa, Florida.
A Florida judge has ruled

that the treasure found on what is assumed to be the wreck of the 'Nuestra Senora de las Mercedes', belongs back in Spain, and Od

has to give 500,000 gold and silver coins back to the Spanish government.
While wrecks of commercial vessels remain unaffected by the ruling, naval vessels like the 'Nuestra Senora' are deemed to be property of the originating sove state, even if they were on a commercial mission, as the Nuestra Senora possibly was when it sank.
Estimates put about 3,000 of these treasure laden shipwrecks at the bottom of the world's oceans and the ruling is sure to stir up the waters. Making the situation even more complicated, Peru is presently engaged in a battle to reclaim its cultural and historical heritage. It is also putting together a cas saying it has 'sufficient reasonable indications' of its right to reclaim the treasure, as it is made from Peruvian metals originally taken by the Spanish.

As the identity of many wrecks can be disputed, it is possible that exploration teams in future might be tempted to abandon any evidence that compromises the
position..

http://www.commod¡tyonline.com/printnews. php ?news _id= 19531

EXHIBIT 10

Spain seeks sunken treasure - mirror.co.uk

Page 1 of 1

Spain seeks sunken treasure
13/07/2009
Cash-strapped Spain has ordered its navy to look for huge gold reserves that were lost at sea in
the 16th century.

Gold bullion and silver treasure worth an estimated £85billion - the size of the nation's current budget shortfall - lies on the sea bed off the coast of southern Spain.
The Inca and Aztec loot is believed to be in heavilyladen vessels which hit the bottom of the sea in bad weather as they returned to Cadiz from South America.
Naval mine sweepers are to begin radar and sonar surveys to try to locate the wrecks.
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http://www.mirror.co. uk/news/top-stories/2009/07 /13/spain-seeks-el-of-a-haul-115... 7/21/2009

The Value of the Sunken Gold in Spanish Waters Tops the 100 Billion Public Deficit
A Report from the Navy Highlights the Increase in the Noble Metal
Value and Global Accumulation of

Enrique Montánchez Wednesday, 17th of June, 2009
A Navy document created as part of the National Underwater Archeology Plan, to be

carried out by the Ministries of Culture and Defense, emphasizes that the decision
to preserve out of the total booty the treasures sunk in Spanish waters coincides with an unprecedented global state of affairs. It points out three reasons: the

astronomical jump in the price of gold, reaching historical highs; the accumulation
of the noble metal by the main economic powers in light of the weakening of the dollar; and the devastating Spanish economic crisis.
Official estimates for the value of the gold and silver in the sunken ships bearing loads from the American colonies over four hundred years exceed 100 billion euros.

A sum similar in amount to the Spanish economy's current deficit as stated by the government.
The Navy is preparing to undertake one of the most significant

missions in its recent history: to create the
first seafloor map with
the locations of

hundreds of

shipwrecks. In this context of accumulation of gold reserves by the world's main
economies, Spain arouses misgivings due

to the potential of the more than 2,000 tons of sunken gold in its waters, of which the evidence is

registered in the cargo manifests held in historical archives. In most instances, the
inventories don't even represent the true cargo aboard the ships, as it was common

to declare smaller amounts due to smuggling activities and attempts at personal gain by those partaking of the passage back to Spain.
The National Underwater Archeology Plan establishes that the Navy will be in

charge of searching for and locating the shipwrecks. The decision to have the
military head this colossal task was made by President José Luis Rodríguez

Zapatero himself, who felt that the Navy, besides possessing the necessary ships and technical equipment, can guarantee the security that ought to surround such a
sensitive and extensive deployment.

Five Years to Finish the Seafloor Map

In reality, it is not just about finding the shipwrecks and marking them to
determine what kind of archaeological mission is in order. "According to Navy

sources, following each discovery the priority is to prevent information leaks and
protect the shipwrecks from treasure hunting organizations who try to sneak in after we have left a site."

The archaeological map of Spanish waters will not be finished for five years, but the
plan does not throw out the possibility of simultaneously carrying out the recovery operations at shipwreck sites with valuable remains. In any case, sites will be

preserved in their entirety as cultural patrimony. "If you find a thousand gold
ingots, it wouldn't make any sense to leave them at the bottom of the ocean or display them in a museum; in the latter case it would be enough to display a few of them and the rest would go to the State," an underwater archaeology specialist points out.

.~.~ J' . . 'R.

It is apparent that the
"Odyssey Case" has
been a catalyst in

""~

l\l_~

changing the
11 regarding its underwater archaeological heritage.
Using technology
Adm inistration's customary languor

I.
l

available on the
market, the US
treasure hunting

extracted 500,000 gold coins from the remains of a
company

sunken ship in the Gulf

of Cádiz, as impassive Spanish authorities sat
close by.

Naval officers are aware that this assignment from the Government, in

collaboration with the Ministry of Culture, goes beyond the limits of a normal
archaeological project to become a mission that brings together the interests of the State and international economic policy.

As the Dollar Weakens, Banks Worldwide Stock Up on Gold Reserves
The gloomy economic forecast includes a recession that will last until 2011 and a
public deficit that will reach 10% of the GDP this year, approximately 100 billion euros according to the figures released by the Government last Friday, meaning that the recovery of large amounts of gold over the next few years looks like a "miraculous" lifesaver in the eyes of the Executive and is an opportunity not to be

missed.

In just five years, gold has gone from 400 dollars an ounce to over 1,000 currently,

with forecasts claiming that it could top 2,000 dollars an ounce in the medium term. How much stability would be instilled in the Spanish economy by the national
funds represented by the tons of gold to be brought up over the next few years

from the ships on the Route to the Indies?
The steady weakening of the dollar as the standard international currency has caused Chinese, Indian and Russian banks, among others, to stockpile gold for months. This strategy is not just the typical consideration of gold as a "wealth reserve" in times of crisis, but rather a tactic by the international community to backup its currencies with the gold standard in order to face the possibility of an unexpected crash by the dollar. This scenario is not unlikely given Russia and China's proposal following the recent G-20 Summit to create a new currency to compete with the dollar.
Since last summer, Central European banks have also brought the sale of their gold reserves to a total halt. This decision obviously shows the lack of foresight on behalf of the Bank of Spain, which got rid of almost half of its reserves throughout

2007.

The Example of the Russian Reserves
One example of the eagerness to hoard gold in times of economic crisis can be seen in the Central Bank of Russia, whose goal is to have gold reserves reach 10% of its total monetary reserves, meaning that it needs to go from the 500 tons it held at
the end of last year to 1,200 tons. The crisis has decimated the postulations of

political functionaries such as former Economic Vice President Pedro Solbes, who
claimed that gold "played an important role in the past as a type of reserve, but
that role is disa ppea ring as it is no longer a profita ble asset. II

According to conservative estimates, the galleons from the Route to the Indies sunk in Spanish waters could hold more than 2,000 tons of gold. It looks like Spain will

finally stop turning its back on the sea.

E.I oro hundido en aguas españolas supera los 100.000 millones del déficit públi... Page 1 of 4

GENERAL DYNAMICS
Santa 8árbara Sistemas
Un aliado de futuro
Hemeroleca

Newsldter

Normativa

Enlaces

Age/ida

Presenlación

I 12. I

PuLilieadoncs

Consultorfa

CllfSOS

DlARIO DIGITAL domIngo, 19 de JUllo de 2009
INICIO INDUSTfUA OEFENSA INTERNACIONAL MlsiONES SEGURIOAD ENlREVISTAS MULTIMEDIA

EI oro hundido en aguas españolas supera los 100.000 milones del déficit público
Un ¡nfonne de la Armada destaca cd incmmento del valor y la acumulación mundial deliictal noble

ViDEOS

Enrique Montánchez mlércoles, 17 de jUl1io de 2009

: .~+I Ltt'J le~I.Ø?J

Un documento de la Armada, elaborado con motivo del Plan Nacional de Arqueología

Subacuática que lIevarán a cabo los minlsterios de Cultura y Defensa, destaca que la decisión de preservar del expolio los tesoros hundidos en aguas españolas coincide con un escenario
mundial sin precedentes. Y apunta tres razones: el meteórico incremento del precio del oro,

que alcanza máximos históricos; la acumulación del metal noble por las principales potencias económicas ante la creciente debilldad del dólar; y la aguda crisis de la economía española.
Estimaciones oficiales clfran en más de 100.000 millones de euros el valor del oro y plata de los barcos hundidos con cargamentos procedentes de las colonias americanas a 10 largo de

cuatrocientos años. Una cantidad similar al déficit actual de la economía española reconocido por el Gobierno.
La Armada se prepara para acometer una

de las misiones más trascendente de su historia reciente: crear el primer mapa de los fondos marinos con las
localizaciones de cientos de pecios. En

REVISTA A TENEA

este contexto de acumulación de

reservas de oro por parte de las principales economías, España despierta recelos por el potencial que representa
las más de 2.000 toneladas de oro

hundidas en sus aguas y de las que se
tiene constancia por los lIamados

"manifiestos de carga" que se conservan

Los dragamlnas levantarån los mapas submarlnos

en los archivos históricos. En la mayoría de las veces, los inventarios no representan la carga real de los buques, pues era norma común declarar menos para actividades de contrabando y el lucro personal de quienes intervenían en la travesía hasta la metrópoli.
EI Plan Nacional de Arqueología Subacuática establece que la Armada se encargue de los trabajos de búsqueda y localización de los pecios. EI protagonismo militar de esta colosal tarea es una decisión personal del presidente del Gobierno, José Luis Rodríguez Zapatero, que

considera que la Armada, además de disponer de los buques y medios técnicos adecuados,
garantiza la seguridad que ha de rodear tan sensible y extenso despliegue.

Cinco años para completar el mapa de los fondos marinas
En efecto, no sólo se trata de encontrar los pecios y señalarlos para determinar qué tipo de
trabajo arqueológico ha de acometerse. "A partir de cada descubrimiento, señalan Fuentes de

la Armada, 10 más importante es evitar filtraciones de información y mantener los pecios a
salvo de organizaciones de cazatesoros que intenten lIegar a ellos cuando abandonemos el

lugar". '

La totalidad del mapa arqueológico en aguas españolas no se completará antes de cinco años, si bien no se descarta que en paralelo se acometan los trabajos de recuperación en aquellos pecios donde se descubran restos de valor. En cualquier caso se preservará la integridad del pecio para mantenerlo como bien culturaL. "Si encuentras mil Iingotes de oro no tendría sentido alguno dejarlos en el fondo del mar 0 exponerlos en un museo, para esto último bastaría con unos cuantos y el resto pasarían al Estado", apunta un especialista en arqueología

submarina.
Es obvio que el "Caso Odyssey" ha actuado de

revulsivo ante la tradicional desidia de la
Administración hacia su patrimonio arqueológico submarino. La empresa de cazatesoros

norteamericana extrajo, ante la impasibilidad de

las autoridades españolas, 500.000 monedas de
oro de los restos de un navío hundido en aguas
del Golfo de Cádiz, utilizando tecnología

http://www.revistatenea.es//revistaatenea/revista/articulos/gestion noticias _ 428_ e...

7/19/2009

EI oro hundido en aguas españolas supera los 100.000 millones del déficit públi... Page 2 of 4

disponible en el mercado.
Los mandos de la Armada son conscientes de que la tarea encomendada por el Gobierno, en colaboración con el Ministerio de Cultura, sobrepasa los Iímites de una campaña arqueológica y se ha convertido en una misión

en la que confluyen intereses de Estado y de
política económica internacional.

Los bancos mundiales acumulan oro por la debildad del dólar
económicas, con una recesión que lIegará hasta 2011 y un déficit público que este año rondará el 10% del PIB, alrededor de 100.000 millones de euros, según admitió el Gobierno el pasado viernes, que supondría la recuperación en los
próximos años de fuertes cantidades del oro hundido se presenta a ojos del Ejecutivo como un "milagroso" salvavidas al que aferrarse.
En apenas cinco años el oro ha pasado de 400 dólares la onza hasta los 1.000 actuales, con previsiones de superar a medio plazo los 2.000 dólares. ¿En qué medida inyectaría estabilidad a la economía española el aporte a las arcas del Estado durante los próximos años de toneladas de oro procedente de los buques de la Carrera de Indias?
Vehículo Operado par Control Remota Zeus

En un escenario de deterioro de las previsiones

La paulatina debilidad del dólar como moneda mundial de referencia ha provocado que los bancos nacionales de China, India y Rusia, entre otros, lIeven meses acumulando oro.
Estrategia que no responde exclusivamente a considerar el oro como "valor refugio" tradicional

en épocas de crisis, sino ante la posibilidad de que una quiebra inesperada de la moneda
norteamericana obligue a la comunidad internacional a respaldar de nuevo sus divisas con el patrón oro. No es un escenario improbable si tenemos en cuenta que Rusia y China han propuesto, tras la reciente Cumbre del G-20, la creación de una nueva divisa que compita con el dólar.
También los bancos centrales europeos han frenado en seco desde el pasado invierno la venta de sus reservas de oro. Decisión, por cierto, que ha puesto en evidencia la poca previsión del Banco de España, que a 10 largo de 2007 se desprendió de casi la mitad de sus reservas.

EI ejemplo de las reservas rusas
Un ejemplo de la avidez por acaparar oro en plena crisis económica 10 ofrece el Banco Central de Rusia, que se ha fijado como objetivo que sus reservas de oro alcancen el 10% del total de sus reservas monetarias, 10 que significa lIegar hasta las 1.200 toneladas, frente a las 500 toneladas que poseía a finales del pasado año. La crisis ha hecho saltar en pedazos las tesis de

responsables políticos, como el anterior vicepresidente económico del Gobierno Pedro Solbes, quien afirmó que el oro "jugó en el pasado un papel fundamental como elemento de reserva
que está desapareciendo, ya que no es un activo rentable".
Los galeones de la Carrera de Indias naufragados en aguas españolas, según estimaciones conservadoras, albergarían más de 2.000 toneladas de oro. Parece que España, finalmente,

deja de vivir de espaldas al mar.

Volver

http://www.revistatenea.es//revistaatenea/revista/articulos/gestionnoticias _ 428_ e... 7/19/2009

Over 100 Bilion in Gold and Silver Sitting at the Bottom of

the Sea

The Spanish Navy estimates that there is gold and silver worth more than 100 billion euros in the depths of Spanish waters, sitting amongst the remains of sunken ships holding treasure from overseas colonies.
This Navy document is part of the operations undertaken through the National Underwater Archeology Plan that is currently being carried out by the Ministries of Defense and Culture, but is stil pending authentication by the two Ministries.

In addition to this study-according to military sources-the plan includes drawings of the seafloor to be realized by Navy ships in order to discover the real conditions of the shipwrecks and prevent controversies such as that involving treasure hunter Odyssey, which has ended up in court.
The Navy's study, published in the journal 'Atenea,' states that the gold and silver from the sunken ships is worth more than 100 billion euros, a figure close to Spain's economic deficit which the Governent says it wil overcome in 2009.

The agreement between the Ministries of Defense and Culture entails more than just the seafloor drawings to be created within five years using dive ships and minesweepers, and looks to recover the sunken historical heritage.

Más de 100.000 millones en oro y plata sumergidos en el mar I España I elmun... Page 1 of 5

Lunes 22/06/2009. Actualizado 14:25h.
rESOROS I Arqueología Subacuática

Más de 100.000 millones en oro y plata sumergidos en el

mar
Servimedia I Madrid

Actualizado domingo 21/06/2009 16:46 horas
La Armada estima que en los fondos marinos españoles hay plata y oro par valor de más de 100.000 millones de euros en los restos de los pecios españoles sumergidos con el tesoro

. de las colonias de ultramar.

Este documento de la Armada es uno de las acciones que surgen del Plan Nacional de
Arqueología Subacuática que tiene en marcha entre los ministerios de Defensa y Cultura, y que permanece a la espera de la rúbrica por parte de las dos ministra.

Además de este estudio, el plan recoge el dibujo de los fondos marinos por parte de los
buques de la Armada, segun fuentes militares, para encontrar la situación real de los pecios hundidos y evitar situaciones como la polémica surgida con el cazatesoros Odissey, que

terminó en los tribunales.
EI estudio de la Armada, que publica la revista especializada 'Atenea', establece que el valor del oro y plata de los barcos hundidos supera los 100.000 millones de euros, cifra que se

asemeja al déficit de la economía española con la que el Gobierno estima acabar este
años 2009.

EI acuerdo entre Defensa y Cultura va más allá del dibujo del fondo del mar, que se realizará con los buques de buceo y los cazaminas y antes de cinco años, y aboga por la recuperación el patrimonio histórico sumergido.
CI 2009 Unidad Editorial

Internet, S.L.

http://www.elmundo.es/elmundo/2009/06/21/espana/1245595617.html

7/19/2009

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