Miami, AgencyThe 11th U.S. Circuit Court of Appeals in Atlanta has agreed to hear oral arguments in a Florida treasure-hunting firm's battle with the Spanish government over ownership of $500 million in gold and silver coins, the company said Tuesday.
Odyssey Marine Exploration, Inc. turned in January to the 11th Circuit with the aim of convincing the judges to nullify the decision of a Tampa, Florida, judge ordering the firm to hand over the treasure to Spain.
U.S. District Judge Steven D. Merryday ordered Odyssey to place the treasure recovered at the site of the sunken Spanish frigate Nuestra Señora de las Mercedes in the hands of the Spanish state, at the same time that it was ruled that his court did not have jurisdiction over the case.
"We are looking forward to presenting oral arguments in the 'Black Swan' case to the appellate court. We believe the district court incorrectly dismissed the case based upon clearly erroneous factual findings and flawed legal analysis of basic admiralty principles and the concept of sovereign immunity," Odyssey Vice President and General Counsel Melinda MacConnel said in a statement.
MacConnel shared the view that Judge Merryday did not apply the correct legal analysis to the "commercial activity" being performed by the Mercedes in 1805 when it sank off the coast of Portugal in a battle with British warships.
Odyssey salvaged the coins in May 2007.
One of the avenues for Odyssey's challenge is based on the fact that the Mercedes was found to be carrying out a mission of "a commercial nature" at the time she sank, something that legally nullifies the principle of sovereign immunity, according to the firm.
"In addition, Odyssey and the other claimants in the case were denied their right to due process because the district court failed to conduct an evidentiary hearing on the disputed issues of fact," MacConnel said.
The firm has made clear that it will resort to the Supreme Court if the 11th Circuit rules in favor of Spain.
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