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TOPIC: Billion dollar treasure ship found off Colombian Coast

Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 13:21 #1

  • Orangeaid
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It's incredible how greedy US companies are. Some private US shipwreck finding company lay claim to finding the wreck, even though the wreck probably lies in Colombia's territorial sea under International Law. It then litigated in a US court, but was unsuccessful.

Hopefully the US court said "sorry, we don't have jurisdiction outside US Territory" ... but I doubt it given "US exceptionalism".

Colombia should now hold the $billion bounty.
Colombia finds treasure galleon, ending 300-year mystery

December 6, 2015, 10:00 am

Colombia says it has found the shipwreck of a storied Spanish galleon laden with gold and precious stones, three centuries after it was sunk by the British in the Caribbean.

"This is the most valuable treasure that has been found in the history of humanity," declared President Juan Manuel Santos on Saturday, speaking from the northern port city of Cartagena, close to where experts made the hugely valuable find.
Source: yahoo news
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 14:15 #2

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Case of the Day: Sea Search Armada v. Republic of Colombia

October 26, 2011Colombia, Recognition and EnforcementTed Folkman

Aargh! The case of the day, Sea Search Armada v. Republic of Colombia (D.D.C. 2011), is, in the words of the judge, “like a marriage between a Patrick O’Brian glorious-age-of-sail novel and a John Buchan potboiler of international intrigue.” According to the complaint, Sea Search Armada had an agreement with the government of Colombia for salvage of the treasure of the San Jose,a Spanish ship carrying $4 to $17 billion of coins and bullion. In 1708, when Britain really ruled the waves, the British navy sank the San Jose, and the ship came to rest off the coast of what is now Colombia. In 1980, the Colombian government authorized the Glocca Mora Co. to explore the continental shelf for shipwrecks, and the next year GMC discovered the wreck of the San Jose. GMC and Colombia agreed that GMC would be entitled to receive 35% of the treasure recovered. GMC assigned its rights to Sea Search Armada, and in 1984, Colombia agreed that SSA would be entitled to GMC’s 35% share, but it refused to enter a written contract with SSA and refused SSA permission to conduct full salvage operations at the shipwreck site. The Colombia parliament then passed a law giving the state the right to all of the treasure, leaving SSA with a 5% finder’s fee, which was to be taxed at 45% to boot!

SSA sued Colombia in its own courts in 1989. The Colombia Constitutional Court struck down the law at issue as unconstitutional in 1994. Later, the Circuit Court of Baranquilla held that SSA and Colombia each owned 50% of the San Jose treasure, although the source of the 50% figure is mysterious given that the original agreement called for a 65/35 split.

In 2010, SSA sued Colombia in the District of Columbia, seeking recognition and enforcement of the judgment and seeking damages in the amount of $17 billion. The District of Columbia has enacted the Uniform Foreign-Money Judgments Recognition Act, which applies, on its face, only to foreign judgments “granting or denying recovery of a sum of money.” The judge granted Colombia’s motion to dismiss. The gist of the decision was that because the Colombian judgment did not award any damages to SSA, it was not within the scope of the UFMJRA. First, the value of the treasure had not been determined, and SSA’s $ $17 billion figure was only its own estimate. Second, the award was, in essence, a declaration of the parties’ rights rather than an award of damages.
lettersblogatory.com/2011/10/26/sea-search-armada/
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 14:17 #3

  • dentedarthur
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Some sources report it was found in 1980
Keep your spirit level
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 15:14 #4

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It was. But only photographed recently. Hence the news story.

Have you looked at the link?
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 15:34 #5

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Orangeaid wrote:
It was. But only photographed recently. Hence the news story.

Have you looked at the link?

Yeah, just prior to posting, but before seeing your second post ;)
Keep your spirit level
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 17:06 #6

  • annabelle
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I don't see why the initial agreement (not contractual) of 35/65 split wouldn't have been a fair one. It makes it seem that the Columbians were intent on reneging on this deal from the beginning which is why they did not do up a contract and why would SSA go into this deal without one? To conclude with a highly taxed 5% finders fee does not seem fair and appears greedy on the side of the Columbians considering the amount at stake and the amount they initially agreed upon despite the valuable booty being within the waters of Columbia.

Mind you 35% of that astronomical amount of value is an enormous payout, did both or either party know how much was at stake before the agreed upon expedition?
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 17:42 #7

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It's still a better deal than the British initially had in mind
Keep your spirit level
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 21:34 #8

  • Orangeaid
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annabelle wrote:
I don't see why the initial agreement (not contractual) of 35/65 split wouldn't have been a fair one. It makes it seem that the Columbians were intent on reneging on this deal from the beginning which is why they did not do up a contract and why would SSA go into this deal without one? To conclude with a highly taxed 5% finders fee does not seem fair and appears greedy on the side of the Columbians considering the amount at stake and the amount they initially agreed upon despite the valuable booty being within the waters of Columbia.

Mind you 35% of that astronomical amount of value is an enormous payout, did both or either party know how much was at stake before the agreed upon expedition?
The US is hated in South America.

It doesn't surprise me at all that Colombia acted the way they did.
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Billion dollar treasure ship found off Colombian Coast 06 Dec 2015 21:36 #9

  • ragnarok
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What surprises me is that with all the cartel submarine activity that must go on off that coast, it hadn't been found already.
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