Sea hunt strikes gold

The founder of Odyssey Marine Exploration makes a big find.


(FSB magazine) -- Recovering $150 million in sunken treasure might seem like a career-capping event. But Greg Stemm, founder of Odyssey Marine Exploration (cover story, March 2005), wanted to show the world (and shareholders) that he isn't a one-hit wonder.

On May 18 Stemm announced a bigger find. Odyssey's dive vehicle fetched 17 tons of Colonial-era silver and gold coins from a wreck in the eastern Atlantic that, for security purposes, he identifies only by the code name "Black Swan" (blackswanshipwreck.com). One expert estimates the 500,000 coins to be worth $500 million.

A possible catch: If it turns out that the coins are Spanish, the government of Spain may try to claim a share of the booty. Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.