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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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.