Odyssey Sinks As Judge Rules Loot Belongs To Spain

NEW YORK (AP) — Shares of Odyssey Marine Exploration Inc. sank Thursday after a federal court said on Wednesday the shipwreck-exploration company should return $500 million worth of treasure from a sunken Spanish warship to Spain.

Odyssey's shares nearly halved, to $2.04, down $1.83, in morning trading, bottoming at a nearly six-year low of $1.39 earlier in the session.

Federal magistrate judge Mark Pizzo recommended the Tampa, Fla.-based company return the 500,000 gold and silver coins to the Spanish government.

Odyssey said Wednesday it would file a written objection to the decision. Another federal judge will consider the recommendation and decide.

The Tampa, Fla.-based company had discovered the 17 tons of loot, popularly known as the "Black Swan" treasure, in the Atlantic Ocean in May 2007.

Spain filed a claim in federal court in Tampa stating that the treasure came from a Spanish ship, the Nuestra Senora de las Mercedes, which was sunk by the British navy during a sea battle off the southwest coast of Portugal in 1804.