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Odyssey had argued in federal court that the wreck was never positively identified as the Mercedes. And if it was that vessel, the company contended, then the ship was on a commercial trade trip
-- not a sovereign mission -- at the time it sank, meaning Spain would have no firm claim to the cargo. International treaties generally hold that warships sunk in battle are protected from treasure seekers. Odyssey lost every round in federal courts trying to hold on to the treasure. In a court hearing Feb. 17, the company was ordered by a federal judge to give Spain access to the treasure this week to ready it for transport. Odyssey said it would no longer oppose Spain's claims. Meanwhile, the court also ordered that Odyssey had to turn over some coins and other artifacts that are still in Gibraltar. The company has blamed politics for the courts' decisions since the U.S. government publicly backed Spain's efforts to get the treasure returned. In several projects since then, Odyssey has worked with the British government on efforts to salvage that nation's sunken ships, with agreements to share what it recovers. The company has said in earnings statements that it has spent $2.6 million salvaging, transporting, storing and conserving the treasure. But it is not expected to receive any compensation from the Spanish government for recovering it because the European nation has maintained that the company should not have tried to do so in the first place. Goold previously has likened the salvage of shipwrecks for profit to diving for souvenirs on the wreck of the USS Arizona in Pearl Harbor, Hawaii. In Madrid, the Spanish Culture Ministry recently said the coins are classified as national heritage and
-- as such -- must stay inside that country where they will be exhibited in one or more Spanish museums. It ruled out the idea of the treasure being sold to ease Spain's national debt in a country grappling with a 23 percent jobless rate and a stagnant economy.
[Associated
Press;
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