Posted on 05/19/2007 6:51:35 PM PDT by mission9
Investors are dancing in the Streets in Tampa, Florida, and it is not even the Gasparilla Festival yet. Treasure salvers occupy a beloved place in Florida lore, and the work of high tech salver Gregg Stem has hit stratospheric heights with today's announcement. In what is believed to be the largest collection of coins ever excavated from a shipwreck, Odyssey Marine Exploration (Amex symbol OMR) has recovered over 500,000 silver coins weighing more than 17 tons, hundreds of gold coins, ......
(Excerpt) Read more at associatedcontent.com ...
In their dreams, before marketing expenses
Let's say they have 17 tons of silver and pretend it is coinage instead of bars for simplicity. Let's say that represents half a million coins/items for simplicity. Let's say they broker a deal with a major grading/authentication service and only pay $25 per item delivered back for marketing. That is $13 million in authentication services, delivery, handling, and insurance alone. Perhaps they cut those costs in half.
How much would you pay for an ounce of cleaned up silver ?
They need to get about $850 each for these (not $1000 because I know they have some gold to go with it to raise the rest of the figure to $500 million).
Really, how much stupid money is there really out there ? After the real estate correction ?
Spain says the new found stinks: http://www.msnbc.msn.com/id/18785078/?GT1=9951
The situation about the Sussex wreck doesn’t appear to be as smooth as they stated in the press release (linked in #15), either. If the gold is from the Sussex, these perps should get arrested and the Odyssey confiscated.
interesting post from yahoo/OMR message board posted 2 hrs ago:
Project renamed to Black Hole (6 Ratings) 22-May-07 07:28 am
Where is it? Can’t tell you
How much is it worth? Can’t tell you
We recovered 500,000 coins, only 6,000 have been restored.
Are there claims? there probably will be
Are you partners with Disney? umm.. yes.
Is the timing with the movie a coincidence? no no.. just VERY fortunate
How much did you make last year? $5M- about the same as a gas station
You are burning cash at $23M a year, how will you support yourself? We may have to scale back operations.
Will you make $500M off the haul? Well, there are legal, SG&A costs, marketing, etc.. so thats a GROSS figure.
This is all taken from the famous Q&A and various PRs out there.
Rate it:
awful/not related to \pooraveragegoodexcellent
just FYI:
John Edwards Stakes Claim on Pirate Booty
By Brett Arends
Mutual Funds Columnist
snip......Even less well known is who owns OMR.
Biggest shareholder: New York-based Fortress Investments, a private equity and hedge fund manager. Senior adviser and major investor: John Edwards.
Edwards’ personal financial disclosures show he’s an investor in the exclusive Drawbridge Global Macro Fund, which owns the 9.9% stake in OMR.
http://www.thestreet.com/_yahoo/funds/followmoney/10358370.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
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