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The article says the U.S. and Spain have a treaty stating Spanish ships remain Spain’s property. If so, how is this an outrageous situation? Shouldn’t the company have researched the law before spending all that money?

Likewise, U.S. ships remain the property of the United States, no matter where in the World they sank.

In fact, this long standing tradition, codified in maritime law, even extends to the fact that the United States retains sovereign rights to the wreck of the Confederate warship CSS Alabama which was sunk in French waters.

DEPARTMENT OF THE NAVY -- NAVAL HISTORY & HERITAGE COMMAND -- UNDERWATER ARCHAEOLOGY BRANCH -- In Defense of Perpetual Title to Sovereign Wrecks

The company knew the law perfectly well. This case was being discussed in Spanish naval history forums a few years ago and the company tried to hide the fact that they were salvaging a Spanish warship (Nuestra Senora de las Mercedes) by claiming that they had salvaged a wreck they code named the “Black Swan” somewhere in the Atlantic.

I checked out the story of the Battle of Cape Santa Maria and it's very interesting.

Spain and the UK were at peace at the time, but intelligence learned of a secret treaty by which Spain paid Napoleon tribute until it declared war. Admiralty believed Spain would declare war as soon as this treasure fleet arrived.

So, a squadron was sent to intercept the four frigate fleet. The action was over quickly - an action between four Spanish and British frigates was hardly a fair fight in those days. But a lucky shot landed in the Mercedes magazine and the ship exploded.

The epilogue is interesting too. An Admiralty court denied the crews their prize money because Britain was not technically at war with Spain (wink, wink). They did later make a gratis payment, however.

And this was the last Spanish "treasure fleet" from the New World.

http://en.wikipedia.org/wiki/Action_of_5_October_1804