Money Week
01.06.2007
Treasure hunters Greg Stemm and John Morris made headlines last month when they recovered more than 500,000 pieces of gold and silver from a wreck codenamed ‘Black Swan’. The haul, which could be worth as much as $500m, sent the share price of their company, Amex-listed Marine Odyssey Exploration, rocketing from $4.35 to $9, valuing the company at $400m; and Stemm and Morris at about $14.8m and $12.8m respectively. The ship’s identity has yet to be confirmed, but it is thought to be the Merchant Royal, an English ship known as the ‘Eldorado of the Seas’, which sank off the Cornish coast in 1641 full of treasure from Mexico.
Comment:Nice stock play,wonder if any of these coins could end up at Heritage Auctions over the next few years.
