Saturday, February 25, 2012

Peru Fails to Stop Spain in Odyssey Marine Case

The case of Republic of Peru v. Kingdom of Spain et al. (11A795)--related to Odyssey Marine Exploration, Inc. v. Kingdom of Spain, et al.--saw a last minute emergency appeal quashed Thursday. Peru made the final effort to stop coins, believed to be from the galleon called Nuestra Senora de las Mercedes, from returning to Spain. Spain has insisted that the so-called Black Swan treasure was taken unlawfully by salvor Odyssey Marine because the company impermissibly removed the items from a ship flying the Spanish flag.

US Supreme Court Justice Clarence Thomas denied Peru’s appeal on February 23, just two days after that country filed its application to stay. Peru made claims in federal court that the coins were minted in that country.  Justice Thomas also denied Odyssey Marine's application for a stay on February 9.

The high court's decision clears the way for the 17 ton load of coins to be transferred to Spain.  Odyssey Marine's stock fell nearly 4% on Friday.

Photo credit: davidlat