News of the Spain vs Odyssey Marine continuing legal battle has been scant as of late. Earlier this week it began to pickup.
According to papers filed with the (US) Securities and Exchange Commission the week of 10 September 07 Odyssey Marine Exploration received USD 7,000,000.00 from Fortress Investment Group. The money was provided by Fortress in return for shares of Odyssey preferred stock convertible to 100,000 shares of common stock at $5.35. Fortress recently made news when it was made public that it paid $479,512 to former Democrat Sen. John Edwards, in 2006, for “part-time” consulting work. Former Sen. Edwards is currently seeking the Democrat party nomination to run for President of the United States. He was the unsuccessful Democrat Vice Presidential nominee in 2004.
While Odyssey (OMEX: NASDAQ) recovered an estimated $500 Million dollars in silver and gold coins earlier this year the Kingdom of Spain has filed claim against the recovery in US Federal Court in Tampa, Florida. The cash infusion will assist OMEX in funding the legal battle.