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Pillar of the Community
United States
4008 Posts |
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Oh, I get 10%? That's funny, I'm having a hard time remembering where it was... Perhaps a couple of years in a cold, clammy, and rat infested Spanish dungeon would loosen your tongue a bit?  Something like that would not surprise me these days.  |
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Pillar of the Community
United Kingdom
2838 Posts |
I think the British government has had laws in place for this sort of thing for a while now, WWII wreaks are not uncommon in our waters or are British wreaks in other peoples waters elsewhere in the world. http://www.guardian.co.uk/uk/2012/j...ck-irish-seaQuote:
Odyssey said that under an agreement with the British government, it is allowed to keep 80% of the treasure after recouping its expenses. Thats a pretty good deal for the finder tbh. Edited by bobbyhelmet
10/18/2012 9:13 pm
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Bedrock of the Community
13014 Posts |
Thats a lot better than a pretty good deal. Guess the government figures anything they get is free money and wants to encourage people to take the risk of getting it
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Pillar of the Community
United Kingdom
2838 Posts |
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Guess the government figures anything they get is free money and wants to encourage people to take the risk of getting it. Yep, I can remember a media fueled outrage that they were letting foreign companies search our waters and keep so much but this is specialist work and only a handful of outfits are capable, Odyssey being one of these. 20% of something is much better than 100% of nothing. |
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Bedrock of the Community
13014 Posts |
100 percent agree. Especially since they get all the benefits and take on none of the risk.
Its crazy how much time and money those guys put into the operation with just a hope that what they think is on the ship is there. A score like this would set them up for good, but I'm sure most of the projects theyre lucky to break even
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Pillar of the Community
United States
4008 Posts |
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Thats a pretty good deal for the finder tbh. Yes it is. So good, in fact, that I am instantly suspicious. Is that before they tax the find at 50% or some other ridiculous number? Quote:
20% of something is much better than 100% of nothing. Completely agree but have seen any number of situations wherein others did not see it that way. Most of them involved ship wrecks of various kinds. I can see a country getting a cut of the profits IF the wreck is in their territorial waters. If not, then they are SOL, IMO.  |
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Bedrock of the Community
13014 Posts |
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I can see a country getting a cut of the profits IF the wreck is in their territorial waters. If not, then they are SOL, IMO.
Thats where you get the long drawn out battles especially for war ships which most are because they are property of the country of origin and those countries never relinquish the right to their ownership. I want to say countries have won those battles more often than not |
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Pillar of the Community
United Kingdom
2838 Posts |
I guess if this ship really has $3-4 Billion on it we will soon find out who can do what by way of the law. Its certainly not small fry and could be a nice bonus to whoever wins out. Russian payment to the US for war supplies carried and insured by the British but sunk in an act of war, payment later remade but wreak sitting off the US coast, I get the feeling its the layers who are the only people guaranteed to make a fortune here! I would guess its the property of an insurance company, but as it was sunk in an act of war this might mean no payment was ever made in compensation, which would mean the Russians still own it but I would guess as its in US waters some deal would be struck with them. Would 50 miles not place it outside territoriality waters? Quote:
Is that before they tax the find at 50% or some other ridiculous number? Not sure, last I heard the silver was sitting in a warehouse somewhere. Businesses don't seem to bother paying tax anymore in the UK, just Joe public sadly  Edited by bobbyhelmet
10/21/2012 4:45 pm
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Pillar of the Community
United Kingdom
2838 Posts |
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Bedrock of the Community
13014 Posts |
So it sounds like they get to sell what they need to to cover their expense then whats left they split 80/20 which is a really good deal. I'm just going to assume it wont be taxed since the government can wait taxes whenever they want and they want people looking for this stuff
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Pillar of the Community
United States
4008 Posts |
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Thats where you get the long drawn out battles especially for war ships which most are because they are property of the country of origin and those countries never relinquish the right to their ownership. For the most part, warships were not used to ferry bullion around but they may have considerable personal value to the families of the crews, as well as historical value. Quote:
I want to say countries have won those battles more often than not That seems reasonable to me, since most treasure hunters and wreck salvage guys are not among the uber rich who can afford their own army of lawyers to do a credible battle in court for several years. Quote:Businesses don't seem to bother paying tax anymore in the UK, just Joe public sadly  Yeah, there seems to be a lot of that going around these days. It is the really big companies that are skating on their taxes, though. Small and mid-sized companies do not have the "friends" needed in the national capital for that. Quote:
I get the feeling its the layers who are the only people guaranteed to make a fortune here! A reasonable feeling for sure, since the entire US legal system is designed to maximize conflict, resolution time, and therefore lawyer earnings.  Quote:
Im just going to assume it wont be taxed since the government can wait taxes whenever they want and they want people looking for this stuff Sure, they want this stuff to be found so it can be taxed! If it is not taxed, its finding is of no interest or value to a government. I suppose that one could say that its spending would boost the economy a bit but there is no guarantee that the finders would spend it in any particular country. |
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Bedrock of the Community
13014 Posts |
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For the most part, warships were not used to ferry bullion around but they may have considerable personal value to the families of the crews, as well as historical value. True but anything involved in the war was considered a war ship basically. The supply ships got armed and had troops usually once the U-boat attacks had started Quote:
Sure, they want this stuff to be found so it can be taxed! If it is not taxed, its finding is of no interest or value to a government. Government still gets their 20 percent in the share split. 20 percent of 3 billion is a lot better than 0 percent of PMs on the ocean floor. |
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Pillar of the Community
United States
4008 Posts |
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20 percent of 3 billion is a lot better than 0 percent of PMs on the ocean floor. Indeed it is. I am one of those who thinks this way but also recognize that there are others out there who do not. There are some countries out there that are desperate for capital and are pretty draconian about how they get it. Larger and more advanced countries seem to have this pretty well worked out to make a good compromise between getting some revenue vs. taking so much that treasure recovery is discouraged... or forced underground. Creating a partnership between the local gov and the treasure finders seems a good way for everyone involved to benefit. The devil is in the details, of course, but a good deal for both can work well. |
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Pillar of the Community
United Kingdom
2838 Posts |
Been a bit obsessed by this story since seeing it here  This is interesting, especially the bit at the end where the location of the wreck and even if there are two wreck sites is not known for sure. http://en.wikipedia.org/wiki/Blue_B..._(shipwreck)From what I read I get the feeling it either wasn't carrying platinum or may have been plundered already. Good luck to those trying to salvage though, I guess nobody really knows till something is brought up. Lots of strange stories about Russian guards on the boat who mysteriously disappeared and even that the platinum was picked up in New York and was going the other way! Hopefully, someday, the truth will finally all come out  |
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Bedrock of the Community
13014 Posts |
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Creating a partnership between the local gov and the treasure finders seems a good way for everyone involved to benefit. I agree, from a government perspective it makes a ton of sense. They eliminate all the risk while getting to reap in the reward. Free money is always nice |
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Replies: 30 / Views: 4,516 |
First Page
Posted 10/18/2012 9:10 pm
