According to the court documents the legal debates between the deep-sea explorers from Florida and Spanish government regarding a sunken treasure, which is valued at $500 million, are to continue for a year or more.
A case management report, which was filed in federal court, states that both Odyssey Marine Exploration and Spanish government attorneys are ready to act beyond their abilities in trail that will take place some time after October 1, 2008.
It is worth mentioning that Spain's officials have filed claims to the sunken treasure, which represents coins and artifacts from the colonial era. The Tampa-based team of deep-sea explorers, Odyssey Marine Exploration, was the one to salvage the treasure from an undisclosed shipwreck, which was found in the Atlantic Ocean.
Country's officials consider that in case the ship belonged to Spain or was removed from its territory waters, the treasure should return to Spain.
The U.S. explorers have cited security concerns stating only the fact that their finding was located in international waters. However, an expert document that the court filled in October mentioned that the sunken treasure ship was spotted 320 km west of Gibraltar.
Odyssey was asked to reveal the exact place where the team found the treasures. An attorney for the Spanish government wants judge to order the deep-sea explorers to disclose the identity of their ship, the codename of which is "Black Swan".
In court filings the team stated that after following legal channels in the United States District Court, when Odyssey was seeking exclusive rights to the treasure ship wreck location, they decided to continue keeping the location secret in order to protect it from other salvagers.
Greg Stemm, Odyssey Marine Exploration co-founder, mentioned that the company agreed to disclose information about the wreck location in case attorneys agree to keep it secret. It is believed that Spain will not disclose the exact location to anyone; however, the country's officials still look forward for the U.S. team to reveal fully and unconditionally all details, including the types of coins.