The Exception Becoming the Rule, and Buying Anyway

Posted on August 17, 2008


While studying on exchange at Vermont Law School years ago, I produced a profile on Odyssey Marine Explorations (ticker: OMEX) for a Business Law course.  I have watched the company since.  Odyssey keeps me engaged, always wondering what legal mischief they’ll get into next.  I’ve been watching the Black Swan parley with intrigue, and am rooting for them as they work in the English Channel this season.

In all this time, why haven’t I invested in Odyssey?  Because the trends in shipwreck law have not been encouraging.  The past decade or so of international agreements, circuit decisions, and state initiatives do not bode well for the rights of seafaring treasure hunters.  The evolving definition of implied abandonment makes it harder and harder to gain rights to a maritime find.

Investing in Odyssey has always been in the back of my mind, but the little I knew about shipwreck law was getting in the way.  The article, “August is the Time to Buy Odyssey Marine Exploration,” however, makes a compelling case for why the stock is a good buy.  (It also, incidentally, gives a great primer on shipwreck law and the Black Swan litigation.)

I have to admit, the article sold me.  I’ve now got a few shares of OMEX, sitting happily alongside the emerging market index funds in my IRA.  Now, as I watch my Odyssey feed, I can root with all the more fervor.