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£148 Million of silver found on WW2 wreck

#3
I love a good story about sunken treasure, but surely giving the salvage company 80% of the haul is down to very bad negotiations skills by the Dept of Transport. Did they get the teaboy to draw up the contract?
When the silver is 15,000ft down and you're the only people who can get it, you can name your own terms.
 
#4
When the silver is 15,000ft down and you're the only people who can get it, you can name your own terms.
It's also a business. The salvage companies pay a fortune on research, and equipment, to find these wrecks and explore them. Sometimes for years. Sometimes the wrecks once found have **** all of interest on them.

That's why they charge so much.
 
#5
I love a good story about sunken treasure, but surely giving the salvage company 80% of the haul is down to very bad negotiations skills by the Dept of Transport. Did they get the teaboy to draw up the contract?

BBC News - Shipwreck of SS Gairsoppa reveals £150m silver haul

Wartime wreck to give up £148m in lost silver bullion - Home News, UK - The Independent

If the the Insurance company paid out who would the silver belong to?
Fairly standard split as it was an SS not an HMS. If its an HMS such as the Victory then they get a recovery fee or so is my understanding. Also with HMS they have to be careful of "wargrave" status.

Not my field, I'm more ofay with Dry Archaeology and PAS. Not dealing with the HM's Receiver of wreck.
 
#6
I know that savage cost a lot to research and kit out, how ever legally the silver belongs to the original owners (Dept of transport in this case?). Odyssey salvaged a load os Spanish treasure only for the Spanish Gov. to slap them with a legal challenge which has seen the booty locked up for years. Surely the Gov. could have done better than 20%.
Odysey might have the know how, but the Government could tie them up with legal challenges till the cows come home.

Next question, does the RN have any thing that can savage the deep blue sea? Could be a nice side line for them?
 

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