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The shipwreck site is Spain's "historical patrimony and also constitutes the tomb of 250 seamen and Spanish citizens," Madrid argued.
The frigate was protected under the principle of "sovereign immunity" that applies to ships belonging to states as well as to wrecks, and which bars "unauthorized intrusion or exploitation for commercial ends," according to Spain's culture ministry.
The Tampa, Florida-based Odyssey was ordered to turn over half a million silver coins and hundreds of gold objects it recovered from the wreck somewhere in "international waters in the Atlantic Ocean."
Odyssey appealed the case on five points, including "clear and convincing evidence" that the vessel's mission at the time was commercial, which "legally nullifies the claim to sovereign immunity of that vessel," and that most of the coins aboard ship were owned by merchants "and were never owned by Spain."
"We know that admiralty law is complex, and the facts of this case are unique," Odyssey vice president and general counsel Melinda MacConnel said in a statement.
"We are confident that the facts and applicable law are in our favor."
Odyssey Marine Exploration, Inc., which focuses on salvaging deep-water shipwrecks, is listed on the Nasdaq stock exchange.
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The frigate was protected under the principle of "sovereign immunity" that applies to ships belonging to states as well as to wrecks, and which bars "unauthorized intrusion or exploitation for commercial ends," according to Spain's culture ministry.
The Tampa, Florida-based Odyssey was ordered to turn over half a million silver coins and hundreds of gold objects it recovered from the wreck somewhere in "international waters in the Atlantic Ocean."
Odyssey appealed the case on five points, including "clear and convincing evidence" that the vessel's mission at the time was commercial, which "legally nullifies the claim to sovereign immunity of that vessel," and that most of the coins aboard ship were owned by merchants "and were never owned by Spain."
"We know that admiralty law is complex, and the facts of this case are unique," Odyssey vice president and general counsel Melinda MacConnel said in a statement.
"We are confident that the facts and applicable law are in our favor."
Odyssey Marine Exploration, Inc., which focuses on salvaging deep-water shipwrecks, is listed on the Nasdaq stock exchange.
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