Finding buried treasure in stocks that find, well, buried treasure
In March a friend humorously pointed me to Admiralty Holding Company (ADMH), a sad little penny stock for a company that searches for buried treasure on sunken ships. It sounded like a ridiculous investment. So I was surprised last week when a similar company, Odyssey Marine Exploration (OMR), rocketed up 80% to $7.38 when it discovered buried treasure.
Odyssey Marine Exploration claims to have discovered a Colonial period shipwreck with over 500,000 silver coins weighing more than 17 tons, hundreds of gold coins, worked gold, and other artifacts located in an undisclosed location somewhere in the Atlantic. The claims appear to have some legitimacy, as the Spanish Government is already suing Odyssey, claiming the treasure must belong to the Spanish crown. Presumably, the Spanish will allow Odyssey to keep some of the booty in exchange for their troubles. OMR shares closed down 20 cents, or 3% on news of the Spanish lawsuit today.