Dayton Daily News

Sunken gold fromshipwr­eck could be sold

Artifacts recovered in 2014 had been valued at $47M.

- ByEarl Rinehart

Acourt-appointedr­eceiver has asked a Franklin County judge to approve the sale of $30 million of gold brought upfromthe SSCentralA­merica shipwreck to help satisfy claims of creditors and investors.

The 16,000artifac­ts recovered in 2014 by the Odyssey MarineExpl­oration’s dive on the 1857 wreck off the Carolina coast include gold dust, coins and bullion. An original estimate had placed the value at $47 million.

It is not the gold recovered in the original 1988 dive that is the subject of federal court proceeding­s against treasure hunterThom­asG. “Tommy” Thompson, whois suspected of hiding that gold.

Ira O. Kane, the receiver representi­ng Recovery Limited Partnershi­p and Columbus Exploratio­n LLC, filed a motion Oct. 24 with Franklin CountyComm­onPleas Judge Laurel Beatty-Blunt asking her to approve the agreement. The judge will hold a hearing for “any interested party” at 9 a.m. Nov. 30.

Kane has an agreement to sell the gold to California Gold Marketing Group LLC, which will sell the gold for cash.

Creating that pool of money is the first step in the process, said Quintin F. Lindsmith, an attorney for Kane. Next would be payments to creditors and, if anymoney is left over, to the investors, Lindsmith said.

Under Ohio law, creditors are paid before investors, he said.

If anymoneyis remaining, this could be the first time investors — who’ve waited 30 years for a profit — could get even a portion of their principal investment back, Lindsmith said.

According toa summaryof the agreement sent to investors, Odysseywou­ld receive $15 million to resolve all of its claims. The Dispatch Printing Co. would receive an initial $1.75 million toward its loans. An initial $250,000 will be held by the receiversh­ip.

Once the remainder of the $5.75 million debt owed to The Dispatch Printing is paid, the entirety of monthly payments and balance of the purchase price will be paid to the receiversh­ip. Since its sale to Gatehouse Media in June 2015, The Dispatch newspaper has not been a property of The Dispatch Printing Co.

The $13 million balance of the purchase price must be paid within a year of California Gold obtaining the bounty.

Kane said the proposed agreementw­ould avoidwhat he estimatedw­as $1 million in potential litigation.

Thompson, the brashtreas­ure hunter who began the search for the CentralAme­rica gold, has been in jail since December 2015. He was found in civil contempt for refusing to cooperate with investors seekingwha­t’s left of the original haul. They’re specifical­ly looking for 500 coins struck from gold bars brought up in 1988 and valued at between $2.5 million and $4 million.

U.S. District Judge Algenon L. Marbley holds regular hearings asking whether Thompsonis willing to cooperate. Each time Thompson, 65, either says no or diverts to another topic, such as his health issues.

Marbleyhas­calledThom­pson a “malingerer” and told him that if he was content to sit in jail, he was content to let him sit.

Prosecutor­s suspect the location of the coins might be found in a trust in Belize. Thompson has refused to give the investors the power to examine the trust.

Technicall­y, Marbley can keep Thompson in jail indefinite­ly. Thompson has asked that the civil contempt be thrown out so he can begin serving a two-year criminal contempt charge issued when he failed to appear for a 2012 court hearing and instead fled to Florida.

 ??  ?? Agold bar refined by a Gold Rush-era assayer and cast for shipment to the Philadelph­iamint, and a privately struck $50 gold piece, both recovered from the shipwreck of the SS Central America.
Agold bar refined by a Gold Rush-era assayer and cast for shipment to the Philadelph­iamint, and a privately struck $50 gold piece, both recovered from the shipwreck of the SS Central America.

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