2 Billion Dollar Wrecks to Be Salvaged ?????

[old man]

I just Read the Below PR ? I certainly have my doubts, as this isn't the first time in the last 2 years that one of these companies has put out a PR about the Billion dollar wrecks they have found, yet I have never seen a follow account anywhere that they were actually on the water working.

However, I am always ready to give someone the benefit of the doubt. Does anyone know anything about the Company called DMS that apparently is based in the Caribbean and does deep water salvage I'd like to know more about them, especially from some of the posters based in the Caribbean.

I know the other company only has a little over $400 in their bank account, based on their latest SEC filing. Any info would be appreciated.


Wednesday, May 18, 2011 10:32:13 AM

Big News !!>>> ORRV\DMS Joint Venture Announces Discovery of Cluster of Shipwrecks With Cargo Valued in Excess of 2 Billion Dollars


Today : Wednesday 18 May 2011
Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV) and Deep Marine Salvage Inc today announced that they have agreed upon their first intended "cluster" of 5 commodity based salvage targets.


These targets have been selected from our vast portfolio of shipwrecks lost in northern hemisphere waters. The combined manifested value of these cargos is a minimum of $2 billion at current commodity prices, and consists of platinum, gold, silver, copper and zinc.
Cluster Targeting, a new approach to salvage planning developed by DMS, leverages the close proximity of valuable shipwrecks to achieve the following benefits:

 

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[Mackaydon]

Old Man:
I find it interesting that the bio of the person who is going to be in charge of Marine Operations is given here, but not his name or picture.
http://webcache.googleusercontent.com/search?q=cache:ROBAUD3kkBMJ:www.deepmarinesalvage.com/+&cd=1&hl=en&ct=clnk&gl=us&source=encrypted.google.com#!management-bios
Don.......

 

[old man]

Old Man:
I find it interesting that the bio of the person who is going to be in charge of Marine Operations is given here, but not his name or picture.
http://webcache.googleusercontent.com/search?q=cache:ROBAUD3kkBMJ:www.deepmarinesalvage.com/+&cd=1&hl=en&ct=clnk&gl=us&source=encrypted.google.com#!management-bios
Don.......

Don, I also find it Odd that DMS lists the Marine Operations bio and not his name. According to the Link you provided DMS has some nice equipment. Another thing I find Odd is that DMS is in a joint venture and will split anything found with a Company that posted with the SEC, that they only have a little over $400 in their Company Bank Account. I don't think that would provide enough money to feed a crew on that big boat for a day. But hey, what do I know

Does anyone know anything about any of DMS's previous ventures and if any were successful

 

[FISHEYE]

I get those emails too.I mark them as spam.Oceanic Research and Recovery Inc. got their boat repossessed so i wonder how they think they can salvage anything.I sure hope they dont have any investors.Its easy to say you have a wreck with million and billions on it to suck investors in.Heres the email i keep getting.

Hi... 05-17-11 @ 5:20 pm EDT
Below is a press release issued about 90 minutes ago by our CEO. The last few months have been quite difficult for us but we've continued moving forward and things are starting to look good for us. As management makes strides toward funding, we will issue more releases.

Enjoy your evening...
BOBBY G
VP - Business Development
UnderSea Recovery Corporation (UNDR)
http://undersearecovery.com/
Phone (1-212) 628-8777
eFax (1-212) 898-1166
bobby777@rcn.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
UNDERSEA RECOVERY CORPORATION ANNOUNCES FUNDING UPDATE
@ 3:48 pm
ATLANTA, May 17, 2011 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation (the "Company") (Pink Sheets: UNDR) announced today that it is in discussion with several institutional funding sources, both domestic and foreign, regarding a potential funding of up to $10 million.

The Company's CEO and Vice President of Business Development, together with one of its principal investment banking and finance consultants have held a number of meetings in New York City over the past several weeks with institutional and high net worth individual investors with a view to arranging an investment of up to $10 million. The meetings have produced keen interest on the part of three large investment funds and a number of high net worth individuals and the Company is moving ahead in its negotiations with them.

All of the potential investors have requested a detailed budget and financial forecast. The Company will be utilizing the services of its accountants to prepare these documents and plans to have them prepared and delivered to the prospective investors in short order.

The Company believes the best way to handle the magnitude of the contemplated investment is through project and permit finance partnerships. In this methodology, project partnerships will be formed to exploit specified shipwreck projects and/or specified search and recovery permits. This structure will serve to keep the Company's shareholders from suffering inordinate share dilution, while enhancing the value of their shareholdings as projects are undertaken.

The partnership/joint venture format is a tried and true method for large project finance, and is frequently used in international projects. It has been used successfully in many industries, including marine salvage, oil and gas, alternative energy, mining, real estate, and agriculture. The Company has been advised by its tax experts that this methodology will permit the allocation of the bulk of tax benefits to the investors which will make the format more attractive to the high tax bracket investing community.

In making this announcement, Herbert C. Leeming, the Company's CEO, stated: "We have been working diligently to bring to fruition a multi-million dollar financing which will allow us to pursue several significant shipwreck projects simultaneously. We truly believe we are close to putting all the pieces together for such a funding which, if and when successful, will enable us to implement our business plan with speed and confidence."

 

[old man]

Fisheye, I think you got two different companies mixed up. Although, I think they are both putting out a lot of BS. The company saying they are going to salvage wrecks worth 2 Billion Dollars, hardly has any money in the bank and their joint venture partner needs to raise $24 million dollars before they even attempt the salvage. I wish them luck, but that's a lot of money to raise. It seems kind of odd that they are so willing to put out a PR, saying they are going after $2,000,000,000,000 wrecks and leaving out the part that they have almost no money according to their SEC filing and they need $24,000,000 before they can even start operations.

Just my opinion

 

[Mackaydon]

Old Man:
DMS was Founded in 2010
Headquarters:
P.O. Box 355
Hunkins Plaza
Charlestown,
Saint Kitts and Nevis
Type of company: Partnership
Source: http://www.linkedin.com/company/deep-marine-salvage-inc
Don....

 

[OldGold74]

As offshore jurisdictions Nevis or St.Kitts both seperate jurisdictions Nevis Mirrored BVI Law and St.Kitts muddled ron, neither are listed as white flag jurisdictions, both have not qualified for various reasons, either way its a very cheap incorporation with the option of little transparency...any investor would want to know the Registered Office and Agent before investing and further review their RARO insurance...this means that based on the Agents insurance and underwriter and the Agents history one can be assured or not of the shares they are purchasing within the foreign offshore entity are secure or not, in my experience there is a reason for these jurisdictions good or bad its which side you choose.

 

[jrf30]

I just Read the Below PR ? I certainly have my doubts, as this isn't the first time in the last 2 years that one of these companies has put out a PR about the Billion dollar wrecks they have found, yet I have never seen a follow account anywhere that they were actually on the water working.

Wednesday, May 18, 2011 10:32:13 AM

Big News !!>>> ORRV\DMS Joint Venture Announces Discovery of Cluster of Shipwrecks With Cargo Valued in Excess of 2 Billion Dollars


Today : Wednesday 18 May 2011
Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV) and Deep Marine Salvage Inc today announced that they have agreed upon their first intended "cluster" of 5 commodity based salvage targets.


These targets have been selected from our vast portfolio of shipwrecks lost in northern hemisphere waters. The combined manifested value of these cargos is a minimum of $2 billion at current commodity prices, and consists of platinum, gold, silver, copper and zinc.
Cluster Targeting, a new approach to salvage planning developed by DMS, leverages the close proximity of valuable shipwrecks to achieve the following benefits:

Old Man,

the ORRV board will give you a lot more information about this PR. I owned ORRV for a long time, as a spin off from DPBE as a shareholder. ORRV bought the Deep Scan and the Florida lease from DPBE for a lot of shares of ORRV and then DPBE spun those off to their shareholdes. I sold my ORRV a while back, and thankfully at a MUCH higher price than the current one. But I digress.

ORRV scares me. Although they seem to have potential, I don't think (IMHO) that they have what it takes to do this type work or be successful. I didn't like the Deep Scan when it was owned by DPBE, and didn't think it was a good buy by ORRV. And now - the deep scan has been renamed and is in the D. R. under lease to Deep Blue for THEIR project. So ORRV will get some revenue from the lease, but is not using it to search for treasures of their own.

I don't know which boat they intend for this site, but I just don't like the idea of their announcing such a large find when they have found "nothing". Just some hits on the mag meter and thoughts that it must be a billion dollar treasure. Either they are naive, or they are making this sound better than it is to lure in investors. Either way, I'm UNDERimpressed with the PR. Better to own DPBE, which IS pulling up treasure NOW, than ORRV (the public company of this partnership) that is only wishing for something.

ALthough i have to admit that the volume the pst two weeks has been pretty amazing. :-) (Still rather own DPBE. lol)

 

[rgecy]

OK, owned a lot of stock in Deep Blue at one time, and left 5,000 shares in my account a couple years ago. Of course they are worth nothing right now, but I noticed that I also had some shares of ORRV now from a spin off or something. What happened with the two comapnies and why did I recieve ORRV stock? Is it worth anything?

Robert

 

[jrf30]

OK, owned a lot of stock in Deep Blue at one time, and left 5,000 shares in my account a couple years ago. Of course they are worth nothing right now, but I noticed that I also had some shares of ORRV now from a spin off or something. What happened with the two comapnies and why did I recieve ORRV stock? Is it worth anything?

Robert

DPBE gave ORRV the Deep Scan boat and the lease in Flroida. in exchange DPBE received lots of shares of ORRV. DPBE spun those shares off to shareholders (And kept a bunch for themselves) and that is how you ended up with ORRV shares in your account.

They are not worth much (either one of them) but at least you have two companies now searching for treasure. I personally sold off my ORRV and put it back into DPBE, as i think (hence this is opinion) that DPBE is a MUCH better company to own. I know lots of people have kept the ORRV shares though. I too owned way bck when, like you did. But I averaged down over the past few months, and so things don't look as bleak as they did when I only owned the shares bought at a higher price. :-)

 

[rgecy]

Thanks, I found out the ORRV stock I was issued is restricted. Broker said I cant do anything with it! HMMMM!

 

[Mackaydon]

Robert:
Were you told why the stock was restricted and, if so, for how long, specifically, or until what event?
Don....

 

[rgecy]

No it has no release date according to the broker.

 

[diverlynn]

Thanks, I found out the ORRV stock I was issued is restricted. Broker said I cant do anything with it! HMMMM!

Robert:

I feel your pain!

DL

 

[old man]

OK, owned a lot of stock in Deep Blue at one time, and left 5,000 shares in my account a couple years ago. Of course they are worth nothing right now, but I noticed that I also had some shares of ORRV now from a spin off or something. What happened with the two comapnies and why did I recieve ORRV stock? Is it worth anything?

Robert

DPBE gave ORRV the Deep Scan boat and the lease in Flroida. in exchange DPBE received lots of shares of ORRV. DPBE spun those shares off to shareholders (And kept a bunch for themselves) and that is how you ended up with ORRV shares in your account.

They are not worth much (either one of them) but at least you have two companies now searching for treasure. I personally sold off my ORRV and put it back into DPBE, as i think (hence this is opinion) that DPBE is a MUCH better company to own. I know lots of people have kept the ORRV shares though. I too owned way bck when, like you did. But I averaged down over the past few months, and so things don't look as bleak as they did when I only owned the shares bought at a higher price. :-)

jrf30, Apparently according to Public Records DPBE Never owned the Deep Scan and could not transfer ownership to ORRV. Apparently there were a lot of things done that weren't Kosher. I guess that is why the CEO resigned.

In my opinion the management of ORRV also appears to have committed Fraud and issued false reports to the SEC for including the Deep Scan as a company asset of ORRV . The Deep Scan has been owned since 2005 by Stephen Bennett and he has never sold the boat according to Public Records.

Enter the name Deep Scan in vessel name.www.st.nmfs.noaa.gov/pls/webpls/cgv_pkg.vessel_name_list

Ownership of Marine Equipment leasing and Recovery LLC. tps://www.sos.nh.gov/corporate/soskb/Corp.asp?826546

In their latest Quarterly Report to SEC. ORRV lists the Deep Scan as an asset valued at almost $350,000.
jrf30 If disbarred attorney Stephen Bennett is the owner of the Deep Scan ? How can ORRV be the owner of the Deep Scan when Stephen Bennett doesn't even work for ORRV. Isn't that Called Fraud ?? Just curious.

ttp://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=47456

 

[old man]

I just spoke with Stephen Bennett and I would like to make it clear as to what he told me. According to Mr. Bennett ( I know Stephen although I haven't spoken to him in several years.) some one has been has been copying and pasting some old opinion letters that he issued as an Attorney over 6 years ago. These opinions letters are false and misleading and he had nothing to do with issuing them. I am sure that all of this will come out in Court down the road. ( For those of you that don't know, my impression is that an attorney has to issue an opinion letter to the SEC for a public company to start trading stock).

 

[Escudoman]

Anthony Santelli's"Beacon"is in the DR with Pritchard and Bill Selinger Sr. Doing survey and what ever. Grubby did a good job of helping in her refit.

 

[mohicanjoe]

Had someone associated from this group contact me for salvage and survey this season.


Have never received contract from this group. They were either tire kickers seeking value for surveying and recovery or were attempting to obtain contract information for reuse.

However, anyone interested interested in honestly persuing this type adventure, feel free to contact my company with regard to this salvage work. I have several of these wrecks available for recovery.

Joe
941.488.2257

 

[cornelis 816]

Why don't you guys check with Scott Heimdal ? A cluster of ships worth 2 billion dollars ? You guys stil believe in Santa Claus ? Where are the cargo manifests of these ships ? Where is the rough location of these ships ? How much has been salvaged by the locals ? What kind of salvage vessel is going to be used . What kind of crew is on these vessels ? Where are the permits to salvage these vessels ? How deep are the wrecks ? What kind of equipment is available to salvage these wrecks ? AND WHERE DID THEY GET THE VALUE OF THE CARGO FROM ? This is a scam if I have ever seen one !!!!! Cornelius

 

[allen_idaho]

The oceanic research and recovery website is right here:
http://www.orrvweb.com/

As to the $2 billion wreck deal, that was announced on May 18th. In August, ORRV changed the joint venture agreement and surrendered their rights to Deep Marine Salvage.

Instead of participating in any sort of salvage, ORRV will instead only be collecting a finder's fee in the form of stock if anything is recovered. They did, however, spend $40,000 on the project.

So if DMS is broke, there won't be any recovery. ORRV has pretty much pulled out because they don't have the cash.

At $2 billion, that's an average of $400,000,000 per ship in this cluster of 5 ships. I'm thinking they might be exaggerating a little here. It may just be a ploy to increase stock prices and garner investor capital.