Qoute from link:
"Now, Marx is searching outside the territorial waters marked by the three-mile limit. Because the United States has not signed the United Nations Convention of the Law of the Sea, which would extend U.S. jurisdiction farther, he is confident in his claim to whatever he finds."
Well. this part of the article is nonsense. The United States has declared, through Presidential Declarations by Reagan and Clinton, that US Waters extend to 24 nhmfrom the coast. However, the 1902 Treaty between Spain and the USA says that Spanish wrecks in that area still belong to Spain, if they were ships owned by the Kingdom of Spain, or to the present heirs of the original owners if they were privately owned.
I think that it is just possible that Spain might be pulling off a coup by demonstrating that they are prepared to work with treasure hunters who are committed to working within the law. That is kind of ironic when it comes to Marx, but remember that Queen Elizabeth I refuted Sir Richard Granville's licence to search for the North West Passage via the Magellan Strait and Pacific Ocean, for fear that he would attack Spanish settlements and shipping in the Pacific, and gave it instead to Drake. From this you can see that Monarchies sometimes have their own agenda.
I wish that I had thought of approaching Spain with such a bold proposal.
Mariner