Posted:
#1
Has anyone else here dabbled in this venture or know of Ryan Morris? Odyssey Marine Exploration (OMEX) is a marine salvage and recovery company that has been highly profiled due to their recovery work on shipwrecks on shows such as the Discovery Channel, History Channel, etc...
I bought in after the Black Swan disaster (OMEX salvaged 17 tons of silver and gold that was ultimately ruled in Federal Court to be given back to Spain). The stock was at an all time low, but the promise and business model looked OK. Simply put, they now negotiated with countries and other companies to subcontract salvage operations. This also gave them close to 90% of the finds while not risking territorial claimes as in the Black Swan debacle. In short, it looked a good play.
However, an activist named Ryan Morris released a report that derailed OMEX as potentially profitable company:
https://www.bloomberg.com/article/2013-10-31/a3bSKoA4Ful8.html
In short, he said the company is worth zero. I saw the drop coming and sold out my shares at a very small loss. His points were great and OMEX's repsonse was muffled to say the least. I was just curious on his motives other than exposing this company to larger shareholders for the good of it.
Just curious if anyone knows of this guy? He's been profiled before by some businees blogs, but nothing major. He owns a company called Meson Capital Partners that focuses on "value investing" of small companies.
Just seems interesting as a value investor and we are in a gambling forum where value means everything...
I bought in after the Black Swan disaster (OMEX salvaged 17 tons of silver and gold that was ultimately ruled in Federal Court to be given back to Spain). The stock was at an all time low, but the promise and business model looked OK. Simply put, they now negotiated with countries and other companies to subcontract salvage operations. This also gave them close to 90% of the finds while not risking territorial claimes as in the Black Swan debacle. In short, it looked a good play.
However, an activist named Ryan Morris released a report that derailed OMEX as potentially profitable company:
https://www.bloomberg.com/article/2013-10-31/a3bSKoA4Ful8.html
In short, he said the company is worth zero. I saw the drop coming and sold out my shares at a very small loss. His points were great and OMEX's repsonse was muffled to say the least. I was just curious on his motives other than exposing this company to larger shareholders for the good of it.
Just curious if anyone knows of this guy? He's been profiled before by some businees blogs, but nothing major. He owns a company called Meson Capital Partners that focuses on "value investing" of small companies.
Just seems interesting as a value investor and we are in a gambling forum where value means everything...
0
I agree. I bought on it as more of a speculative play and jumped ship after the report by the aforementioned activist investor. I guess I was more asking more about Morris who "called out" OMEX and if anyone else was involved with OMEX.
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