This report is a follow up to Meson Capital’s first 66-page report published October 31, 2013 which can be found at www.omextruth.com.
“Odyssey Marine Exploration Inc (NASDAQ:OMEX)’s cynically deploying a few random nodes of truth to the end of evading the acknowledgement of an over-arching and regnant truth.” –Judge Steven D. Merryday in the Sept 25, 2013 ‘Black Swan’ ruling against Odyssey.
Since its inception in January 2012, the long book of the Voss Value Fund, Voss Capital's flagship offering, has substantially outperformed the market. The long/short equity fund has turned every $1 invested into an estimated $13.37. Over the same time frame, every $1 invested in the S&P 500 has become $3.66. Q1 2021 hedge fund Read More
In response to our initial report, Odyssey Marine Exploration Inc (NASDAQ:OMEX) held a conference call November 5th, not open to general Q&A, where they refuted exactly ZERO of our factual statements
- Here, we expose the public relations techniques used by Greg Stemm to try to discredit our research by taking our factual statements out of context.
- OMEX failed to address our serious questions and management explanations do not hold up. For example, we include 3 sources indicating that Panamanian locals are not required to “satisfy regulatory framework” as Odyssey Marine Exploration Inc (NASDAQ:OMEX) has claimed.
Odyssey Marine Exploration Inc (NASDAQ:OMEX)’s most recent 10-Q filed November 12th has numerous revisions that we highlight including that Neptune Minerals, Inc. – claimed as a source of $108mm of “off balance sheet value” – now appears to be insolvent.
- Neptune appears to have lost $25mm over the last fiscal year ended June 30, far greater than “a few million” that OMEX anticipated in their August 10-Q.
- As of June 30, 2013, Neptune’s total accumulated deficit appears to be $49mm. This exceeds Neptune’s total equity raises, indicating insolvency: we believe NMI is worth zero.
- Despite Neptune still being unable to pay its bills to Odyssey Marine Exploration Inc (NASDAQ:OMEX), OMEX lent an additional $500,000 to Neptune during the 3 month period ending Sept 30, 2013.
- Further research into the Oceanica mining project also indicates to us this project is worthless: other claimed “world class” assets have a high failure rate, do not be deceived by this empty term.