Lindsmith represents receiver in bizarre shipwreck treasure saga
In what has become a long and unusual matter, litigation attorney Quintin Lindsmith has been involved in the rare recovery and sale of $47 million worth of shipwrecked treasure. The treasure, which consists mostly of gold coins from the California Gold Rush, was recently found and retrieved from the SS Central America, a ship that wrecked off the Carolina coast in 1857.
According to Sputnik International, Recovery Limited was set up by veteran treasure hunter Tommy Thompson and solicited investment funds to carry out several salvage operations. However, Thomson is incarcerated, Recovery Limited has been put into receivership, and none of the 161 investors have received any sort of return from the treasure find. To satisfy creditors’ and investors’ claims, the treasure will soon be sold.
Lindsmith, in The Columbus Dispatch, said that “[c]reating [a] pool of money is the first step in the process. Next would be payments to creditors and, if any money is left over, to the investors.” Lindsmith went on to note that “[i]f any money is 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.”