Monaco Financial Fights "Theft" Seizure of S.S. Central America Ingots

    /24-7PressRelease/ - NEWPORT BEACH, CA, September 19, 2006 - Officials of Monaco Financial of Newport Beach, California say they will vigorously fight the seizure of six California gold rush ingots and one gold coin from the famous sunken treasure of the S.S. Central America. The seven items were taken from the Monaco's showcase display at the Long Beach, California Coin, Stamp & Collectibles Expo, September 14, 2006, forcibly under an ex parte court order.

"This is theft of private property. Monaco is forced and prepared to use its resources to rectify the situation, recover these items and protect our firm's reputation and the property rights of all collectors," said Adam Crum, Vice President of Monaco.

The items were seized as security for damages in connection with a lawsuit filed earlier in New York City by International Deep Survey, Inc., an underwater research company, against Columbus-America Discovery Group, the Ohio-based exploration group that found and retrieved the S.S. Central America treasure in the 1990's. International Deep Sea Survey and nine current and former employees, claim they are still owed nearly $12 million by Columbus-America and others, for sonar work performed two decades ago.

"Monaco is not a party to the lawsuit, nor did we purchase the gold rush artifacts from Tommy Thompson and his companies. It is clear to our lawyers, and those involved, that International Deep Sea Survey has absolutely no right to hold the property as hostage for their claims against others. After 20 years, for a lawyer to use the courts to exploit an innocent party, in a manner where we were unable to provide facts to thwart it, is absolutely outrageous," said Crum.

Among the S.S. Central America items taken by a U.S. Marshall and private security guards were a 754 ounce, Justh & Hunter gold ingot, and a 622 ounce, Kellogg & Humbert gold ingot, both made in the mid 1850's. The seized coin is an 1857 San Francisco Mint Double Eagle.

"Five of the ingots are privately owned by customers, who are likewise not a party to the suit. This was not a garnishment, we were robbed!" said Crum.

"The lawyers probably targeted this display in Long Beach because they knew from new media stories that this would be a $10 million exhibit of Gold Rush-era treasures, including these historic S.S. Central America items."

The seized ingots and other items in the exhibit were displayed at the recent American Numismatic Association World's Fair of Money convention in Denver, and Monaco Financial had plans to exhibit the items at other venues.

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