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History's Hinge - 'Ain Jalut

[Solomon]

ADMIRALTY HOLDING COMPANY FINDS GOLD
Douglasville, GA, Thursday, August 17, 2006, Admiralty Holding Company (OTC BB: ADMH), Admiralty Corporation announced today that it has recovered a gold bar that it believes may be part of the lost cargo of the  Senora de la Regla, the "Capitana" of the famous 1715 Fleet. The gold bar is plainly marked with the stamp of the King of Spain, Felipe V, as well as Tax Stamps. The bar was marked "XIX" indicating a purity of 19 Carats and weighs approximately 22 troy ounces. It is approximately 6 inches long by 1 inch wide and ? of an inch in thickness. "We believe that this bar is from the 1715 Fleet, based on its markings and the location where it was recovered," Admiralty CEO G. Howard Collingwood said. He continued, "We are very excited with this find and feel that it is a strong indication that we are on the trail of the Regla. We are continuing to survey and explore in the area where we recovered the bar and we expect to find additional treasure."

The bar is believed to be historically significant as one of a limited number which were so marked and have been found in the area where the 1715 Fleet wrecked. Consequently, the bar should have an artifact value far in excess of its bullion (intrinsic) value. In addition to the gold bar, other items were recovered and are currently being cleaned and evaluated.


Looking at anchor E laying on top of the ballast pile next to the four "stowed" cannons.

Admiralty Holding Company Tracking 1715 Fleet Capitana
Admiralty Holding Company (OTCBB: ADMH), Admiralty Corporation announced today that it believes that it is tracking a debris trail from the catastrophic break up of the  Senora de la Regla, the "Capitana" of the famous 1715 Fleet. The manifest recorded 300 chests (2,559,917 pesos in coins and bars) of silver along with other valuable items. Our partner, Gold Hound, Inc. has done extensive surveying and research on the  Regla and has ascertained a previously undiscovered debris trail which it believes to be from the  Regla. We, working together with Gold Hound personnel, are currently following this trail of ballast stones, keel spikes and other debris which have led us to believe that the bottom of the ship was lost in this area. We are hopeful that, as we uncover the trail, we will discover much of the lost silver and other treasure, including contraband, which was likely to have been carried in the hull of the ship.

Historians and Salvors speculate that, after the bottom was lost from the Regla, the upper portion of the ship was driven into shallow waters where it broke apart. Records indicate that about 30% of the treasure was recovered after the wreck by survivors. Modern day Salvors have recovered additional amounts. Nevertheless, based on its exhaustive research, Gold Hound believes that over eighteen tons of silver coins are still missing and awaiting discovery and recovery. We are currently working in only 30 feet of water and the target artifacts are believed to be buried under from 6 to 10 feet of sand.


Cannon 3 in foreground, cannon 2 in background.

Admiralty Holding Company Completes Financing
Admiralty Holding Company (OTCBB: ADMH) (Admiralty) announced today that it has completed a financing involving the sale of $600,000 in secured convertible notes ("Notes") coupled with five-year warrants to acquire common stock. Under the terms of the Notes, the unpaid principal balance, together with any accrued interest thereon, is due and payable three years after the issuance to the extent not converted into common stock. The financing was obtained through the NIR Group of Rosalyn, New York.

More details concerning the financing can be found in Admiralty's Form 8-K on this subject filed by Admiralty with the SEC on October 2, 2006.

Admiralty is using the proceeds from the financing to pay current accounts payable and complete the first ATLIS(TM) field unit and for operating capital and general corporate purposes. Admiralty expects to have a working commercial ATLIS(TM) unit soon and is diligently working to ensure that this unit is completed and operational as soon as possible.

[Solomon]

Good that the CEO has managed to keep his hands on this.


ITEM. 2.04 TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINACIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT

On October 12, 2006, Admiralty Holding Company's wholly owned subsidiary, Admiralty Corporation (the "Company"), was unable to negotiate a requested one-year extension of the first of the Senior and Junior Debentures ("Debentures") due to Capital Bank and Holden Holdings, Limited, respectively. The principal amounts due at the maturity date were $2,000,000 and $500,000, respectively, for the Senior and Junior Debentures. The approximate total amount due, including interest, was $4,000,000. The Debentures, by their terms, allowed for an automatic extension of five (5) days in which to cure the default. The Company believed that an extension could be negotiated and it had made offers and received a counteroffer for the extension. However, the counteroffer submitted by the representative of the holders of the Senior Debenture was not acceptable to the Company. Accordingly, to date the parties have not reached an agreement to extend the term of the Debentures and the Company is unable to pay the Debentures.

The Debentures were issued in 1996 and are not collateralized by assets of the Company. To the contrary, the Debentures, by their terms, are subordinate to secured indebtedness of the Company. All of the assets of the Company, except the ship, The New World Legacy, are pledged to certain funds commonly referred to in the Company's public filings as the NIR Group of Funds. A first lien on the New World Legacy is held by certain individuals, including the CEO of Admiralty Holding Company.

The Debentures carry a default interest rate of 12% per annum and entitle the Debenture holders to receive one percent (1%) of the Company's earnings for each $100,000 of principal amount of the Debentures. This would translate to twenty-five percent (25%) of the Company's earnings for the maturing Debentures. The NIR Group of Funds has granted the Company a waiver of default such that the failure to pay the Debentures has not triggered a default in the loans from the NIR Group of Funds.

The Company is continuing to seek a resolution of the default through continued discussions with the representatives of the holders of the Debentures and has submitted a new proposal to which it has yet to receive a response. However, there can be no assurance that the Company will be successful in these negotiations. The Company intends to avail itself of all defenses which may be available to it at law and in equity should litigation be commenced by the holders of the Debentures.

Going down...

[Diving Doc]

Very interesting. I'll withold comment at this time.

Doc

[Solomon]

he gold bar is plainly marked with the stamp of the King of Spain, Felipe V, as well as Tax Stamps. The bar was marked "XIX" indicating a purity of 19 Carats and weighs approximately 22 troy ounces. It is approximately 6 inches long by 1 inch wide and ? of an inch in thickness. "We believe that this bar is from the 1715 Fleet, based on its markings and the location where it was recovered," Admiralty CEO G. Howard Collingwood said.


Front and back of Maravears coin.
The Maravedis is copper and may have been part of the money that the ship used to purchase goods or it may have been in the pocket or purse of one of the sailors on the doomed ship. We believe that this is a Four. Despite its roughness, it is in good shape compared to coins of this type typically recovered.

We are following a debris trail of ballast stones, pottery shards and iron ships fittings. The first ballast stones were small. as the trail is followed, the ballast stones have increased in size.


Medium Ballast Stones

In this wreck, it appears that the hull of the ship was breaking apart as the ship was pounded by the hurricane and the ballast stones as well as parts of the hull and contents in the ship fell out. The fact that hull spikes are being found indicate that the hull was breaking up.


Encrusted Keel Spike recovered by Gold Hound personnel


EO which may contain a pistol being x-rayed. Unfortunately, the EO was too thick for the x-ray to see any image.

[Sovereign]

I don't know much of this company, but:

1. They have recently adopted a policy of making themselves more open, using their website to publish news, reports and lots of images,
2. May they be lucky!

[Administration]

We have just been authorised by Admiralty Holding Company to use the material on their website, directly. This is much appreciated by History Hunters and also, no doubt, by our members and growing number of visitors.

In view of this and the comment by Sovereign, above, that - They have recently adopted a policy of making themselves more open - here is a recent Form 8-K:

1-Nov-2006

Regulation FD Disclosure

ITEM. 7.01 Regulation FD Disclosure

On October 26, 2006, Admiralty Holding Company (OTCBB:ADMH) announced through a news release that it will be posting information concerning the status of various company related items on its web site over the next several weeks. The first posting will be a brief status overview.

The company continues to operate normally and we are continuing to search for valuable artifacts off the east coast of Florida in permitted areas. Our web site is updated frequently concerning results of the work in this area. We encourage all interested parties to visit our web site, www.admiraltycorporation.com, to view this additional information.

We have verified that this is now the case.

[Solomon]

A large mast ring is discovered buried several feet under the bottom in about 40 feet of water. Gold Hound personnel supplied several areas for suggested exploration based on magnetometer hits which they received while surveying. The R/V New World Legacy was positioned over one of the hits and a blower was engaged to remove sand. After the sand was removed, we encountered a layer of hard mud but the ring was not yet exposed. We utilized a fire hose to cut thru the mud in order to expose the ring so that it could be recovered.



The ring is seen after being buried in the sea for almost 300 years.

October 2006
The R/V New World Legacy continues to work off of the coast of Florida in the area where the 1715 Fleet sank. Following are some pictures taken recently. Copyright ? 2006 Admiralty Corporation. All Rights Reserved.


The ring is carefully brought onto the R/V New World Legacy.


The ring is carefully laid out for examination and logging into the records.


Captain Charles and Vince measure the ring. The ring is somewhat oval shaped in its current state and is 3 feet by 3 feet 8 inches in diameter across the narrow and longer diameters.

More here: Artifacts

Solomon

[Solomon]

20-Nov-2006
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

Admiralty Holding Company (the "Company") and its wholly owned subsidiaries Admiralty Corporation ("Admiralty") and Admiralty Marine Operations Ltd. ("AMMO") are a development stage company and have had only minimal revenues from operations. With the exception of the Senior and Junior Debenture payments, the Company satisfied liquidity and capital requirements during the three and nine months period ended September 30, 2006 from funds remaining from the NIR Group of Funds financing completed at the end of 2005 and the additional $600,000 loan from NIR Group except for the 1996 Debentures noted below. A total of $67,944 non-cash, capital contributions were recorded, as explained in the following two paragraphs.

During the quarter ended September 30, 2006, the Company issued 3,750,000 shares of its common stock to the NIR Group of Funds as a result of converting $62,944 in principal of the respective three-year secured convertible notes. The $62,944 was recorded as additional paid in capital.

Additionally, during the quarter ended September 30, 2006, the Company issued 500,000 shares of unregistered common stock for consideration of $5,000 related to professional consulting services provided by Equity Source Partners, LLC in connection with investment banking activities, including helping secure the additional $600,000 loan from the NIR Group. In addition, the Company issued 10,000,000 seven-year warrants exercisable for shares of the Company's common stock, for $0.06 per share, during the quarter ended September 30, 2006 to the NIR Group as part of the agreement for the $600,000 additional loan. These warrants were valued at $195,586 and will be amortized as a debt discount beginning in the 4th quarter of 2006.

On October 12, 2006, the Company announced that it had been unable to reach an agreement for the extension or repayment of the 1996 Debentures. The holders of the 1996 Debentures may seek to enforce their rights under the Debentures in court.

The Company is still trying to reach an agreement with the 1996 Debenture holders for either an extension or settlement of the indebtedness. No assurance is or can be given that the Company will be successful in this effort. If the Company is unsuccessful in its efforts, the commencement of legal collection actions by the 1996 Debenture holders, as creditors of the Company, could result in rendering the Company insolvent and force it to cease operations. Alternatively, such action by the Debenture holders could cause the NIR Group to seek to enforce its security interests under the financings described above and in other filings of the Company and take possession and control of the Company's assets. The financial statements have not been adjusted for this uncertainty.

PLAN OF OPERATION

As the Company has commenced exploration operations, management believes that the Company has enhanced access to investment of capital. Management is utilizing existing relationships and business advisors to seek additional opportunities for capital investments. Currently, management is continuing to explore the possibility of a private placement of securities to fund exploration and general operating expenses until the Company can realize a positive cash flow.

The Company is currently operating on one of thirteen sites for which it has subcontracted off the east coast of Florida from an entity that has permits to explore and excavate these sites. These sites are believed to contain the remnants of eleven ships of the 1715 Spanish treasure fleet wreck by a hurricane on July 30, 1715. Much silver and gold has already been discovered and removed from these sites, beginning in 1961 by others. On August 17, 2006, Admiralty Corporation announced that it had recovered a gold bar that it believes may be part of the lost cargo of the Senora de la Regla, the

"Capitana" of the famous 1715 Fleet. The gold bar was plainly marked with the stamp of the King of Spain, Felipe V, as well as Tax Stamps. The bar was marked "XIX" indicating a purity of 19 Carats and weighs approximately 22 troy ounces. It is approximately 6 inches long by 1 inch wide and 3/4 of an inch in thickness.

The current operation is following an uncharted and unexplored debris trail of what one of the Company's partner's (a company that has worked continuously for the last three years on this particular site) research indicates is the "Capitana" (lead ship) of the 1715 fleet.

Moreover, the Company is continuing its joint venture survey and recovery operations in permitted areas. Some of these surveys will be for fees and, in other situations, for a percentage of the recovered cargo. The opportunities include the use of proprietary information and research the Company has in its possession to exploit prospective shipwreck sites, providing adequate funding becomes available. Furthermore, the Company intends to conduct more work on its already arrested site, designated as Project Orange, situated in international waters off Honduras.

The Company also continues to await approval and renewal of its permit with Jamaica to undertake identification, verification and potential recovery operations for the approximately eight wrecks previously discovered on the Pedro Bank off Jamaica.

With the Company's current cash level, operations of the Company would be greatly limited over the next three months without an additional capital infusion to satisfy ongoing liabilities and to continue future operations.

RESULTS OF OPERATIONS

For the three months ended September 30, 2006, the Company incurred a net loss of $765,824 compared to a net loss of $632,095 for the three months ended September 30, 2005. Compensation and employee benefits for the three months ended September 30, 2006 were comparable to compensation and employee benefits for the three months ended September 30, 2005 excluding the effects of a one time adjustment to accrue salaries of $26,513 made during the quarter ended September 30, 2005. Research and development costs were $10,100 for the three months ended September 30, 2006, a decrease of $9,369 from $19,469 for the three months ended September 30, 2005. This is the result of the timing of delivery of components for the ATLIS field units being built and progress payments on the Company's exploration technology.

Professional fees for the three months ended September 30, 2006 were $83,818, a reduction of $70,446 as compared to the 2005 period, as the Company utilized fewer professional services primarily as result of not having incurred additional registration, filling and financing costs. Exploration expense was $110,434 for the three months ended September 30, 2006. This compares to a $74,975 expense for exploration in the three months ended September 30, 2005, representing an $35,459 increase from the same period last year. The increase reflected new exploration activities off the east coast of Florida by our ship, the R/V New World Legacy and included expenses for additional contractors such as divers and other marine services. The exploration costs recorded consist primarily of expenses associated with the Company's marine expeditions in state and international waters off the coast of Florida.

The Company's present activities consist of surveying and recovering historic sites; establishing and maintaining financing and funding sources and opportunities; establishing and maintaining joint venture and partnering relationships and arrangements that will enhance the Company's ability to pursue historic shipwrecks.

For the three months ended September 30, 2006, depreciation and amortization have increased only slightly to $14,528 from the three months ending September 30, 2005, an increase of $933, due to the R/V New World Legacy acquisition and other marine equipment purchases. This amount is expected to increase in the future as a result of building and deploying our ATLISTM field units and the acquiring of other technology and equipment.

For the nine months ended September 30, 2006, the Company incurred a net loss of $2,282,063 compared to a net loss of $2,234,076 for the nine months ended June 30, 2005. Revenues for the nine month period ending September 30, 2006 was $96,215 compared to revenues of $1,000 for the same period ending September 30, 2005. Compensation and employee benefits for the nine months ended September 30, 2006 were comparable to compensation and employee benefits for the nine months ended September 30, 2005. Research and development costs were $103,288 for the nine months ended September 30, 2006, an increase of $33,685 from $69,603 for the nine months ended September 30, 2005. This is the result of the timing of delivery of components for the ATLIS? field units being built and progress payments on the Company's exploration technology. Both general and administrative expenses and depreciation and amortization expenses where in line with the same nine month period last year.

Professional fees for the nine months ended September 30, 2006 were $247,744, a reduction of $135,447 as compared to the 2005 period, as the Company utilized fewer professional services primarily as result of not having incurred additional registration, filing and financing costs. Exploration expense was $491,810 for the nine months ended September 30, 2006. This compares to a $392,474 expense for exploration in the nine months ended September 30, 2005, representing a $99,336 increase from the same period last year. The increase reflected new exploration activities off the east coast of Florida by our ship, the R/V New World Legacy and included expenses for additional contractors such as divers and other marine services. The exploration costs recorded consist primarily of expenses associated with the Company's marine expeditions in state and international waters off the coast of Florida and the survey in January 2006 off of Jamaica for Fugro Survey which netted $96,215 in revenue for the nine period ending September 30, 2006.

[Salvor6]

I heard The Admiralty Corp. recently filed for bankruptcy and has ceased operations. Does anyone know if they are still working the 1715 fleet?

[Solomon]

Thanks for the heads-up. Here is what news I can find:

Marketwire
Apr. 12, 2007 09:00 PM
Admiralty Holding Company Suspends Operations Due to Lack of Operating Capital and Provides Status Update
DOUGLASVILLE, GA -- (MARKET WIRE) -- 04/12/07 -- Admiralty Holding Company (OTCBB: ADMH) (Admiralty), a holding company for Admiralty Corporation and Admiralty Marine Operations, Ltd., a Bahamas, West Indies company (the "Companies"), announced today it has been unable to negotiate a requested funding and has not received a requested emergency funding from its major secured creditor, the N.I.R.Group of Funds LLC ("Investors"). Consequently, Admiralty wishes to inform the public of the following:

1. The financial condition of the Companies is dire and its lenders have not agreed to any additional funding as of the end of yesterday. As a result, the Companies are legally insolvent and have ceased operations. The Companies hope to be able to negotiate a restructuring through the Investors, but no assurance that this will happen is or can be given at the present time.

2. The first priority lien holders for the ship, the M.V. New World Legacy, have taken title to and possession of the Ship. The first priority lien holders are Walter S. Cytacki and G. Howard Collingwood.

3. Admiralty may be unable to continue to file reports with the SEC, including the 10-KSB for 2006, unless the Investors or another source is willing to provide the necessary funds to continue the public filings.

4. Admiralty Corporation has been notified by its attorney in Jamaica that a conditional license may be granted to Admiralty Corporation to perform Verification & Identification of the wrecks successfully located by Admiralty Corporation on the Pedro Bank. This conditional license would further allow for the recoveries of the artifacts and other precious metals should the conditions of the agreement be met and the ATLIS(TM) detection technology developed by Admiralty is demonstrated in Jamaica as working.

5. The ATLIS(TM) technology field units, which could be used to specifically locate nonferrous metals, remain unfinished. In the majority of the units, the hardware components have been assembled and the controlling software designed and programmed. However, software compiler updates and certain testing for compatibility of control of the preamp transmitter and receiver coils and certain software modifications remain to be completed, according to the engineering scientist. Currently, several vendors that produced both hardware and software are owed money.

6. The value of all tangible property of the Companies is estimated to be under $25,000.

7. For the immediately foreseeable future, all correspondence to Admiralty Holding Company and its operating subsidiary Admiralty Corporation should be sent to:

Admiralty Corporation
3318 Hwy. 5, No. 504
Douglasville, GA 30135

Overnight packages should be sent to:

Admiralty Corporation
3318 Hwy. 5, No. 504
Douglasville, GA 30135

The address for the principal executive offices will be:

Admiralty Holding Company
3318 Hwy 5, No. 504
Douglasville, GA 30135-2308

Important Notice: The telephone and fax numbers have been temporarily suspended. However, in the immediately foreseeable future, you may contact the Companies by sending an email to:

Please state your name, your telephone number, an email address, and the purpose of your contact, and the Companies will use their best efforts to have someone respond within thirty-six hours.

Contact:
Admiralty Holding Company


Jamaica
Fri Apr 13, 2007
Treasure hunters go bankrupt
International treasure hunters who have been searching for colonial shipwrecks off the Jamaican coast under a licence from the government have declared bankruptcy. 
 
US-based Admiralty Holding Company announced Thursday that it has ceased operations as it has been unable to get funding to continue its search and recovery efforts.

A release from Admiralty states that it is in a dire financial condition.

It says as of Wednesday it became legally insolvent and its ships have been seized by creditors.

The release further states that Admiralty Corporation has been notified by its attorney in Jamaica that a conditional licence may be granted to perform Verification & Identification of wrecks located on the Pedro Bank.