The only issue remaining is who gets what. The investors say they should get their 50% (which they had rejected earlier), Columbia say they investors can get 50% of any treasure found in the location the investors claimed the wreck to be, but NOT outside that area. The Ship is NOT in the location claimed by the investors, the investors claim the wreck has moved AND they right is to a broad area not just the area they said the wreck was at. Columbia is saying, you said the wreck was at point X, and it is NOT at point X, but point Z. The previous ruling ONLY protected your rights to point X NOT the areas around point X.
The location would indicate the depth (this area has been charted for centuries, and Sonar records for decades, Radar and Laser measured over the last 50 years, mostly do to Cold War efforts to pinpoint possible locations of Soviet submarines, such efforts were NOT geared to locating wrecks but things a sub could hide behind from Sonar).
Spain's claim is based it was a Warship in International waters, Columbia's claim is it is in Columbia's territorial waters. Under the three mile rule, there is a lot of "International Waters" in the Caribbean, less but significant international waters exist under the 12 mile rule, but none under the 200 mile rule (The US and Cuba are within 400 miles of each other, so their claim is NOT 200 miles but the half way point between the two nations, one of the chief reason for reestablish diplomatic relations with Cuba is to define that border for that is one of the areas in the world where known oil reserves exist). Thus you have a legal dispute between Spain and Columbia if this wreck is beyond the 12 mile limit (No dispute if the wreck is within the 3 mile limit). Between 3 and 12 mile limits Spain will claim its rights under the 3 mile limit when this ship became a wreck, Columbia will claim it is the property of Columbia for it is within the 12 mile limit of today.
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