IOTA's goals are to: a) expand public knowledge and awareness of colonial maritime history, b) conduct the recovery, preservation, restoration, and display of artifacts in a manner which is safe, professional, and efficient, and c) after the government agency having jurisdiction over the salvage site has its choice of artifacts for public display, to market the remaining artifacts in a manner which provides economic and cultural benefits to the public and to the financial backers who have put funds at risk in order to provide working capital for the venture.

In April 1993, IOTA Partners entered into a contract with the Commonwealth of the Northern Mariana Islands (CNMI), which is a jurisdiction of the United States, and ruled by US law. The purpose of the contract was to search for and recover several Manila galleons which may have wrecked in the Mariana Islands between 1575 and 1815. The contract allows the government of the CNMI to obtain substantial cultural and economic benefits with absolutely no financial risk. IOTA Partners is responsible for all financing and management of the project. The proceeds of the sale of any recovered artifacts will be shared by the CNMI and IOTA Partners, with 25% going to the CNMI. This compares favorably to a 20% share obtained by other US jurisdictions for similar projects. Further, the CNMI government has its choice of any and all artifacts recovered by IOTA, provided that IOTA is compensated at 75% of the appraised value of the total recovery.

Since signing the contract, IOTA has conducted extensive historical research on Marianas shipwrecks, in such archives as Seville and Salamanca; London; the Vatican; Mexico City; Manila; Guam, and three different archives in the United States, including the National Archives.

In 1994 and 1995 IOTA conducted reconnaissance expeditions and oceanographic surveys which resulted in the approximate location of three of its several targets, having aggregate value of between one billion and two billion dollars.  Of this amount, the CNMI would have received artifacts and cash in the range of two-hundred fifty million to five-hundred million.  In 1996 IOTA began the salvage of the least valuable of its three targets, the Santa Margarita.  It should be noted that adverse seasonal sea conditions at the site prevent excavation for all but the four months June through September, and work during that time is frequently interrupted by storms and typhoons. Thus, in a typical year, weather prevents operations for all but 70 to 100 days.

Project Personnel

The project team for the Santa Margarita is headed by Jack Harbeston, Chief Executive Officer of IOTA Partners. Mr. Harbeston has more than 30 years experience as a management consultant and contract research manager to all levels of government and private business. He has particular experience supervising large--in several cases national--multi-discipline research projects (i.e. employing highly qualified, diverse professionals). This management experience is applied to the Santa Margarita project, whose personnel include specialists with advanced degrees in History, Anthropology, Physics, Geology, Marine Biology, and Archeology. The specialists are augmented by a carefully screened crew of divers and support personnel which include a conservator and a security staff of certified peace officers.

Project Oversight

The Santa Margarita project is monitored by 11 government agencies, covering state, local and federal interests. The federal permit for the project is administered by the US Army Corps of Engineers, which coordinates with other federal agencies such as the US Fish and Wildlife Service, Environmental Protection Agency, US Coast Guard, Advisory Council on Historic Preservation, and National Marine Fisheries Service. The Corps also coordinates with several CNMI agencies, including but not limited to, the Coastal Resources Management Office, Historic Preservation Office, Department of Lands & Natural Resources, Department of Fish and Wildlife, Division of Environmental Quality, and local government offices on Rota.

Since 03 Jun 2001