Hearing underway on Titanic artifacts

NORFOLK, Va., Oct. 27 (UPI) -- A federal judge must decide whether a company that retrieved hundreds of objects from the wreck of the Titanic can claim ownership of them.

Premier Exhibitions Inc. has proposed two alternatives -- that it be awarded ownership of the Titanic artifacts with an agreement to ensure their perpetual preservation or that it be paid $110 million for them, The (Norfolk) Virginian-Pilot reported. It is unclear what institutions or individuals would have the money and be willing to pay for the objects.

U.S. District Judge Rebecca Smith began holding a hearing Monday.

The RMS Titanic sank southeast of Newfoundland on April 15, 1912, less than three hours after striking an iceberg on its maiden voyage from Southampton to New York. Only 705 people survived, less than one-third of the total passengers and crew on board.

The wreckage of the Titanic was discovered in 1985. The finders decided not to bring anything up but RMS Titanic Inc., a subsidiary of Premier Expeditions Inc., began salvaging artifacts and laid claim to the wreck.