updated 10/30/2010 1:15:19 AM ET 2010-10-30T05:15:19

ATLANTA, Oct. 29, 2010 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation ("UNSR") (Pink Sheets:LGAL) announced today that it, Admiralty Holding Company ("Admiralty") and Herbert C. Leeming have filed an extensive Answer and Counterclaim to a Complaint filed in the New York state courts against them by AJW Partners, LLC, AJW Offshore, Ltd.,AJW Qualified Partners, LLC,AJW Master Fund, Ltd., AJW Partners II, LLC, AJW Offshore II, Ltd., AJW Qualified Partners II, LLC, New Millennium Capital Partners III, LLC and AJW Master Fund II, LTD. (the "Plaintiffs"), offshore investment and hedge funds sponsored and managed by N.I.R. Group, LLC ("NIR").

UNSR further announced that a Third-Party Complaint seeking substantial monetary damages has also been filed against NIR and Mr. Corey Ribotsky, the founder and Managing Member of NIR, by Admiralty Holding Company.

In the litigation, UNSR, Admiralty and Mr. Leeming are being represented by the well-known firm of Fox Rothschild, LLP, a century-old law firm based in New York with more than 500 attorneys in 15 offices in 8 states. For more information on this highly respected firm, please visit http://www.foxrothschild.com/

Persons interested in reading the court filings in the litigation will be able to access them at


Interesting information regarding Mr. Ribotsky and NIR can be found at the following link, although UNSR cannot vouch for, affirm or endorse the accuracy of the information:


In making this announcement, Herbert Leeming, UNSR's CEO, stated: "We are pleased to be able to tackle NIR and Mr. Ribotsky head-on, especially in the very capable hands of such a fine firm as Fox Rothschild, LLP. We intend to defend the action brought against us aggressively and prosecute our claims and counterclaims vigorously. We are very confident we will prevail on the merits in all aspects of this litigation and we welcome the opportunity to air our positions in open court. Our long-time general corporate counsel has indicated to me that, in his 33 years of practice, he has almost never seen such a groundless lawsuit as the one filed against me personally and UNSR and was shocked the Plaintiffs would file such a frivolous action and thereby open themselves up to counterclaims and perhaps ultimately a tort action for malicious use and abuse of process."

About the Company

The Company is engaged in the business of locating and recovering historical shipwrecks, primarily those from the 15th through 19th centuries, and other cultural resources (artifacts and other objects of historical and archaeological interest) from the world's oceans and large lakes by applying advanced technologies in an environmentally responsible manner.

Forward-Looking Statements Caution:

This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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