Very much like what happened to the SS Islander off the coast of Alaska. The Islander was a smaller steamship, run by the Canadian Pacific Steam Navigation Company, that sank in slightly over 300 feet of ice-cold water after hitting an iceberg in 1901. A loss of 40 lives. Gold was rumored to be aboard. As soon as the technology was available in the 1930's, the wreck was torn up and part of the ship was beached. Another larger salvage attempt was started in 1993 but the legalities got messy really fast. No gold was ever found, and part of the wreck still sits on the beach rotting away.All we need is some yahoo saying there are jewels in the Empress and before you know it somebody up and cuts the ship to shreds looking for jewels that aren't even there.