In the 1980's, massive unemployment spread throughout the west coast of the United States. With little work available, Jack Morgan and Carl Webb embark on a fateful journey to find and claim lost treasure off the California coast. Morgan, a noble and wise man who marches to the beat of his own drummer, is highly skilled and efficient in all of his endeavors. Webb, also highly efficient, is an honest and fair mechanical engineer who can become quite a formidable adversary when necessary. Together these men set out to explore the shipwrecks surrounding the Channel Islands. Here a dangerous reef has claimed many a ship since the Europeans first came to the new world. Surely there is plenty of treasure for the taking. Once arrived however, Morgan and Webb discover that their plan will not be as easy to carry out as they had hoped. Will they find the treasure they so desperately seek and survive such a perilous undertaking?
