The Phoenix Foundation is a libertarian foundation that has supported numerous attempts to create independent libertarian states through freebooting. The foundation was created by US-based real estate millionaire Michael Oliver (1928-2024), his friend James Murt McKeever, and investment advisor Harry D. Schultz.
thumb|Flag of the [[Republic of Minerva]]
In 1972 the Foundation began to construct a platform in the South Pacific. Part of a reef, normally a metre below sea level at high tide, was piled high with sand and a small stone platform was erected carrying the flag of the Republic of Minerva—a golden torch on a blue background. The 'President of Minerva', Morris Davis, declared at the time: "People will be free to do as they damn well please. Nothing will be illegal so long it does not infringe on the rights of others. If a citizen wishes to open a tavern, set up gambling or make pornographic films, the government will not interfere." Tonga's claim to the reef was recognized by the South Pacific Forum in September 1972. A Tongan expedition was sent to enforce the claim, arriving on 18 June 1972. The Flag of Tonga was raised on 19 June 1972 on North Minerva and on South Minerva on 21 June 1972. In June 1973, one month before the intended independence, the Foundation financed Chuck Hall and Bert Williams' Abaco Independence Movement (AIM), which sought to make Abaco independent of the Bahamas. With the financial support of the Phoenix Foundation the AIM published a newsletter, The Abaco Independent.