The following is to some extent an unpaid commercial announcement (I  
get nothing), as SPECSBROS is owned and operated by my brother and  
sister-in-law. On the other hand Peter and Susan Brothers,  are two  
of the world's leading experts on tape recovery. While they are not  
allowed to say it, they have a recovery rate of well over 90% and, to  
my knowledge, never had  a tape that they couldn't recover most of  
the data off. If anyone is interested they can be reached at:

http://www.specsbros.com/ or 1-800-852-7732

One of the things he mentioned to me as being pretty critical is  
don't dry tape. Unlike paper records you can't read them through a  
"stain". Tape can be rinsed off, distilled water is preferred as the  
chlorine in normal drinking will damage the tape. Freeze drying is to  
be avoided at all costs as it tends to leave mineral/chemical crusts  
on the tape that are virtually impossible to remove.

 From the SPECSBROS website:

FIRST AND FOREMOST...THINK POSITIVE

DON'T PANIC, but do get help as soon as possible. Experience,  
research, and testing have lead to the development of highly  
effective restoration techniques. At SPECS BROS. we routinely restore  
video, audio and instrumentation tapes that were considered unusable  
due to disaster-related damage. We are capable of restoring a single  
tape or an entire library.

SPECS BROS. offers the following services to assist in your recovery:

FIRE RESTORATION
FLOOD RECLAMATION
CHEMICAL DECONTAMINATION
ON- SITE EVALUATIONS
RECOVERY COST ESTIMATES
DUPLICATION
We have included a few basic tips to help you handle your materials,  
prevent consequential damage and get you started on the road to  
recovery:
DISASTER REACTION
5 TIPS TO MINIMIZE DAMAGE

DO NOT PLAY BACK
Playing contaminated tapes prior to restoration may cause additional  
damage to tapes and can harm machinery.
HANDLE MATERIAL CAREFULLY
Exercise extreme care when moving tapes from a disaster site.  
Changing tapes' orientation can cause damage and spread contaminants.  
If possible, tapes should be cushioned against shock and insulated  
against sudden changes in temperature.
FOR FIRE/SMOKE CONTAMINATION
Chemicals and techniques used to decontaminate your facility are not  
applicable to magnetic tape. Tape cases should remain closed until  
proper decontamination can be performed. If tapes have been  
contaminated by water or fire-suppressant chemicals they need  
immediate attention.
FOR FLOOD/LIQUID CONTAMINATION
Tapes exposed to liquids should be decontaminated as soon as  
possible, while tapes are still wet. Air drying at your facility is  
not recommended, as improper drying causes the tapes to deform and  
may leave corrosive residues. Wet tapes should be kept cool at all  
times to slow decay.
FOR CONSTRUCTION/QUAKE CONTAMINATION
Plaster and mortar dust are both abrasive and easily spread. Tapes  
should be isolated to prevent further contamination. Moisture can  
chemically activate corrosive elements: keep tapes dry at all times.
DISASTER RECOVERY
5 TIPS TO FACILITATE RECOVERY

ASSESS DAMAGE
Have an expert examine your materials as soon as possible. Most tapes  
are damaged or contaminated, not destroyed. Virtually all tapes can  
be restored if they are handled properly.
REVIEW INVENTORY
Check inventory lists and source records. If alternate copies exist,  
restoration of some materials many not be necessary.
CHECK INSURANCE
Establish early what your insurance will cover. Remember that any  
delay in initiating restoration procedures is likely to cause  
additional damage and cost more.
DETERMINE RESOURCES
Time and budget constraints can hamper restoration efforts. Estimate  
your budget and prioritize your materials.
GET HELP
The sooner you get professional help, the more effective your damage  
control and recovery will be.