Notice of Eviction and Action to Increase Bond Set Aside by Presiding Judge; Appeal Process to Go Forward With Decision At Least 18 Months in the Future; Expansion of Dredging Capacity Moves Ahead as Planned
MADISONVILLE, LA--(MARKET WIRE)--Nov 6, 2006 -- Phoenix Associates Land Syndicate (Other OTC:PBLS.PK - News), a holding company with assets and/or interests in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, trucking, contract hauling, construction, swimming pool construction and construction related industries, today updated shareholders on status of certain litigation matters relating to its Murphy Sand & Gravel (MS&G) business unit.
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Phoenix had its day in court on Friday, November 3rd, relating to a motion of eviction from its Pearl River mining site and a motion to increase the current "bond" of $100,000 in cash to $20 million. Phoenix is please to report that the Judge acted in favor of Phoenix regarding both motions, thus dismissing both the motion to evict and the motion to increase the bond, thereby reaffirming the $100,000 cash bond that is already in place.
Management indicated that with these two Court decisions moving in favor of the Company, the appeal process will now go forward for at least 18 months, and the upgrading and acceleration of its mining operations that is already well underway will proceed unabated.
Phoenix continues to believe it has extremely strong case law and prior rulings by the Court of Appeals in other cases that indicate it should prevail and should be able to continue operations until 2023.
AI
