If you read through the judgement, it's clear that PBLS was givin ample oppertunity to defend itself and did in fact put up a vigirous defense. It was proven by the contracts between Phoenix and the subcontractors that the subcontractors were allowed to go in, bring in their own equiptment, mine for minerals and keep the minerals they mined. By Lousianna law, that's a sublease. PBLS only defense was that because they wrote into the contract that the contract was not a sub-lease, that they were within their lease. The court ruled that no, that fact is only determined by the substance of the contract itself, not by just saying that in the verbage. I can understand why IR is trying to minimize the impact of this loss (ie. that's his job), but the fact is, they violated their lease and this can very well mean they will lose the Murphy pit if they haven't already.
Market Data 
Markets 
AI
