Here's the last:
"Phoenix Provides Clarification on Appeal Court Case
9/19/2007
MADISONVILLE, LA, Sep 19, 2007 (MARKET WIRE via COMTEX News Network) --
Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) announced that it has had many inquiries relating to the operational status of its Sand & Gravel mine in Pearl River, Louisiana following the decision of the Court of Appeal on September 14, 2007. The Company has asked its legal counsel on this matter, Thomas E. Schafer III, Esq., to provide comments on this matter. A letter from Mr. Schafer follows:
To Phoenix Associates Land Syndicate:
It has been brought to my attention that Phoenix has received a number of inquiries whether, considering the decision of the Court of Appeal on September 14, 2007, Phoenix can continue to operate the Sand and Gravel Pit. The suspensive appeal filed by Phoenix, and the posting of the appeal bond, suspends the effect of the Judgment against Phoenix.
The bond is still in effect since the decision of the Court of Appeal is not final. A motion for rehearing is being prepared and will be timely filed.
I am still optimistic that the rehearing will be granted to consider whether the breach of the lease by Phoenix in entering into operating agreements was a substantial breach to warrant the cancellation of the entire lease.
In the event that the Court of Appeal does not grant the rehearing, then Phoenix will continue the appeal to the Supreme Court, during which time the appeal bond will remain in effect and Phoenix will have the right to continue the operation of the Sand and Gravel Pit.
Thomas E. Schafer III
9/18/07"
So, all in all, at worst, how fast can the court render a 'final' decision not favorable. Some time left!
alen |
