The Empire decision, page-4

I wasn't aware " we have ".

Firstly, I had hoped to evoke a collegial talking point which would draw out some lawyers, who would give us chapter and verse as to our chances of success or otherwise in this case/cases.
Alas to no avail.
Secondly I have attempted to get a copy of the JOA which should drive the determination process,so as too see " first hand ",what our position is.
At the time of writing,I have no " first hand " information on which to draw on.
Again I am no lawyer,so please treat my thoughts with the utmost caution as to their validity or otherwise.
IMHO the crux of the issue is,does backreef 's indebtedness to OBL exceed their equity in the permit?
If the answer is yes,then IMHO they should forfeit their share to OBL,unless the court grants backreef relief (time) to repay their debt to OBL.
Question has the permit areas value increased to the point where the failed sale price of circa$3.6 million to bru could be achieved?
Question If the value has increased,who created this value the JV or one or other of the party's,namely OBL?.
I'm of the view,that management wouldn't seek forfeiture without the surety of their position.
That said forfeiture shouldn't be a penalty( ie,if their debt is circa $1 million and the permit is valued higher),from what Ive read,they should get the difference.
Happy to be corrected on this.
To date there has been no commercial success in the permit,so has the value increased or stayed the same?

Clear as mud, apologies.

Raider