Speeking of Summa, did the tail end of the the quarterly sound promising to people?
LEGAL MATTERS - SUMMA SHARE SALE AGREEMENT
On 27 November 2015 the Company advised it had been served with proceedings filed by Summa Resource Holdings LLC (Summa) against it in the United States District Court for the Northern District of California (Complaint). Carbon Energy maintains its position announced on 6 March 2013 that relevant milestones under the Agreement with Summa had not been met, notwithstanding Carbon Energy having taken all required steps and having used its best endeavours. Accordingly, Carbon Energy is not obliged to issue further tranches of shares to Summa.
In December 2015, the Company filed motions to dismiss and to strike out a number of the allegations in Summa’s Complaint. After considering arguments made by the parties in briefs filed in court, Judge Thelton Henderson ordered the parties to file supplemental briefs on questions dealing with the application of Queensland law to the dispute.
After considering the supplemental briefs, Judge Henderson ordered the parties to file further supplemental briefs and vacated the scheduled hearing. It is anticipated that Judge Henderson will deliver his decision on the motions to dismiss and on matters related to the application of Queensland law without requiring the parties to file any further briefs or having to present oral arguments in court. Judge Henderson has not scheduled a date for his decision.
CNX Price at posting:
1.2¢ Sentiment: None Disclosure: Held
