Don't know, NXS have hardly been transparent with what proportion or what items they have sold. Sedco's legal dept is a cost centre, a business within the business, typically they have KPIs, they are accountable regardless of court decisions and general compliance, contract negotiation. They have a number for internal billable hours plus external lawyers charges, first hurdle is to recover those costs with any win in court or settlement being cherry on top. With gross debt of $150m and the assets involved, I don't think Sedco will have any concern about being paid out for any win they have. Whilst I am cautious given who was running the show back then, I believe the claim is well over the top and from what is known, NXS have some very strong arguable positions well endorsed informally at the time in the industry. It would have been in everyone's best interest to settle this 2 years ago to clear the decks, now not so under pressure if the deal is not right circa $20m then go to court, if we lose then appeal and drag it out
NXS Price at posting:
5.9¢ Sentiment: None Disclosure: Not Held
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