Just a quick post regard JCTCF 8K from this week. It has been followed by new 8k giving a better explanation regarding the legal case. Here’s the quote.
As previously announced in our Form 8-K, dated March 2, 2012, the Oregon Supreme Court ruled in the case of Greenwood Products and Jewett-Cameron Lumber Corp. (“plaintiffs”) v. Greenwood Forest Products, et al. (“defendants”) that the decision of the Oregon Court of Appeals is reversed in part in a manner viewed as favorable to the plaintiff. The case will now be returned to the Oregon Court of Appeals for further consideration.
We have now reviewed the Court’s decision in consultation with the Company’s legal advisors. Due to the favorable ruling, we have determined that we will reverse $1,459,833 of the previously accrued Litigation Reserve. This reserve has been recorded as a Contingent Liability and included in the Current Liabilities on the Company’s balance sheet. This reversal will be treated as a one-time gain and will be reflected in the financial statements contained in the Company’s Form 10-Q for the 2nd quarter ended February 29, 2012.
Disclosure : Author is Long JCTCF.