Sure, but that doesn't mean that the content is taken into account in calculating PageRank. Many different things are part of the overall ranking process -- and it certainly could be that anchor text from high-PR pages is given more weight than that from lower-PR pages. But again, that doesn't mean it affects your PageRank.
It's not really relevant to the Court's decision, but I just found it interesting that the understanding of PageRank seems sketchy at best. Interesting, not surprising.