Question about PL/AC (in General)

Basically my question is how does phantom link & armor class work together? More specifically is the damage reduction from AC (or even Mage Shield/Shield of Capacity) calculated by the targeted minion or the PL minion?

Even more specifically if I were to add a 3rd minion as a back row PL wall would high AC (or moving my MgS) make any difference (other than for MM)

A simple answer would be nice but knowing how complex damage reduction can be I doubt a simple answer would be accurate.

Thanks in advance for any intelligent responses

~WC~

Damage reduction is calculated on the minion being hit. The PL minion simply drains the damage taken at a rate of 9 hp lost for every 10 damage absorbed. So no a heavy AC PL wall will not help except against MM.