Gentlemen:
It always seems I am the purveyor of contrary news. Three phase with a wild leg indicates a 240/120v delta connected at the source. This is a typical, common light industrial supply from the power company. In other words not enough power demand to warrant a 480/277 wye service. With the 480v connection it requires the customer to purchase and install his own transformers to obtain power for 120v devices. The 240/120v delta service provides three phase power at a higher voltage, slightly less amperage demand. Phase A and phase C providing 120v power when read to neutral. The B phase is read all over from 190v to 240v to neutral. We were taught in school by actual calculation with everything perfect by spec and book that the calculated value should be 196v to ground or neutral. This is because of where the neutral is tapped in the transformer. You are actually getting power through 1 and 1/2 sets of windings, in relation to the B phase.
Now the contrary news. Even though the voltage is high on B phase in relation to phase A and C. It is still 240v phase to phase no matter how you read it. Yes the B phase is high. Yes the B phase will fry anything connected to B phase and neutral. Hence the reason for the orange tape that is is required at the service panel and is supposed to be used to identify the B phase throughout the system. But any 240v item does not know or care what phase combination it is supplied by. A-B, A-C, or B-C, it just does not matter because they all have 240v potential between them. Single phase or three phase. Try it out.