9/8/2015 SCfinallysettlesPhilcomsatfeud|Opinion,News,ThePhilippineStar|philstar.com

http://www.philstar.com/opinion/2013/08/04/1048271/scfinallysettlesphilcomsatfeud 1/4

Tue|09/08/201503:59pm|Forex:$1:46.920

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SCfinallysettlesPhilcomsatfeudPOSTSCRIPTByFedericoD.PascualJr.(ThePhilippineStar)|UpdatedAugust4,201312:00am

LEGITIMACY:ThelongawaitedSupremeCourtdecisiononthelegitimacyoftheboardofPhilcomsatHoldingsCorp.(PHC),aPhilcomsatsubsidiarylistedinthePhilippineStockExchange,isin.

Since2004,twofactionshavebattledforrecognitionasthelegitimateboardcontrollingthePhilcomsatcompanies.

TheunanimousrulingaffirminganearlierCourtofAppealsdecisionwashandeddownJuly3bytheSCfirstdivisioncomposedofChiefJusticeMariaLourdesP.A.SerenoandAssociateJusticesLucasP.Bersamin(ponente),ArturoD.Brion,MartinS.VillaramaJr.andBienvenidoL.Reyes.

***

RIVALGROUPS:OnecampwasledbynomineesofthePresidentialCommissiononGoodGovernment,namelyEnriqueLocsinandBenitoAraneta,latchingontoprivateshareholderManuelH.Nieto.

FormerambassadorNietoowns13percentofPhilippineOverseasTelecommunicationsCorp.(POTC),themothercompanyofPhilcomsat,whichowns81percentofPHC.

Theothergroup,whoselegitimacyhasnowbeenupheldbytheHighCourt,iscomposedofseveralprominentfamiliesholdingthemajoritysharesofPOTC.

***

MAJORITYOWNERS:TheownershipstructureofthePhilcomsatgroupissuchthatwhoevercontrolsPOTCnecessarilyholds100percentcontrolofPhilcomsat.Inturn,whoevercontrolsPhilcomsatwields81percentmajoritycontrolofPHC.

Thegovernments35percentownershipinPOTC,combinedwithNietos13percent,totals48percent,aminorityposition.

TheSCupheldtheCourtofAppealsdecisiondeclaringthatthe52percentcollectiveownershipofIlusorioBildner,Poblador,Africa,BenedictoandPonceEnrileconstitutesthemajorityblockinPOTC,andthusinPhilcomsat,andbycascadingeffect,inPHC.

TherulingnegatedtheclaimedcontroloftheLocsin/NietoPCGGfaction.

***

FAKECONTROL:CentraltothefiascoisPCGG,which,despitethegovernments35percentstakeinPOTC,persistedinafictionalsequestered40percentinterestwhich,whencombinedwithNietos13percent,gavetheLocsin/NietoPCGGfactionaquestionable53percentmajority.

Withthis,theyassertedcontrol,dupingthebanks,theSecuritiesandExchangeCommission,variouscourtsandthemedia,whileransackingthePhilcomsatcompanies,particularlyPHC.

InfairnesstoincumbentPCGGChairmanAndresBautista,thelootinghappenedbeforehewasappointedtothecommission.

***

BANKWISE/PVBCASE:TheBankwisecaseillustratesthecostlysideeffectsoftheimpunity.BeforethePCGGledgroupentrencheditselfinPHC,theoncecashrichfirmhadP900millioninmoneymarketplacements.

Inadditiontopayingexorbitantsumstothemselves,theirlawyers,publicrelationsmediahandlers,etc.,thegroupdepositedoverhalfabillionpesosinthenfailingBankwisewhichwastakenoverin2005byPhilippineVeteransBank.

WhenBankwisewaspadlockedin2008,thePHCaccounthadonlyP14millionleft.

TheBangkoSentralngPilipinasisinvestigatingthemess.TheongoingboardshakeupatPVBisintendedtopreventarunonthebankownedbythefamiliesofsome300,000veterans.Butthatsanotherstory.

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