PSE Circular for Brokers No. 623-99

March 29, 1999 PSE CIRCULAR FOR BROKERS NO. 623-99 March 26, 1999 Philippine Stock Exchange, Inc . PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace B . De Guia Assistant Manager-Disclosure Department Gentlemen : Attached is a copy or our press release dated March 26, 1999. LLpr For your information Sincerely yours, (SGD.) PIERRE PAUL S. BUHAY Financial Comptroller March 26, 1999 To All Concerned: Throughout our ordeal here at Mimosa since December 14, 1998, we have been encouraged by President Joseph Ejercito Estrada's statement to us: "Simply pay what you really owe and Mimosa is Mondragon's." Accordingly, we have followed his instructions and have worked closely with our creditor banks, especially Metro Bank, to realize this conclusion. aisadc We have pursued legal options simultaneously because we have always been convinced of our position in respect to what we really owe . There have been a number of court orders, decisions, injunctions and the like. Both the media and the overall public are a bit confused a this stage. However, today we are both humbled and glad to inform you of the Temporary Restraining Order from the Supreme Court commanding the Court of Appeals to cease and desist from implementing and enforcing its questioned decision (which nullified the Temporary Restraining Order earlier issued by the RTC-Angeles City), and the Clark Development Corporation from terminating our lease agreement and from taking over the Mimosa Leisure Estate, including the Mimosa Regency Casino, effective immediately and until further orders from the Supreme Court. We also would like to inform you of the earlier Writ of Preliminary Injunction issued by the RTC-Angeles City of the same import. Copies of the Temporary Restraining Order issued by the Supreme Court and the Writ of Preliminary Injunction issued by the RTC-Angeles City are attached hereto. We trust this will usher in a spirit and period of government-private cooperation for the benefit of all. We have been looking for a win-win solution and this is apparently it. We look forward to immediately taking possession and operating the Mimosa Regency Casino and Is re-opening, tentatively set for Wednesday, April 7, and the re-employment of most of the employees who were denied their livelihood by the recent turn of events. Once more, we thank President Estrada and the various courts who upheld Mondragon's position and look forward to serving the best interest of Pampanga, Central Luzon and all our customers. We thank the media for their impartial and dedicated time and attention to our situation. But most of all we thank our loyal employees and all those who, almost daily, approached me and expressed. "You are in our prayers. We shall ask God to bring justice to all." Sincerely, (SGD.) JOSE ANTONIO U. GONZALEZ Chairman and CEO CIVIL CASE NO. 9242 MONDRAGON LEISURE and RESORTS CORP., et al., Petitioners, versus CLARK DEVELOPMENT CORP., Respondent. WRIT OF PRELIMINARY INJUNCTION A verified position for specific performance with prayer for issuance of Temporary Restraining Order and Writ of Preliminary Injunction having been filed before this Branch of Court in the abovementioned case against respondent Clark Development Corporation, praying that a preliminary injunction issue against said respondent, restraining them from continuing with the performance of certain acts mentioned in the petition and more particularly described hereafter. Upon considering the evidence presented at the hearing for the purpose and it appearing to the satisfaction of the Court that this is a case where a Writ of Injunction should issue, sufficient reasons having been alleged bond required by law having been given in the sum of Ten Million Pesos (P10,000,000.00) by way of surety bond which is hereto granted by this Court. IT IS HEREBY ORDERED by the undersigned Judge, that, until further orders, you, the said respondent and all you attorneys, representatives, agents and any other persons assisting you and/or acting for and on your behalf and any and all persons claiming interest from you to secure and desist from taking possession and/or operating and managing any part or all property/ies of the petitioner more specifically the Regency Casino and its facility/ies and to turn over the more to the name petitioner in the same condition at the time the respondent allegedly wrested and took possession thereof from the petitioners. The Special Action Force of the Philippine National Police, or any elements of the latter (PNP) who are at present found in the vicinity of the subject property in issue. through its highest commanding officer found therein, under pain of contempt, is ordered to strictly comply with this injunction order and to immediately enforce the same in a peaceful and in an orderly conduct in favor of the petitioner. LexLib To prevent any untoward incident between the parties in issue, only the employees and personnel, guests and clients of the petitioners are to be allowed within the perimeter of the property/ies of the petitioner and any persons or entities other than those mentioned are to be barred from entering the premises until further orderly from this Court. Let copies of this Order Writ be served personally by the Sheriff at the Court on all parties as soon as possible. SO ORDERED Angeles City, March 23, 1999. (SGD.) PHILBERT ITURRALDE Judge G.R. No. 137796-97 MONDRAGON LEISURE AND RESORTS CORPORATION, ET AL. Petitioner, versus COURT OF APPEALS AND CLARK DEVELOPMENT CORPORATION, Respondents; TEMPORARY RESTRAINING ORDER TO: Court of Appeals Ma. Orosa Street Ermita, Manila The President/CEO Clark Development Corporation Clark Special Economic Zone Building 2127, Dorst Ave. cor. Weston Ave. Clarkfield Pampanga GREETINGS : WHEREAS, the Supreme Court on March 25, 1999, adopted a resolution in the above-entitled case, to wit: "G.R. No. 137796-97 ( Mondragon Leisure and Resorts Corporation, et al . vs . Court of Appeals and Clark Development Corporation ) Considering the allegations contained, the issues raised and the arguments adduced in the petition for review on certiorari of the decision dated March 19, 1999 of the Court of Appeals in CA-G.R. No. 49944 and 50168, the Court Resolved, without giving due course to the petition to require the respondent to COMMENT thereon, within ten (10) days from notice, and to ISSUE the TEMPORARY RESTRAINING ORDER prayed for to restrain the Court of Appeals from implementing and enforcing the questioned decision, and the respondent Clark Development Corporation from terminating the Lease Agreement with herein petitioner and from taking over the Mimosa Leisure Estate, including the Mimosa Regency Casino, effective immediately and until further orders from this Court. prLL NOW THEREFORE, You, [Respondents], Your agents, representatives and/or any person or persons acting upon your orders on in your place or stead, are hereby DIRECTED to CEASE and DESIST from implementing and enforcing the questioned decision, and the private respondent from terminating the Lease Agreement with herein petitioner and from taking over the Mimosa Leisure Estate, including the Mimosa Regency Casino, effective immediately and until further orders from this Court. GIVEN by the authority of Honorable Justice FLERIDA RUTH P. ROMERO, Chairman of the Third Division of the Supreme Court of the Philippines, this 25th day of March, nineteen hundred and ninety-nine. (SGD.) JULIETA Y. CARRBON Clerk of Court Third Division Atty. Ernesto B. Francisco, Jr. FRANCISCO LAW OFFICE Counsel for Petitioners 106 Perea Street, Legaspi Village Makati City The Court of Appeals CA-G.R. No. 49944 & 50168 Manila The Office of the Government Corporate Counsel 5th & 6th Floors, Phil. Sugar Centre North Avenue, Dilemma Quezon City The Legal Department