Citibank vs. Urban Development Bank

[SEC CASE NO. 3002. October 30, 1987.] IN RE: PETITION WITH APPOINTMENT OF REHABILITATION RECEIVER FOR REYNOLDS PHILIPPINE CORPORATION PURSUANT TO P.D. 902-A AS AMENDED CITIBANK, N.A., ET AL. , petitioners , vs . URBAN DEVELOPMENT BANK , oppositor . O R D E R Anent the Motion, filed by Reynolds Philippines Corporation (Reyphil), dated September 22, 1987, and the Urgent Motion To Restrain Carlos J. Valdes & Company, filed by Reyphil, dated September 17, 1987, this Commission in view of the agreement of the petitioners, Reyphil, RII, and the Receiver, hereby rules, as follows: aCSDIc 1. That the existing arrangement and the existing bank signatories, whereby some are nominated by the Board of Reyphil and some are nominated by Carlos J. Valdes & Co. provided that the signatures of one from the group of Carlos J. Valdes & Co. shall be maintained. For this purpose, anyone of the following Officers/Executives of Reynolds Philippine Corporation, namely: Henry W. Pinkey Gonzalo G. Mendoza Richard S. Valack Alfredo C. Evaristo Ernesto B. Villa and together, or jointly with anyone of the Officers/Executives of the Rehabilitation Receiver, namely: Jaime M. Valdes Carmelita C. de Leon Maximo C. Roque be, as they are hereby, authorized to be the two signatories (one from Reynolds Philippine Corporation and one from the Rehabilitation Receiver) to all withdrawals from, or checks drawn against, Savings, Current, and other bank accounts of Reynolds Philippine Corporation with all its depository banks. 2. That Reyphil shall pay Carlos J. Valdes & Co. the monthly fee of Sixty Thousand Pesos (P60,000.00) as receiver's fee covering the period from April 1987 up to the month of September 1987 (excluding the period from May 18 to July 27, 1987). However, the receiver's fee for the month of October 1987 and the succeeding months shall be subject to further negotiation by the parties. HIAEcT SO ORDERED. (SGD.) EMMANUEL R. SISON Hearing Officer (On leave) (SGD.) JAMES K. ABUGAN ROLANDO C. MALABONGA Hearing Officer Hearing Officer