Abacus Distribution System Philippines, Inc. v. Abacus Travel Corp.

[SEC-SICD * CASE NO. 06-94-4791. September 27, 1994.] ABACUS DISTRIBUTION SYSTEM PHILIPPINES, INC. , petitioner , vs . ABACUS TRAVEL CORPORATION , respondent . D E C I S I O N A Compromise Agreement, signed by the parties, assisted by their respective counsels, having been submitted to this Commission, the terms and conditions of which reads as follows: "1. In consideration for withdrawing the case against the respondent by the petitioner, the respondent shall deleted the word "Abacus" from its corporate name by filing the appropriate papers with the Securities ( sic ) & Exchange Commission, Bureau of Domestic Trade and any other relevant agency. It shall adopt a new name not confusingly similar to that of the petitioner; 2. Petitioner shall grant the respondent a period of thirty (30) days from the date of signing of this instrument within which to complete all that is necessary to change its corporate name and cancel the registration with the Bureau of Domestic Trade and any other relevant agency; 3. Respondent shall cease and desist from using the word "Abacus" in any form or act 30 days from the date of signing the instrument; 4. The parties mutually waive and quitclaim in favor of the other all other claims and counterclaim in their respective pleadings upon faithful compliance of the terms and conditions of this agreement; 5. The respondent shall promptly in good faith with all the provisions of the above compromise agreement and that if after the lapse of the period mentioned in paragraph two (2) above the respondent should fail to delete the word "Abacus" from its corporate name and cease and desist from using the word "Abacus" in any form or act, the petitioner shall be entitled as a matter of right upon an ex-parte motion to the issuance or a writ of execution to enforce this compromise settlement. 6. Nothing herein shall be construed as prohibiting the owners of the respondent from using the name "Abacus" in any other business which is not related to the travel business/industry. More specifically, respondent and its owners can continue using the name "Abacus Industrial & Realty Company" in relation to its trading and realty business." and finding the same not contrary to law, morals and public policy, the said compromise agreement is hereby approved and judgment is hereby rendered in accordance therewith. The complaint is hereby dismissed. No pronouncement as to costs. dctai (SGD.) MACARIO P. MALLARI Hearing Officer