Park Towers Corporation, et al. vs. Lee Tay Cheung, et al.

[SEC-SICD * CASE NO. 07-97-5724. October 12, 1998.] PARK TOWERS CORP., et al. , complainants , vs . LEE TAY CHEUNG, et al. , respondents . D E C I S I O N A compromise agreement, signed by the parties, assisted by their respective counsels, having been submitted to the Commission, the terms and conditions of which reads as follows: 1. That the parties desire to restore the peace and tranquility among the unit owners of Park Towers Condominium through the Mutual Withdrawal of the above-captioned cases pending before the Securities and Exchange Commission.; 2. That to facilitate the end, without delving on the merits of the above-mentioned cases, we hereby agree to withdraw the same simultaneously in the Securities and Exchange Commission subject to the following procedural conditions, to wit: a. The arrearages of all delinquent unit owners shall be paid out in manager's check each and delivered to Mr. Lee Tay Cheung and Philip Lim who will be the named payees; b. All documents in the possession of the parties in their respective capacities as officers of the Park Towers Condominium Corporation shall be entrusted to Mr. Lee Tay Cheung and Philip Lim; c. Mr. Lee Tay Cheung and Philip Lim, in their capacities as present president and vice-president, respectively, of the corporation, shall call an election within two (2) weeks from the fulfillment of the above- conditions; d. Both parties, Sps. Cornelio and Anita Lee and Sps. Tomas and Rose Tan, shall voluntarily inhibit themselves from running in any elective position in the corporation within two (2) years from the signing of this agreement. 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 herewith. The Complaint, as well as the counterclaim are hereby dismissed. No pronouncement as to costs. SO ORDERED. (SGD.) SIMEON P. BADILLO, JR. Hearing Officer