Telectronics Systems, Inc., , et al. vs. Norberto T. Braga

[SEC-SICD * CASE NO. 2379. December 24, 1987.] TELECTRONICS SYSTEMS, INC., et al. , petitioners , vs . NORBERTO T. BRAGA , respondent . D E C I S I O N The parties filed last December 24, 1987, a motion entitled " MOTION FOR APPROVAL OF COMPROMISE AGREEMENT : the contents of which is quoted in toto , to wit: LLpr " COMPROMISE AGREEMENT I. THE PARTIES This agreement is by and among two groups: (a) the SANTIAGO GROUP and POCKETBELL on the one hand and (b) the BRAGA GROUP, on the other: 1. The SANTIAGO GROUP, as hereinafter referred to for purposes material to this Agreement, is composed of two SEC-registered corporations. TELECTRONICS SYSTEMS, INC. and CAPITOL WIRELESS, INC. and stockholders/officers/employees belonging to the same group and are hereby represented by JOSE LUIS SANTIAGO, whose authority is attached hereto as ANNEX "A", President of both corporations above-mentioned, who is also signing this agreement in his own behalf, and who is a Filipino, of age, married, and with postal address at the Spirit of Communications Centre Building, 106 Alvarado St., Legaspi Village, Makati, Metro Manila. POCKETBELL, as hereinafter referred to for purposes material to this Agreement, is the corporation POCKET BELL PHILIPPINES, INC., which is represented herein by the HON. DIRECTOR FELICIANO A. ARBAN, who is acting in his official capacity as duly appointed Chairman of the Receivership Committee for POCKETBELL, Filipino, of age, married, and with postal address at the Pocket Bell Building, Aurora Blvd., Cubao, Quezon City. 2. The BRAGA GROUP, as hereinafter referred to for purposes material to this Agreement, is composed of: the Estate of the late COL. AGAPITO S. BRAGA, VIRGINIA T. BRAGA, NORBERTO T. BRAGA, and VIRGILIO T. BRAGA, in their personal capacities and as majority stockholders of RADIO COMMUNICATIONS OF THE PHILIPPINES, INC. (RCPI) (signing their conformity to this agreement), and are assisted and represented by ATTY. VICENTE Q. ROXAS, whose authority is hereto attached as ANNEX "B", their counsel and Attorney-in-Fact, who is a Filipino, of age, married, and with postal address at 60 Samar Avenue, Quezon City. WITNESSETH THAT : WHEREAS, to end their long-drawn and multifarious litigation, the two groups are amenable and have decided and agreed to settle once and for all their differences and all the controversy arising from or related to the cases at hand, involving their conflicting interests in two corporations: (a) POCKETBELL and (b) RCPI; WHEREAS, in this amicable settlement, which the parties request the SEC to judicially approve and render judgment on, it is the interest and goal of the parties that all litigation between the parties be terminated with prejudice; WHEREAS, (a) in order to achieve this, in the interest of mutual peace, and in order to avoid complicated matters such as valuation of shares of each group in each corporation, which could further strain relations between the parties, the parties have agreed to effect, judicially, a swap or barter of shares and interests in the two corporations, and (b) in the case of POCKETBELL, the SANTIAGO GROUP and POCKETBELL shall return and reimburse to the BRAGA GROUP, who as pioneers are hereby recognized to have loaned and advanced to POCKETBELL while they were in charge of management, all loans and advances, based on mutually computed and agreed full and final total, which the parties hereby recognize to have been made by the BRAGA GROUP to POCKETBELL, after offsetting, deducting, and clearing all BRAGA GROUP accountabilities to, as well as claims against POCKETBELL, whereby: (a) the SANTIAGO GROUP forever relinquishes and quitclaims in favor of the BRAGA GROUP all their shares and interests, Warrants, Stock Options, together with all rights, subscriptions, and dividends in RCPI; (b) while the BRAGA GROUP forever relinquishes and quitclaims in favor of the SANTIAGO GROUP all their shares, and interests and in addition, all management and control, in POCKETBELL together with all rights, subscriptions, and dividends and subject to payment in cash to the BRAGA GROUP by the SANTIAGO GROUP upon signing of this agreement of the NET final amount of P7,500,000.00 which represents net reimbursement of loans and advances deposited or placed by BRAGA GROUP in POCKETBELL, after deducting accountabilities of the BRAGA GROUP to POCKETBELL as hereinafter provided; LLpr WHEREAS, the parties desire to also mutually settle and bar, by these presents, any and all interests, claims, rights, and causes of action that one group or corporation and their heirs and assigns may have or claim against the other group or corporation or their heirs and assigns, except to enforce this agreement; WHEREAS, the parties desire to also mutually settle and bar, by these presents, any and all assets, accounts, accountabilities, and liabilities that one group or corporation and their heirs and assigns may, either directly or indirectly, bill, collect, charge, discover, adduce or impose against the other group or corporation or their heirs and assigns, except to enforce this agreement; NOW, THEREFORE, for and in consideration of the above premises, and the mutual covenants herein stipulated, the parties to this compromise agreement agree on the following: 1. The SANTIAGO GROUP, for its part, shall (a) PAY to the BRAGA GROUP, made payable to "c/o Atty. Vicente Q. Roxas, Atty.-in-Fact", the sum of SEVEN MILLION FIVE HUNDRED THOUSAND (P7,500,000.00) PESOS, Philippine Currency, in cash, or manager's check, upon signing of this Agreement. This amount represents, as the parties hereby stipulate, agree, manifest and declare, the NET reimbursement of money and property deposited and placed by the BRAGA GROUP as loans and advances made to POCKETBELL while they were still in control and management after offsetting or deducting the agreed upon final and full amount for settlement by the BRAGA GROUP of all their accountabilities to POCKETBELL. The parties hereby stipulate, agree, manifest and declare that the GROSS amount owed by POCKETBELL to, and which is acknowledged to be hereby received by, the BRAGA GROUP and which represents the full and final reimbursable amount of money and property deposited and placed by the BRAGA GROUP as loans and advances made to POCKETBELL before deducting the accountabilities of the BRAGA GROUP to POCKETBELL is: P19,500,000.00; (b) SURRENDER, ASSIGN, GIVE and FOREVER RELINQUISH, as they hereby surrender, assign, give and forever relinquish, and deemed by the SANTIAGO GROUP as fully paid, in favor of the BRAGA GROUP, upon signing of this Agreement, as its part in the swap or barter, any and all their shares and interests in RADIO COMMUNICATIONS OF THE PHILIPPINES INC. (RCPI) which includes what the SANTIAGO GROUP has declared as composed of: (i) 602,478 RCPI common shares, fully paid, (ii) Warrant No. 3 which is a Stock Option in the name of and allegedly purchased by them from Philippine Investment Company, S.A. (PIC) for 144,525 Common Shares, issued March 23, 1979, and (iii) with all rights, subscriptions, whether paid or unpaid, and dividends, together with certificates, warrants, and other evidences of ownership; hereby agreeing to execute a Power of Attorney in favor of any or all of the said BRAGA GROUP; or its nominees hereby authorizing the due endorsement of said shares; and hereby ordering the Corporate Secretary and/or Board of Directors of the RCPI to so transfer or cause the transfer of same on the books of the corporation, with or without the certificates; and/or to avoid any and all shares and interests appearing in the name of the SANTIAGO GROUP in RCPI; (c) QUITCLAIM, as they hereby quitclaim any and all interest, claims, rights, and causes of action that the SANTIAGO GROUP, POCKETBELL, or their heirs and assigns may have against RCPI, the BRAGA GROUP, or their respective heirs and assigns; (d) QUITCLAIM any and all objections to amendment of the articles and by-laws, and/or representation in the Board; and join the BRAGA GROUP to PETITION the SEC to approve the amendments to the Articles and By-Laws of RCPI already filed with the SEC; 2. The SANTIAGO GROUP and POCKETBELL shall (a) ASSUME as they hereby assume, and with respect to which they hold the BRAGA GROUP free and harmless, any and all assets, accounts, accountabilities, and liabilities which POCKETBELL, the SANTIAGO GROUP, or their respective heirs and assigns may bill, collect, charge, discover, adduce, or impose against the BRAGA GROUP, RCPI, or their respective heirs and assigns. This includes all items listed in the Schedule attached hereto as ANNEX "C". The SANTIAGO GROUP and POCKETBELL hereby assume also any and all assets, accounts, accountabilities, and liabilities mentioned, not mentioned, or omitted from the schedule, and hereby attest and acknowledge receipt by SANTIAGO GROUP and POCKETBELL of full payment from the BRAGA GROUP to by way of offsetting of BRAGA advances with BRAGA liabilities to POCKETBELL as full and final settlement for such-alleged BRAGA GROUP assets, accounts, accountabilities, and liabilities, which the parties accept to be all-encompassing and agree to put the same forever to rest and therefore can no longer be reopened, expanded, or reinvestigated, in the interest of mutual peace; (b) EXECUTE Deeds of Sale, Assignment, or Quitclaim in favor of the BRAGA GROUP or any of its nominees for any and all of the following which are considered fully paid by the BRAGA GROUP by way of offsetting as earlier provided: LLpr For several motor vehicles which may be registered as owned and/or leased as standing in the name of POCKETBELL such as: (i) Mitsubishi Lancer, (ii) Toyota Land Cruiser, (iii) Toyota Corona, (iv) two (2) units Toyota Hi-Ace; For investments originally made by POCKETBELL which have been included as charged to the account of the BRAGA GROUP as appearing in and included in the Schedule attached hereto as ANNEX "C" and therefore considered fully paid such as one (1) unit Freezer, Table Cloth for PBP Canteen, Water Pump, Fuso Devise, 3D Rota-aire, additional materials for water tank, Olivetti typewriter, Sanyo Cordless Phone, Fedders Air condition, ICOM VHF radio, etc.; For items owned by POCKETBELL which may turn out or be discovered to be with the BRAGA GROUP which are not included in said Schedule attached hereto as ANNEX "C, but which are also hereby considered fully paid for or quitclaimed by the SANTIAGO GROUP and POCKETBELL; and For all items such as those listed below, which are also considered fully paid for by the BRAGA GROUP: (i) shares of stock for, loans of POCKETBELL to, and investments of POCKETBELL in Montemar Beach Club; (ii) shares of stock for, loans of POCKETBELL to, and investments of POCKETBELL in Perk International (iii) shares of stock for, loans of POCKETBELL to, and investments of POCKETBELL in Computer Communications Corporation (c) REMOVE the antenna and accessories owned by POCKETBELL from the rooftop of the RCPI building within one (1) month from the signing of this Agreement, dates for working the removal to be scheduled within reasonable hours with RCPI management; 3. The BRAGA GROUP, for its part, shall (a) SURRENDER, ASSIGN, GIVE and FOREVER RELINQUISH, as they hereby surrender, assign, give and forever relinquish, and deemed by the BRAGA GROUP as fully paid in favor of the SANTIAGO GROUP, upon signing of this Agreement, as its part in the swap or barter, any and all their shares and interests in POCKETBELL which includes what the BRAGA GROUP has declared as composed of: (i) 154,000 uncontested POCKETBELL common shares in their names, (ii) the 63,000 contested POCKETBELL common shares originally in the name of Virginia Braga, (iii) any interest in the purchase of the remaining 133,000 POCKETBELL common shares, (iv) in addition, all management and control, (v) with all rights, subscriptions, whether paid or unpaid, and dividends, together with certificates, warrants, and other evidences of ownership; hereby agreeing to execute a Power of Attorney in favor of any or all of the said SANTIAGO GROUP, or its nominees, hereby authorizing the due endorsement of said shares; and hereby ordering the new Corporate Secretary and/or Board Of Directors POCKETBELL and/or the Receivership Committee to so transfer or cause the transfer of same on the books of the corporation, with or without the certificates; and/or to void any and all shares and interests appearing in the name of the BRAGA GROUP in POCKETBELL; (b) QUITCLAIM, as they hereby quitclaim, any and all interests, claims, rights, and causes of action that the BRAGA GROUP or their heirs and assigns may have against POCKETBELL, the SANTIAGO GROUP, or their respective heirs and assigns, including the P10,990,000.00 denoted in the 1986 financial statements as part of "Loans from Officers and Stockholders" and "Accounts Payable and Accrued Expenses"; (c) REMOVE from the premises of POCKETBELL building the business and office of Computer Communications Corp. within the period of lease granted to them by the Receivership Committee which is not later than January 31, 1988; (d) DELIVER to the SANTIAGO GROUP: (i) One (1) Unit Shielded Box for Sensitivity, (ii) Signal Generator, (iii) less than about 100 units of tone only receivers, (iv) less than about 8 units tone/voice receivers; 4. That, in all respects, the amounts and statements appearing in this Agreement are expressly accepted and ratified by the parties as the final, complete, exact, correct, and most inclusive of any and all items, amounts, claims, demands, rights, and obligations arising between the respective parties; 5. That the parties hereby accept this compromise settlement as the full and final settlement of all their claims, rights, and causes of action arising out of or in any way connected with the said complaint; and waive and relinquish any and all claims, rights and causes of action against each other, except to enforce this compromise agreement; and each to release and forever discharge the other from any accountabilities; 6. That this compromise agreement shall be submitted by the parties for approval, judgment, and order of execution with the Securities and Exchange Commission, SICD. LibLex Mandaluyong, Metro Manila. December 23, 1987. SANTIAGO GROUP: TELECTRONICS SYSTEMS, INC. and CAPITOL WIRELESS, INC., and others belonging to same group: BY: (SIGNED) JOSE LUIS SANTIAGO as President, and signing in his own behalf and others Assisted By: (SIGNED) ATTY. VICENTE E. DEL ROSARIO Counsel for SANTIAGO GROUP BRAGA GROUP: Estate of the late COL. AGAPITO S. BRAGA, VIRGINIA T. BRAGA, NORBERTO T. BRAGA, and VIRGILIO T. BRAGA, and others, BY: (SIGNED) ATTY. VICENTE Q. ROXAS Counsel and Attorney-in-Fact for BRAGA GROUP CONFORME: ESTATE OF AGAPITO S. BRAGA (SIGNED) NORBERTO T. BRAGA (SIGNED) (SIGNED) VIRGINIA T. BRAGA VIRGILIO T. BRAGA Administratrix and in her personal capacity POCKETBELL: POCKET BELL PHILIPPINES, INC., BY: (SIGNED) DIR. FELICIANO A. ARBAN Chairman of Receivership Committee for POCKETBELL, duly appointed by the Securities and Exchange Commission PRAYER : WHEREFORE, it is respectfully prayed that the above Compromise Agreement be approved by the Honorable Commission and that judgment be rendered in accordance therewith. RESPECTFULLY SUBMITTED. Mandaluyong, Metro Manila, December 23, 1987. (SIGNED) (SIGNED) Atty. Vicente Q. Roxas Atty. Vicente E. del Rosario Counsel for BRAGA GROUP Counsel for SANTIAGO GROUP 60 Samar Avenue, Rosadel Building P.O. Box 144, 1011 Metropolitan Avenue, Quezon City, 3008 Makati, Metro Manila PTR No. 042169 Q.C. 1-5-87 PTR No. 026358 Makati 1-16-87 IBP No. 222749 Pasig 6-5-87 IBP No. 230856 Q.C. 2-20-87 (SIGNED) DIR. FELICIANO A. ARBAN CHAIRMAN, POCKETBELL RECEIVERSHIP COMMITTEE Attached as Annex "A" to this motion are the Secretary's Certificate of Telectronics Systems, Inc. and Capitol Wireless, Inc. which purports to be an authority of Engr. Jose Luis Santiago whereas Annex "B" to this motion is the Special Power of Attorney Coupled with an Interest which purports to be an authority of Atty. Vicente Q. Roxas. Annex "C" is quoted hereunder, verbatim: ANNEX "C" "THE FOLLOWING IS A LIST OF ACCOUNTABILITIES OF THE BRAGA GROUP WHICH ARE DEEMED FULLY PAID AND SETTLED AND THEREFORE THE SANTIAGO GROUP AND POCKETBELL SHALL EXECUTE DEEDS OF SALE, ASSIGNMENTS, TRANSFERS, AND QUITCLAIM IN FAVOR OF THE BRAGA GROUP AND THE BRAGA GROUP IS CONSIDERED TO HAVE FULLY PAID FOR ANY AND ALL BILLS THAT MAY ARISE IN CONNECTION WITH POCKETBELL. THE SANTIAGO GROUP AND POCKETBELL SHALL HOLD THE BRAGA GROUP FREE AND CLEAR FROM ANY ACCOUNTABILITIES WHATSOEVER. THE SANTIAGO GROUP AND POCKETBELL ACKNOWLEDGE THAT THE BRAGA GROUP HAS ALREADY PAID THE SANTIAGO GROUP THE FULL AND FINAL AMOUNT FOR SETTLEMENT OF ANY AND ALL BILLS THAT MAY BE ATTRIBUTED TO THE BRAGA GROUP OR THAT SHOULD HAVE BEEN PAID BY THE BRAGA GROUP IN CONNECTION WITH POCKETBELL. LLjur 1. As part of ADVANCES TO OFFICERS & EMPLOYEES (Schedule 1) prepared by POCKETBELL, whereby no other advances to the BRAGA GROUP shall be charged to the BRAGA GROUP: A) Which includes all items covered by VIRGILIO T. BRAGA's Beg. Balance as of 1983 in the sum of P56,877.81, and all of the following short-term investments of POCKETBELL which were billed as accountabilities of VTB, as adjusted by SGV & Co. last December 31, 1986, including all interests that may be earned or attributable to said investments: 1. TRADERS ROYAL BANK deposits, accounts, interests, loans, valued at about P453,351.60; 2. ASIAN SAVINGS BANK deposits, accounts, interests, loans placed sometime last Feb. 6/85 at 22%, and valued at P280,275.22; 3. FAMILY SAVINGS BANK deposits, accounts, interests, loans, placed last Nov. 6, 1984 at 31%, valued at about P324,074.92; 4. TRADERS ROYAL BANK deposits, accounts, interests, loans, placed last Nov. 6, 1984 at 30% and valued at about P150,000.00; now considered as fully paid; B) which includes Virgilio T. Braga's account paid by POCKETBELL representing 10% Withholding Tax on Mgt. Bonus under voucher 19012 for P65,340.00; now considered as fully paid; C) which includes Virgilio T. Braga's Cash Advance from Gen. Cash Collections valued at about P11,300.00; now considered as fully paid; D) which includes Virgilio T. Braga's account for the following assets charged to him and which are now considered fully paid by him and therefore title should vest in him: (1) unit Futso Device under voucher 21749 for about P5,323.50; 1 unit 3D Rota-aire under voucher no. 16917, for about P1,100.00; unit Water Pump Tank, under voucher 17860, for about P6,370.00; Additional materials for water tank under voucher no. 18004, valued at about P1,848.80; PLDT bills, Canteen bills, Donations, others (net of Salary deductions), valued at about P60,146.30; E) which includes Norberto T. Braga's account representing payment by POCKETBELL of 10% withholding tax for Mgt. Bonus paid under voucher 19012 for about P53,460.00; plus cash advanced from gen. collection of 10/21/86 of about P500.00; Less: Payments made thru Salary deduction 8,785.00; now considered as fully paid; F) which includes Agapito S. Braga's account representing payment for the 10% w/tax on Mgt. Bonus paid under voucher 19012 for about P79,200.00; now considered as fully paid; G) which includes all items covered by Sharon P. Braga's Beg. Balance as of 1983 of about P14,835.85 including all Returned Checks including TRB098022 in the amount of P27,341.95 and others such as Tel. bills in the amount of about P3,432.66; now considered as fully paid; H) which includes Carol I. Braga's account, wherein these items were charged to her account and these assets charged to her are now considered fully paid by the BRAGA GROUP and therefore title should vest in Norberto T. Braga as husband of Carol Braga: 1 unit type freezer under voucher 14560 valued at about P7,385.00; table cloth for PBP Canteen under 15309, valued at 6,000.00; Less: Payments made thru salary deductions of about P5,119.30; 2. As part of ACCOUNTS RECEIVABLES-OTHERS (Schedule 2) prepared by POCKETBELL, whereby no other accounts receivables shall be charged to the BRAGA GROUP: A) Which includes Norberto T. Braga's account where the following assets were charged to him as part of advances from the company and which are now considered fully paid by him and therefore title should vest in the BRAGA GROUP: cost of one unit Hi-Ace, under voucher 19041 for the amount of P195,000.00; Virgilio T. Braga's account for cost of 1 unit Hi-Ace under voucher 16414 for the amount of P147,500.00; for others such as Insurance of Hi-Ace at about P5,172.47; B) Which includes Sharon Braga's account or advance for Cabobe Clothes & Shavira Cabobe (Cash advanced from coll.) about P32,807.52; Shavira (Tel. bills) P2,453.90; (Cash advanced from coll.) P18,043.04; now considered as fully paid; C) Which includes RCPI loans under voucher 21589 in the amount of P1,300,000.00, including interest and/or penalties; now considered fully paid; LLphil D) The BRAGAs ventured into the following businesses: Montemar Beach Club and all other memberships in clubs standing in the name of POCKETBELL; Perk International; Computer Communications Corp.; and other corporations ventured into by POCKETBELL; All advances from POCKETBELL and borrowings from POCKETBELL as a result of such ventures are considered fully paid and title should vest in the BRAGA GROUP, for all; shares of stock, all their assets, all records and actual business; ownership including whatever bank deposits under the names of these corporations, and whatever interests and assets in such corporations; now considered as fully paid; 3. As part of ACCOUNTS RECEIVABLES VTB (Schedule 3) prepared by POCKETBELL, whereby no other accounts receivables shall be added to this list: A) Which includes Virgilio T. Braga's account charged for Transfers of Funds: May 23, 1987 CK No. 205364 (FEBTC) 21753 P40,000.00; CK568895 (MBTC) 21754 P50,000.00; 64 8298 (BPI) 21755 P8,000.00; 21383007 (PHIL.) 21756 P100,000.00; 386834 (City.) 21757 P50,000.00; June 2, 1987 568944 (MBTC) 21833 P55,000.00; 205381 (FEBTC) 21834 P25,000.00; 21393006 (Pil.) 21835 P55,000.00; 648299 (BPI) 21836 P20,000.00; 063329 (Prod.) 21837 P150,000.00; June 11, 1987 386842 (City) 21891 P605,000.00; June 16, 1987 335435 (TRB) 21924 P5,000.00; 568945 (MBTC) 21925 P8,000.00 21383009 (Pil.) 21926 P14,000.00; 386854 (City) 21927 P135,000.00; 309510 (City-10) 21928 P25,000.00; now considered as fully paid; B) Which includes Virgilio T. Braga's account charged for Unremitted Collections: Manila June '87 P825,128.10; July '87 P1,202,246.01; Cebu June '87 P61,330.80; July '87 P84,760.15; August '87 P36,395.05; Davao June '87 P4,244.00; June '87 P16,887.23; Offsetting of Understated Deposits P6,196.42; now considered as fully paid; Representation Expense Account of Virgilio T. Braga and Norberto T. Braga which are in the amount of P79,654.83 and legal services in the amount of P10,662.30 and the security service bill in favor of Golden Security in the amount of P96,700.00 and other disbursements of the Braga Group for the account of Pocketbell now considered fully paid. 4. As part of MARGINAL DEPOSITS (Schedule 4) prepared by POCKETBELL whereby no more amounts shall be attributed to the BRAGA GROUP as having been gotten or appropriated by them: A) Which includes Dec. '84 Taken from C.T.D. with: FEBTC, M.C., in the amount of P156,000.00; FBTC in the amount of P150,000.00; Less: Items Received: Spare Parts Mar. '87 P17,593.78; Spare Parts Dec. '86 P6,045.86; Paging Receivers Jan. '86 P33,896.97; May CASH voucher 16932 P82,750.00; CASH 16933 P200,000.00; July Traders Royal Bank 17379 P200,000.00; 17380 P250,000.00; 17381 P55,000.00; 17382 P210,000.00; 17383 P33,000.00; Sept. Traders Royal Bank 17857 P200,000.00; 17858 P167,000.00; 17859 P200,000.00; Oct. Traders Royal Bank 17962 P130,000.00; 17963 P180,000.00; 17964 P100,000.00; 17965 P65,500.00; 17966 P66,000.00 17967 P30,000.00; Dec. Virgilio T. Braga, 18284 P390,000.00, now considered as fully paid; 5. As part of OTHER RECEIVABLES: TRANSPORTATION EQUIPMENTS: (Schedule 5) prepared by POCKETBELL whereby no more advances shall be attributable to the BRAGA GROUP and no more assets that may be remembered or found with the BRAGA GROUP shall be assessed or billed to the BRAGA GROUP: A) The following assets were charged to the account of the BRAGA GROUP and therefore considered fully paid for and title should vest in the BRAGA GROUP: which includes 1. Mitsubishi Lancer; 2. Toyota Land Cruiser; 3. Toyota Corona 4. TWO (2) Toyota Hi-Ace; 6. OTHERS NOT LISTED: The title to the following shall vest in the BRAGA GROUP: A) which includes all personal effects in the room of Virgilio T. Braga located at the POCKETBELL building; and other personal effects of the BRAGA GROUP in the POCKETBELL building such as trophies, magazines, etc. B) which includes: One (1) unit ACU Fedders Package Type, 3Tr valued at about P15,378.09; VHF Radio-ICOM; One (1) unit Typewriter-Olivetti; One (1) unit Cordless Phone-Sanyo valued at about P2,986.64; now considered as fully paid; (end of list) WHEREFORE, finding the foregoing Compromise Agreement not contrary to law, morals and public policy, judgment is hereby rendered in accordance therewith, and the parties are hereby enjoined to strictly comply with the provisions thereof. prLL SO ORDERED. (SGD.) ENRIQUE L. FLORES, JR. Hearing Officer (SGD.) JUANITO B. ALMOSA, JR Hearing Officer