Mario V. Tiaoqui, et al. vs. Fernando M. De Castro

[SEC-SICD * CASE NO. 4278. January 5, 1999.] MARIO V. TIAOQUI, ET AL. , complainants , vs . FERNANDO M. DE CASTRO , respondent . D E C I S I O N The parties filed last December 15, 1998, a motion entitled "JOINT MOTION TO APPROVE AND TO RENDER JUDGMENT BASED ON COMPROMISE AGREEMENT," the contents of which is quoted in toto, to wit: THE PARTIES respectfully submit for the approval of this Honorable Commission the following Compromise Agreement: WHEREAS, the First Parties and the Second Parties are the shareholders of Grand Ventures, Inc., a corporation organized and existing under the laws of the Republic of the Philippines with SEC Registration No. 174825, referred hereafter as the "Corporation"; WHEREAS, the First Parties filed, on July 16, 1992, a Complaint for Damages with Application for the Appointment of a Management Committee against the Second Parties with the Securities Investigation and Clearing Department of the Securities and Exchange Commission (SEC), which complaint is lodged as Case No. 4278. WHEREAS, on August 20, 1992, the First Parties' shares of stock in the corporation were sold pursuant to a delinquency sale; WHEREAS, on March 18, 1993, counsel for the Second Parties filed a Motion to Consign the proceeds of the delinquency sale of the shares of the First Parties which was not objected by the counsel of First Parties; WHEREAS, more than six years have lapsed since the case was filed and both parties have decided to enter into a Compromise Agreement to resolve their differences; NOW, WHEREFORE, considering the foregoing, the parties hereunto agree: 1. The First Parties hereby unconditionally accept the amounts of Four Hundred Thirty One Thousand Eight Hundred Fifty One Pesos and 60/100 (431,851.60) and One Hundred Eighty Thousand Three Hundred Thirteen Pesos and 75/100 (180,313.75), representing the proceeds of the delinquency sale of the shares of stock of Mario V. Tiaoqui and Mario J. Tabalba, respectively, as a full and final settlement of all their claims for damages against the SECOND PARTIES; 2. Upon signing of this Agreement, the Second Parties shall surrender to the First Parties valid manager's or cashier's checks covering the said amounts issued in each of the names of the FIRST PARTIES or to the Securities and Exchange Commission, whichever may be allowed by the Honorable Commission; LexLib 3. Both parties shall thereafter submit this Compromise Agreement to the Securities Investigation and Clearing Department of the SEC for its approval and final dismissal of Case No. 4278; 4. Both parties hereby hold each other, singly and individually, free from claims, liabilities, complaints, damages and other matters originating from the facts out of which Case No. 4278 arose. IN WITNESS WHEREOF, the parties hereunto set their hands in the day and place stated above. (SGD.) (SGD.) MARIO V. TIAOQUI MARIANO J. TABALBA WHEREFORE, it is respectfully prayed that the foregoing Compromise Agreement be approved and that judgment be rendered in accordance with the terms and conditions thereof. cdll Makati City for Mandaluyong City, 17 December 1998. (SGD.) (SGD.) BARBARA ALELI C. HERNANDEZ MA. ZENAIDA ONGKIKO-ACORDA 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. SO ORDERED. (SGD.) SIMEON P. BADILLO, JR. Hearing Officer