PNCC: Rising GOCC Phoenix-6
Meanwhile, on March 19, 2003, the Supreme Court issued a Temporary Restraining Order (“TRO”) in G.R. No. 156887 prohibiting RTC-Mandaluyong from implementing the writ of garnishment/attachment it issued against PNCC and ordering the suspension of proceedings before the RTC and the CA.
On October 3, 2005, the SC issued its Decision in G.R. No. 156887 REVERSING the CA’s Decision and Resolution in CA-G.R. SP No. 66654.
The SC, however, ordered the CA to proceed to resolve PNCC’s appeal.
Then came the second surprise among surprises!
On August 17, 2006, the members of the PNCC Board at that time and Radstock entered into a Compromise Agreement REDUCING PNCC’s liability to Radstock from P17.43 Billion to only P6.2 Billion!
This Compromise Agreement was submitted to the Supreme Court – where G.R. No. 156887 – was pending.
The SC, in turn, referred this to the CA, where C.A – G.R. CV No. 87971 was pending, and which approved the same.
Then the CA, in its Decision dated January 25, 2007 in CA-G.R. CV No. 87971, APPROVED the said Compromise Agreement.
From this decision of the CA, STRADEC filed a Motion For Reconsideration, alleging that it has a claim against PNCC as BIDDER of the national government’s shares, receivables, securities and interests in PNCC.
STRADEC had, at that time, a pending case against PNCC and the Presidential Management Office (“PMO”) with the Regional Trial Court of Makati, Branch 146, where STRADEC prayed for the issuance of Notice of Award of Sale of those PNCC shares, etc. to one Dong-A Consortium, of which STRADEC was a partner.
The CA treated STRADEC’s indicated MR as a Motion For Intervention, which was denied in its Resolution dated May 31, 2007.
This denial was elevated by STRADEC to the SC in a petition for review docketed as G.R. No. 178158.
Then on February 20, 2007, Mr. Sison, a stockholder and still PNCC Board chair at that time, filed a Petition For Annulment of Judgment Approving Compromise Agreement with the Court of Appeals. This was docketed as CA-G.R. SP No. 97982. (To be continued)