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CA okays payment of $6M to CAP creditors By Benjamin B. Pulta 06/27/2011

Monday, June 27, 2011

CA okays payment of $6M to CAP creditors

By Benjamin B. Pulta 06/27/2011

The Court of Appeals (CA) has cleared the way for debt-ridden pre-need firm, College Assurance Plan Philippines Inc. (CAP), to settle $6 million in outstanding obligations to its creditors despite opposition from plan holders-customers.

In a 26-page decision by Associate Justice Rosmari Carandang, the CA’s Ninth Division set aside the orders issued by the Makati Regional Trial Court (RTC) Branch 149 disapproving the payment of CAP’s obligation to Smart Share Investments Ltd. and Fil-Estate Management Inc. (FEMI).

The two firms like CAP are also controlled by the Sobrepeñas. “After a careful and painstaking examination of the records of the case, this Court finds merit in the petition. The public respondent committed grave abuse of discretion amounting to lack or excess of jurisdiction when it disapproved the payment of CAP’s obligations to Smart and FEMI from the proceeds of the sale of the MRT III Bonds,” the CA said.

Some of CAP’s 700,000 plan holders opposed the use of the proceeds of the MRT III bonds to pay for CAP’s obligations and claimed the money should only be used to pay them..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/metro/20110627met2.html

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