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[G.R. No. 144413. October 20, 2004]

REPUBLIC GLASS vs. QUA

Gentlemen:

Quoted hereunder, for your information, is a resolution of this Court dated OCT 20 2004 .

G.R. No. 144413 (REPUBLIC GLASS CORPORATION and GERVEL, INC. vs. em>LAWRENCE C. QUA.)

This refers to the Motion for Clarification and/or Reconsideration dated 1 September 2004 and the Manifestation dated 23 September 2004 filed by respondent Lawrence C. Qua ("respondent"). Respondent basically pleads that in case petitioners Republic Glass Corporation and Gervel, Inc. ("petitioners") cannot return his illegally foreclosed 1,892,360 General Milling Corporation ("GMC") shares, petitioners should be ordered to reimburse him the present value of the shares, including its fruits, accessories, dividends, and pre-emptive rights pertaining thereto.

Respondent's argument is untenable.

On 30 July 2004, the Court affirmed the Decision of the Court of Appeals dated 6 March 2000 in CA-G.R. CV No. 54737, which in turn reinstated the Decision of the Regional Trial Court of Makati, Branch 63 ("RTC") dated 12 January 1996. Contrary to respondent's observation, we did not negate the alternative obligation directed by the RTC. In affirming the Court of Appeals' decision, the Court essentially upheld the RTC's decision which disposed as follows:

WHEREFORE, premises considered, this Court hereby renders judgment ordering defendants jointly and severally liable to return to plaintiff the 1,892,360 shares of common stock of General Milling Corporation which they foreclosed on December 9, 1988, or should the return of these shares he no longer possible then to pay to plaintiff the amount of P3,860,646.00 with interest at 6% per annum from December 9, 1988 until fully paid and to pay plaintiff P100,000.00 as and for attorney's fees. The costs will be for defendants' account.

SO ORDERED. ^[1] cralaw (Emphasis supplied)

In our Decision, we declared void the foreclosure of respondent's GMC shares. Consequently, petitioners should return the illegally foreclosed shares, together with the cash, stock and other dividends on these shares, to respondent. In case the return of the shares is no longer possible, petitioners should pay respondent P3,860,646.00 only, with interest at 6% per annum until fully paid, because this is the amount for which the shares were sold during the foreclosure. ^[2] cralaw Respondent did not introduce any evidence showing that this is not the value of the shares at the time of the questioned foreclosure.

The Court can no longer consider respondent's prayer that petitioners reimburse respondent the present value of the shares if petitioners cannot return the shares. Respondent is raising this issue for the first time only in this motion. Issues, arguments, theories and causes of action not raised below may no longer be posed on appeal, ^[3] cralaw more so, on motion for reconsideration.

WHEREFORE, we DENY the instant Motion for Clarification and/or Reconsideration.

Ynares-Santiago, J., no part.

Azcuna, J., on leave.

Very truly yours,

(Sgd.) ENRIQUETA ESGUERRA-VIDAL
Clerk of Court

Endnotes:

^[1] cralaw RTC Decision, rollo, p. 69.

^[2] cralaw Ibid.

^[3] cralaw Agra v. Philippine National Bank, 368 Phil. 833 (1999).

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