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[G.R. No. 168801. February 21, 2006]

EQUITABLE PCI BANK, INC vs. HON. SIXTO C. MARELLA, JR., PRESIDING JUDGE, RTC, BRANCH 138, MAKATI CITY, ANTONIO L. GO, JOHN C.B. GO, PETER GO PAILIAN, GENEVIEVE W.J. GO, ANTHONY F. CONWAY, CESAR BAUTISTA, ANTONIO BASILIO, MIGUEL E. ROCA, JR. RICARDO MURILLO, NILO T. DIVINA, AND EBC INVESTMENTS, INC. (EBCII)

Sirs/Mesdames:

Quoted hereunder, for your information, is a resolution of the Court dated FEB. 21, 2006

G.R. No. 168801 (Equitable PCI Bank, Inc. vs. Hon. Sixto C. Marella, Jr., Presiding Judge, RTC, Branch 138, Makati City, Antonio L. Go, John C.B. Go, Peter Go Pailian, Genevieve W.J. Go, Anthony F. Conway, Cesar Bautista, Antonio Basilio, Miguel E. Roca, Jr., Ricardo Murillo, Nilo T. Divina, and EBC Investments, Inc. (EBCII))

Petitioner Equitable PCI Bank (EPCIB) filed the petition at bar seeking the Court to enjoin private respondents Antonio Go, et al. from acting as directors and officers of petitioner bank. It appears that there were two sets of directors elected during the bank's annual stockholders' meeting - the Sy group (herein petitioner) and the Go group (herein respondents). Both groups claim to be the legitimate board of directors of the bank.

The Court called the case for oral argument on August 9, 2005.

Petitioner, however, filed a manifestation on August 9, 2005 stating that it was widely reported in the newspapers that the Go group had sold their shares in the bank to the Sy group. Thus, the Court, on the same dale, ordered the parties to comment on said manifestation and to give an accurate report on the alleged sale.

In their comment dated August 15, 2005, respondents Antonio Go, et al. confirmed the sale but claimed that they have the required shares to qualify as directors of the bank. They further maintained that despite the sale of the Go family's shares in the bank, there still remained important issues that ought to be resolved by the Court, i.e., (1) whether the disputed shares were treasury shares which could not be considered to establish the existence of a quorum or to vote during the stockholders' meeting, and (2) which of the two conflicting boards of directors is the legitimate board of the bank.

Petitioner, on the other hand, manifested on August 15, 2005 that Banco De Oro, jointly with SM Investments Corporation and Subsidiaries had signed a memorandum of agreement with the Go family whereby the former would acquire the entire 24.76% interest of the Go family in the bank's outstanding capital stock. It asserted that said sale had rendered inutile and senseless private respondents' opposition to the instant petition, as well as their right to question the legitimacy of the bank's board of directors. Petitioner prayed that the temporary restraining order previously issued by the Court be made permanent and private respondents be enjoined from acting and representing themselves as directors and officers of the bank.

On August 19, 2005, petitioner filed another manifestation informing the Court that private respondents Peter Go Pailian, Antonio L. Go, John C.B. Go and Genevieve W.J. Go have tendered their irrevocable resignation as members of the bank's board of directors. Their resignation was accepted by the board of directors of EPCIB on August 17, 2005, and the board passed a resolution thanking the Go family for their contribution to the founding and growth of EPCIB for the past decades. The board of directors then elected the following directors to replace those who resigned: (1) Teresita T. Sy, (2) Exequiel P. Villacorta, Jr., (3) Vicente L. Panlilio, and (4) Harley T. Sy (subject to his resignation from China Banking Corporation and its subsidiaries and affiliates). Petitioner thus reiterated its assertions and prayer in its manifestation dated August 15, 2005.

In view of these developments, the Court finds it no longer necessary to proceed with the case as the core issues therein have become moot and academic.

IN VIEW WHEREOF, the Court resolves to DISMISS the petition at bar for being moot and academic.

Very truly yours,

(Sgd.) MA. LUISA D. VILLARAMA
Clerk of Court

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