NOTE: Free essay sample provided on this page should be used for references or sample purposes only. The sample essay is available to anyone, so any direct quoting without mentioning the source will be considered plagiarism by schools, colleges and universities that use plagiarism detection software. To get a completely brand-new, plagiarism-free essay, please use our essay writing service.
One click instant price quote
Ongpin mounts proxy campaign to regain control of Belle Corp. by: Rocel C. Felix 5 / 21 / 00 Ousted Belle Corp. chief executive officer and former Trade Minister Roberto Ongpin is gearing up for a full scale war to reclaim his seat and recover control of the property and gaming firm from the camp of Willy Ocier and his father, Benito Tan Guat, who last year staged a successful mutiny against Ongpin's camp.
Ongpin's legal counsels have sought the Securities and Exchange Commission's (SEC) approval for Ongpin's camp to solicit proxies from Belle shareholders in time for the company's annual stockholders meeting on June 23. Despite his unceremonious ouster from Belle Corp. last year, Ongpin still has a 51 percent stake in the company, and if he is successful in his proxy solicitation campaign, he will be able to wrest the leadership from the Ocier/Tan Guat group, and bring back on board his own nominees. Francis Lim of the Belle Concepcion Real and Cruz Law Offices, head legal counsel of Ongpin, said he has already filed a proxy statement with the SEC which is a requirement under the law for parties seeking to solicit proxies for the company's election of board of directors or officers.
Ongpin and his deputy, Jaime Gonzalez, who was chairman of Belle Corp. , named themselves and two others as their nominees to the board: Francis Ed. Lim and Bonifacio A. Alentajan. In a letter to the SEC's money market operations department, Lim said the group led by his clients are "seriously concerned about the future direction of Belle under its present management whose election to the board of directors has been questioned in a case pending with the SEC. " Lim added: "Since the present management group illegally took over control of Belle's board during the 1999 annual stockholders' meeting, the stock price of Belle has dropped approximately 75 percent, indicating that the company's shareholders and the investing public are likewise concerned about the company's future. " Lim said Ongpin and his group "are planning to aggressively solicit proxies to ensure their election to the board of Belle. " Lim said his clients are confident of winning this time around. "Upon its election, the group will be able to fiscal ize the deliberation of the board and to represent the voice of the minority shareholders in ensuring that their interests are considered and protected. " The Ocier/Tan Guat camp maneuvered the ouster of Ongpin's camp from the Belle board last year. Observers said the Ocier/Tan Guat faction were fed up with the way Ongpin ran the firm, including making investments which were hardly consulted with the board, and most of which turned out to be lemons. The board under Ongpin's helm, they said, also hardly held meetings, thus, many of the members felt they were left out in critical decision-making concerning the company's investments.
Belle last year suffered a net loss of P 3. 29 billion which it blamed largely on inept investment decisions made by Ongpin and Gonzalez. Belle said it had to write off several of these bad investments and had to spend quite a sum for litigation Belle president Gregorio Yu said the company had began getting rid of its "excess baggage" or non-performing assets to be able to pare down maturing debts of about P 7. 5 billion last year. Yu, upon assuming Ongpin's post, said the game plan of the new board was to restart sales of its core products and sell non-core assets in its bid to improve its liquidity. For starters, Belle sold last Oct. 5, its Television Eighteen Private Ltd. (TV 18) interests, an Indian television station to Riverina Investments Inc. , a corporation based in Mauritius.
Belle sold its 208, 000 shares for $ 435, 000. Yu said Belle is also looking for a strategic partner for its telecommunication arm, Philippine Global Communications Inc. (Philcom) which signed a memorandum of agreement (MOA) to restructure its outstanding short-term obligations amounting to P 787. 4 million. Earlier, Eric O. Recto, Belle senior vice president and chief financial officer said the firm's new board of directors is also reviewing the operations of its other subsidiaries including APC Corp. and Sinophil Corp. to be able to determine what areas need to be restructured.
Its other businesses include real estate or property development, Tagaytay Highlands, Tagaytay Midlands and Spa and Lodge. Recto said the proceeds from the sale of Belle's non-core businesses as well as from new share subscriptions will be used to pay its maturing obligations. Belle shareholders urge SEC to resolve board conflict by: Rocel C. Felix 5 / 23 / 00 Minority shareholders of Belle Corp. who support ousted chief executive officer Robert V.
Ongpin, are asking the Securities and Exchange Commission (SEC) to resume the hearings and resolve the issue of the company's board of directors. Belle Corp. shareholders led by Nora Biting of First Resources Management and Securities Corp. , Ma. Natalia Cristina Dalupan, Joanna de Guzman, and Leonor Occena, urged the SEC to resolve all pending petitions and motions concerning the composition of the board of directors. The shareholders also urged the SEC to compel Bell corporate secretary Bryan K. Tan to submit the SEC all documents pertaining to the election of officers, including proxies submitted by stockholders, for the 1999 annual stockholders meeting of Belle, attendance sheets or registry sheets of the June 24, 1999 stockholders meeting, board resolutions or secretary certificates issued by corporate shareholders submitted to the corporation in connection with last year's stockholders' meeting; minutes of the organizational meeting held immediately after the June 24 meeting, and, all resolutions passed by the Ocier-Sy board of directors from June 24, 1999 to the present, among others.
Hearings on Belle Corp. were suspended last year by former SEC Chairman Perfecto Yasay Jr. none of the issues raised was resolved. The minority stockholders want the SEC to settle these issues and issue a writ of preliminary injunction by June 13. Ongpin has announced his intention to regain his seat at Belle Corp. and recover control of the property and gaming firm from the camp of Willy Ocier and his father, Benito Tan Guat, who last year staged a successful mutiny against Ongpin's camp.
Ongpin's legal counsels have sought the SEC's approval for Ongpin's camp to solicit proxies from Belle shareholders in time for the company's annual stockholders meeting on June Ongpin still has a 51 percent stake in the company, and if he succeeds in his proxy solicitation campaign, he will be able to wrest the leadership from Ocier/Tan Guat group, and bring on board his nominees. Ongpin, and his deputy, Jaime Gonzalez, who was chairman of Belle Corp. , named themselves and two others, Francis Ed. Lim and Bonifacio Alentajan as their nominees to the Ongpin's legal counsel, Francis Lim, in a letter to the SEC's money market operations department, said the group led by his clients are "seriously concerned about the future direction of Belle under its present management whose election to the board of directors has been questioned in a case pending with the SEC. Lim added: "Since the present management group illegally took over control of Belle's board during the 199 annual stockholders' meeting, the stock price of Belle has dropped approximately 75 percent, indicating that the company's shareholders and the investing public are likewise concerned about the company's future. " Lim said Ongpin and his group" are planning to aggressively solicit proxies to ensure their election to the board of Belle, " and added that his clients are confident of winning this time APC files P 150 -M suit vs Ongpin by: Rocel C. Felix 2 / 29 / 00 The APC Group Inc. (APC) has filed with the Securities and Exchange Commission (SEC) a P 150 -million derivative suit accusing former Trade Minister Roberto Ongpin, Phil Web. Com and South Seas Natural Resources Inc.
of having illegally appropriated for themselves corporate opportunities and business that properly belong to Philippine Global Communications Inc. (Philcom) and Philcom Interactive Systems Inc. (Philcom Interactive). APC a company 49 -percent owned by Belle Corp. , from which Ongpin and his ally Jaime Gonzales were ousted from the board during its stockholders meeting last year, said the Ongpin group has acquired interests adverse to Philcom and Philcom Interactive. Sources said that "it is easy to come to the conclusion" that Ongpin's group had been planning all along to steal Philcom's Internet business. The sources said that during the acquisition of 80 percent of Philcom by APC, its financial adviser, AIA Capital Corp. , which was controlled by Ongpin and Gonzales, told APC to entrust the remaining shares of Philcom to AIA and to businesswoman Vivien Yuchengco's MVY Holdings Inc. while initially keeping 40 percent first. "Only 40 percent was in Philcom's name, " pending APC's seeking approval by the National Telecommunications Commission (NTC) of a permit to own more than 40 percent of Philcom's telecommunications and Internet business.
After getting NTC approval, APC then asked AIA and MVY Holdings to return the Philcom shares to APC. MVY Holdings, however, interpleader with the SEC to resolve the directorship of Belle Corp. , first before turning over the Philcom shares. While this was going on, the sources said that as early as June last year, Philcom Interactive developed a complete and integrated business plan geared toward taking advantage of the new technologies and advances in e-commerce and Internet-based ventures. The business plan intended to transform Philcom Interactive into a fully integrated company that will offer high-bandwidth connections for audio, video and date-intensive applications. Unknown then...
Free research essays on topics related to: exchange commission, lim, sec, corp, belle
Research essay sample on Ocier Tan Guat Aggressively Solicit Proxies Belle
