CA junks casino firm's appeal over Bloomberry stocks
MANILA, Philippines – The Court of Appeals affirmed the Makati City Regional Trial Court's writ of preliminary injunction in 2017 against casino company Global Gaming Philippines' (GGAM) move to sell its stocks in Bloomberry Resorts Corporation.
GGAM planned to sell P921.18 million shares of its stocks in Bloomberry after services were terminated over "uncured material breach of management service agreement." The two previously were partners in managing Solaire Resort & Casino.
But Makati RTC, in a November 2017 order, upheld its decision prohibiting GGAM from "disposing of, or facilitating, allowing, implementing, and completing the sale or transfer."
In its decision, the CA dismissed GGAM's arguments that the trial court disregarded an arbitration ruling issued in Singapore in December 2014, which states that the company has the right to sell its stocks.
The appellate court cited the Special Alternative Dispute Resolution (ADR) Rules, which state that an appeal is only allowed when the trial court issued a final order, regardless whether it grants or dismisses a request for interim measure of protection.
It said that the November 2017 Makati RTC order "is not the final contemplated" under these rules.
CA also said that the November 2017 order "is merely an order in resolving the motion for clarification filed by Deutsche Bank."
"In the assailed order, it is clear that the court a quo did not grant any interim measure of protection but merely confirmed its validity in accordance with the resolution dated May 29, 2015, of the Special Tenth Division of the Court of Appeals," the court said. – Rappler.com