PHC
Philcomsat Holdings Corporation
(a PSE-listed company)

 
 
ALI BABA AND THE FORTY THIEVES

Excerpts from PRIVILEGE SPEECH of Senator Enrile

MAGDANGAL DE LEON

“Justice Magdangal De Leon of the Court of Appeals issued the TRO to prevent the newly installed board from taking over the Philcomsat Holdings Corporation from the Locsin group. When the Makati Regional Trial Court issued a decision invalidating the election of the Locsin group as directors of the Philcomsat Holdings Corporation, Philcomsat Holdings Corporation and Brodett filed a petition for certiorari with prayer for a TRO and injunction with the Court of Appeals.

When the Court of Appeals refused to issue a TRO, Locsin filed his own petition with the Court of Appeals claiming to be POTC and Philcomsat to avoid accusations of forum shopping. Locsin’s petition fell in the sala of Justice Magdangal De Leon. The new board complained about the forum shopping committed by Philcomsat Holdings Corporation, Brodett and Locsin, but Justice De Leon did not bother to look at the arguments. He issued a TRO against the implementation of the Makati Regional Trial Court’s decision.

Even when the new board and the RTC sheriff advised the Court of Appeals that the RTC’s decision was implemented even before the CA issued the TRO, Justice De Leon still issued an injunction upon the expiry of the life of the TRO. Justice De Leon inhibited himself from further hearing the case but not before Philcomsat Holdings Corporation’s funds were depleted by P4.5 million as legal fees and PR expenses.”