QC Court Orders Suspension of Friday’s Boracay Property Auction

Boracay Property Auction

THE COURT has stopped the auction of a beachfront property owned by a subsidiary of Boulevard Holdings, Inc.

Branch 95 of the Regional Trial Court (RTC) of Quezon City ordered on March 4 the suspension of the sale of a 1,477-square-meter Boracay property, owned by Friday’s Holdings, Inc., that was supposed to take place yesterday in deference to the outcome of a pending petition at the Supreme Court, the Panlilio-led holding firm said in a disclosure to the stock exchange.

Jose Marcel E. Panlilio, chairman, president and chief executive officer of Boulevard Holdings, said the auction of the parcel of land was supposed to “satisfy [the] personal debts” allegedly owned by Mila Yap-Sumndad, former owner of the property, to businessman Amable Aguiluz of AMA Colleges.

In coming out with the decision, Quezon City RTC Presiding Judge Edgardo B. Bellosillo noted that the property is still the subject of a pending case at the Makati RTC.

However, the implementation of the writ of execution issued by the said Makati court was suspended due to the Court of Appeals’ issuance of the injunctive order, which is now the subject of a pending petition at the Supreme Court.

“For this Court to allow the Sheriff’s sale to proceed as scheduled on March 7, 2016 would render moot and academic whatever the outcome of the pending petition at the Supreme Court,” Mr. Bellosillo said in the order.

Boulevard Holdings said it diverted P195 million in cash allocated for the development of Friday’s Puerto Galera to “rescue” Friday’s Boracay and pay for damages.

To recall, a group of armed civilians led by Datu Yap-Sumndad, a member of the family that previously owned part of the resort, took over the portion of the lot they claimed was theirs in February 2014.

Boulevard Holdings disclosed in December of the same year that a trial court in Aklan issued a writ of injunction against the resort’s former owners, allowing the listed resort developer to recover possession of the Boracay property.

Boulevard Holdings said it acquired the contested property after paying P40 million to Ms. Yap-Sumndad as part of a full court settlement in 2009.

Shares in the resort operator surged 7.84% to close at P0.055 each on Monday.

Source: http://www.bworldonline.com/content.php?section=Corporate&title=QC-court-orders-suspension-of-Friday%27s-Boracay-property-auction&id=124150

Leave a Reply