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Limso vs. Commissioner de Guzman, Jr., et al.

BENJAMIN LIMSO, petitioner, vs. COMMISSIONER DE GUZMAN, JR., ET. AL., respondents.

G.R. Nos. L-51651 | 1985-11-05

R E S O L U T I O N


PLANA, J.:

Challenged in these four petitions are three orders dated July 19, 1978, September 17, 1979 and December 17, 1979, all issued by public respondents in SEC Case No. 1613 entitled "Potenciano Ilusorio, et al., Plaintiffs, versus Bank of America NT & SA, et al., Defendants".

FACTS. -

1. In March, 1974, the Bank of Asia (), the First Insular Bank of Cebu, Inc. (INSULAR) and the Bank of America (BA) executed a Consolidation Agreement under which they -

a. Agreed to consolidate resources and organize the Insular Bank of Asia and America (IBAA);

b. Divided the shares of stock of IBAA so that each group...