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Phil. Veterans Bank Employees Union-Nube Vs. Phil. Veterans Bank /PVB vs CBP

PHILIPPINE VETERANS BANK EMPLOYEES UNION-NUBE, DOMINGO C. LOPEZ, HERMAN B. PASILIAO, FELIZARDO B. SARAPAT, LADY LYDIA B. CORNISTA, ELIZABETH S. KARASIG, EDUARDO C. NIEVERA, NORMAN T. BAYODA, REGINO V. TAGUIAM, ROMULO G. GARCIA, MANUEL A. LAMAN, EDUARDO SJ. BELMONTE, HERNANI B. LIWANAG, EDUARDO P. CRUZ, DANILO N. MENDOZA, ELSA J. SILVERIO, REGINO V. TAGUIAM, JR., ALBERT G. MALAPIT, MANUEL B. GARCIA, and the Bank Employees listed in Annex "A" of this Petition, petitioners, vs. THE PHILIPPINE VETERANS BANK, Now renamed PHILIPPINE MILITARY AND VETERANS BANK, GENERAL FABIAN VER in his capacity as Chairman of the Board of Directors of the Philippine Veterans Bank, and of the Board of Trustees of the Armed Forces of the Philippines Retirement and Separation Benefits System, and RAFAEL ARNALDO in his capacity as President of the Philippine Veterans Bank, respondents.

G.R. Nos. 67125/82337 | 1990-08-24

D E C I S I O N


CRUZ, J.:

The Philippine Veterans Bank was created in 1963 with the hope that it would ensure the economic future and perhaps even prosperity of the hundreds of thousands of war veterans who were to be its stockholders. For a while the vision grew, but in time it dimmed and finally faded as the Bank found itself enmeshed in financial difficulties that threatened its very survival. Now the dream is in tatters. Efforts are at present being taken to piece together its severed sinews but it is doubtful if the bank will ever be whole again.

I.
The trouble began when on April 10, 1983, the Bank was placed under receivership...