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PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT, OCEANIC WIRELESS NETWORK, INC., DAVID M. CASTRO, MAXIMO A. MACEREN, CAESAR PARLADE, MELQUIADES C. GUTIERREZ, EDUARDO M. VILLANUEVA, and EDILBERTO S. ALEJANDRO vs. HONORABLE Sandiganbayan (Third Division), JOSE L. AFRICA+, MANUEL H. NIETO, JR., ANDRES L. AFRICA, AEROCOM INVESTORS AND MANAGERS INC., POLYGON INVESTORS AND MANAGERS, INC., and BELGOR INVESTMENT Corp

PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT, OCEANIC WIRELESS NETWORK, INC., DAVID M. CASTRO, MAXIMO A. MACEREN, CAESAR PARLADE, MELQUIADES C. GUTIERREZ, EDUARDO M. VILLANUEVA, and EDILBERTO S. ALEJANDRO, petitioners, vs. HONORABLE SANDIGANBAYAN (Third Division), JOSE L. AFRICA+, MANUEL H. NIETO, JR., ANDRES L. AFRICA, AEROCOM INVESTORS AND MANAGERS INC., POLYGON INVESTORS AND MANAGERS, INC., and BELGOR INVESTMENT CORPORATION, respondents.

G.R. Nos. 119609-10 | 2001-09-21

D E C I S I O N

PARDO, J.:

What is before the Court is a joint petition[1] to annul and set aside the decision[2] of the Sandiganbayan dismissing petitioners' complaint for injunction with damages against Victor A. Africa, Jose L. Africa,+ Manuel H. Nieto, Jr. and Juan de Ocampo[3] and the resolution[4] denying petitioners' motion for reconsideration.

The Facts

On August 28, 1990, the Presidential Commission on Good Government (PCGG) sent Corporate Secretary Victor A. Africa of Oceanic Wireless Network, Inc. (OWNI), a letter dated August 3, 1990, directing him to send notices to all stockholders of record of OWNI for special...