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Philippine Coconut Producers Federation, Inc. (COCOFED), Manuel V. Del Rosario, Domingo P. Espina, et al. Vs. Republic of the Philippines [DISSENTING OPINION]

PHILIPPINE COCONUT PRODUCERS FEDERATION, INC. (COCOFED), MANUEL V. DEL ROSARIO, DOMINGO P. ESPINA, SALVADOR P. BALLARES, JOSELITO A. MORALEDA, PAZ M. YASON, VICENTE A. CADIZ, CESARIA DE LUNA TITULAR, and RAYMUNDO C. DE VILLA, Petitioners, versus REPUBLIC OF THE PHILIPPINES, Respondent. / JOVITO R. SALONGA, WIGBERTO E. TANADA, OSCAR F. SANTOS, ANA THERESIA HONTIVEROS, and TEOFISTO L. GUINGONA III, OPeopleositors-Intervenors.

G.R. Nos. 177857-58 | 2009-09-17

DISSENTING OPINION

CARPIO MORALES, J:

Petitioner Philippine Coconut Producers Federation, Inc. (Cocofed) and its individual co-petitioners filed an Urgent Motion to Approve the Conversion of the San Miguel Corporation (SMC) Common Shares into SMC Series 1 Preferred Shares of July 24, 2009 (Motion).

Involved in the conversion into Series 1 Preferred Shares are 753,848,312 Class "A" and "B" common shares of SMC registered in the name of the Coconut Industry Investment Fund (CIIF) Holding Companies representing around 24% of the total SMC voting shares.

A trustee is not allowed by law to dispose of or deal with the trust...