Rotciv1
Republic of the Philippines
SUPREME COURT
Manila
THIRD DIVISION
G.R. No. 160236 October 16, 2009
"G" HOLDINGS, INC., Petitioner, vs. NATIONAL MINES AND ALLIED WORKERS UNION Local 103 (NAMAWU); SHERIFFS RICHARD H. APROSTA and ALBERTO MUNOZ, all acting Sheriffs; DEPARTMENT OF LABOR AND EMPLOYMENT, Region VI, Bacolod District Office, Bacolod City, Respondents.
D E C I S I O N
NACHURA, J.:
Before this Court is a petition for review on certiorari under Rule 45 of the Rules of Court assailing the October 14, 2003 Decision1 of the Court of Appeals (CA) in CA-G.R. SP No. 75322.
The Facts
The petitioner, "G" Holdings, Inc. (GHI), is a domestic corporation primarily engaged in the business of owning and holding shares of stock of different companies.2 It was registered with the Securities and Exchange Commission on August 3, 1992. Private respondent, National Mines and Allied Workers Union Local 103 (NAMAWU), was the exclusive bargaining agent of the rank and file employees of Maricalum Mining Corporation (MMC),3 an entity operating a copper mine and mill complex at Sipalay, Negros Occidental.4
MMC was incorporated by the Development Bank of the Philippines (DBP) and the Philippine National Bank (PNB) on October 19, 1984, on account of their foreclosure of Marinduque Mining and Industrial Corporation’s assets. MMC started its commercial operations in August 1985. Later, DBP and PNB transferred it to the National Government for disposition or privatization because it had become a non-performing asset.5
On October 2, 1992, pursuant to a Purchase and Sale Agreement6 executed between GHI and Asset Privatization Trust (APT), the former bought ninety percent (90%) of MMC’s shares and financial claims.7 These financial claims were converted into three Promissory Notes8 issued by MMC in favor of GHI totaling P500M and secured by mortgages over MMC’s properties. The notes, which were similarly worded except for their amounts, read as follows:
PROMISSORY NOTE
AMOUNT -
SUPREME COURT
Manila
THIRD DIVISION
G.R. No. 160236 October 16, 2009
"G" HOLDINGS, INC., Petitioner, vs. NATIONAL MINES AND ALLIED WORKERS UNION Local 103 (NAMAWU); SHERIFFS RICHARD H. APROSTA and ALBERTO MUNOZ, all acting Sheriffs; DEPARTMENT OF LABOR AND EMPLOYMENT, Region VI, Bacolod District Office, Bacolod City, Respondents.
D E C I S I O N
NACHURA, J.:
Before this Court is a petition for review on certiorari under Rule 45 of the Rules of Court assailing the October 14, 2003 Decision1 of the Court of Appeals (CA) in CA-G.R. SP No. 75322.
The Facts
The petitioner, "G" Holdings, Inc. (GHI), is a domestic corporation primarily engaged in the business of owning and holding shares of stock of different companies.2 It was registered with the Securities and Exchange Commission on August 3, 1992. Private respondent, National Mines and Allied Workers Union Local 103 (NAMAWU), was the exclusive bargaining agent of the rank and file employees of Maricalum Mining Corporation (MMC),3 an entity operating a copper mine and mill complex at Sipalay, Negros Occidental.4
MMC was incorporated by the Development Bank of the Philippines (DBP) and the Philippine National Bank (PNB) on October 19, 1984, on account of their foreclosure of Marinduque Mining and Industrial Corporation’s assets. MMC started its commercial operations in August 1985. Later, DBP and PNB transferred it to the National Government for disposition or privatization because it had become a non-performing asset.5
On October 2, 1992, pursuant to a Purchase and Sale Agreement6 executed between GHI and Asset Privatization Trust (APT), the former bought ninety percent (90%) of MMC’s shares and financial claims.7 These financial claims were converted into three Promissory Notes8 issued by MMC in favor of GHI totaling P500M and secured by mortgages over MMC’s properties. The notes, which were similarly worded except for their amounts, read as follows:
PROMISSORY NOTE
AMOUNT -