Sunday, June 22, 2008
Prominent Filipino restaurateur files anti-dummy suit vs Lehman Bros
Victor Villavicencio, a prominent restaurateur, yesterday said that those named respondents in the anti-dummy suit are Norman Macasaet, Carlos Manalac, Michael Rabonza, Edilberto Castaneda, Ana Marie Katigbak and several other John Does and Jane Does acting for and in behalf of Lehman Brothers and Philippine Investment One, Inc.
Villavicencio’s complaint against the globally-known financial and investment company was filed at the Regional Trial Court, Branch 214, Mandaluyong City (Criminal Case No. MC08-11640) he said.
Records show that between the periods of September 2004 to March 2005, the aforesaid individuals accordingly conspired and simulated the existence of several corporations in order to make it appear that Philippine Investment Two Inc. is qualified to own real properties in the Philippines.
However, upon examination of the records, it shows that Lehman Brothers, which is made up of foreign nationals, are the real and beneficial owners of the said corporation and as such, they are not qualified to own any real property anywhere in the Philippines.
The Philippine Constitution is clear that only Filipinos can own lands anywhere in the country.
It was also noted that the accused incorporated several corporations to wit: Philippine Investment One (SPV-AMC) Inc., Philippine Investment Two (SPV-AMC) Inc. Argonan Real Estate Investment Inc., Duncan Holdings Inc., and Argosy Properties Inc. to provide corporate scheme to circumvent the legal requirements on the ownership of land.
With the said case, Villavicencio explained that it now becomes apparent and alarming that there might be several other foreigners and/or foreign corporations which are trying or may have acquired beneficial ownership of lands through corporate layering only to acquire real properties in the country.
Its own website shows that Lehman Brothers is an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide.
It was founded in 1850 maintaining leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity.
The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world.
Saxena White P.A. Files a Shareholder Suit Against Lehman Brothers Holdings Inc.
The complaint seeks damages for violations of federal securities laws on behalf of all investors who purchased Lehman common stock between September 13, 2006 through June 6, 2008, inclusive (the "Class Period"). Lehman Brothers is an international investment banking firm. Throughout the Class Period, Defendants touted the Company's strong liquidity position, superior risk management policies and stable overall financial prospects despite a difficult environment in the financial services industry. As a result of Defendants' statements, the stock traded as high as $86.18 per share during the Class Period. (CNN Money)
Suit seeks shareholder class action vs Lehman Bros
The civil suit, filed in U.S. District Court in New York, argues the conduct of Lehman and four high-ranking officers caused the economic loss suffered by its shareholders.
It also accuses Lehman executives of making deliberately misleading statements and withholding material information in order to profit by selling company stock at artificially inflated prices. (Reuters)
Shareholder sues Lehman Brothers
The lawsuit claims that the Wall Street bank's conduct led to a substantial financial loss for its shareholders.
Lehman Brothers has not commented on the lawsuit. (BBC News)
Shareholder Suit Filed Vs Lehman Brothers Over Subprime Hit
The lawsuit, filed in U.S. District Court in Manhattan, alleges the
"Despite this tumultuous financial climate,