The Court of appeals affirms a Makati City regional trial court orders restraining Global Gaming Philippines from selling stocks in Bloom-berry resorts Corporation.
The Makati city regional trial courts writ of preliminary injunction in 2017 against casino company Global Gaming Philippines move to sell its stocks in Bloom-berry Resorts Corporation.
They planned to sell P921.18 million shares of its stock in bloom-berry after services were terminated over “uncured material breach of management services agreement”. The two previously were partners in managing Solaire Resort and Casino.
The CA dismissed GGAM’S arguments that the trial court disregarded an arbitration ruling issued in Singapore in December 2014, which states that the company has the right to sell its stocks.
The appellate court cited the special alternative dispute resolution rules, which states that an appeal is only allowed when the trial court issued a final order, regardless whether it grants or dismisses a request for interim measure of protection.
CA also said that the November 2017, “is merely an order in resolving the motion for clarification filed by Deutsche Bank”.
“In the assailed order, it is clear that the court a quo did not grant any interim measure of protection but merely confirmed its validity in accordance with the resolution dated may 29, 2015 of the special tenth division of the court of appeals” the Court said.