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NOMADS TCTs OVERTURNED
December 16, 2011 | Share
In a decision that can only be described as "bizarre", Hon. Fortunito L Madrona of Paranaque Regional Trial Court ruled in favor of Multi-sphere Trading Inc. in overturning the compromise agreement between the latter Nersan Corporation and Nomad Sports Club.
The judge ordered that the titles be cancelled and ownership reverted to Nersan Corporation, despite the fact that both Nersan and Nomads have complied with every aspect of the compromise agreement.
The Compromise Agreement acknowledged Nomad Sports Club's right to purchase the property; and only "should Nomad Sports Club be unable to pay the said total consideration to Nersan by 02 January 2011, shall it automatically lose its right to purchase…"
Nomads was able to pay in full and was in total compliance with the compromise agreement. Multi-sphere's arguments were:
(1). That the club was not 60/40; WE ARE. OUR CONTROLLING, VOTING MEMBERSHIP HAS BEEN 60/40 SINCE 1993
(2) That the club' s Articles of Incorporation does not allow it to buy land. THERE IS NOTHING IN OUR ARTICLES TO PREVENT US FROM BUYING LAND.
(3) The signatories had no authority to bind Nomads to the Compromise Agreement. NONSENSE. WE HAD A BOARD RESOLUTION GIVING THE AUTHORITY TO JONATHAN THORP AS PRESIDENT AND MATTHEW FREESTON AS TREASURER TO SIGN THE COMPROMISE AGREEMENT.
(4) By annotating the title with the agreement between Nersan and Nomads, we breached the compromise agreement. NO IDEA WHY. THE COMPROMISE AGREEMENT WAS ALSO ANNOTATED TO THE TITLE.
The judge, in his findings made many references to the RTC Manila cases lodged by Ed Du notwithstanding that these cases have yet to be resolved. Needless to say, NSC has appealed the decision.
The sad thing is that Multi-sphere's majority stockholders, the Hemlani family, have been members for many years. The Compromise Agreement came about because of a dispute between Nersan and Multi-sphere over the school. Out of good will, Nomads assisted Multi-sphere in this dispute by signing the compromise agreement and to enable them to complete the purchase of the school.
Now Multi-sphere wants to overturn it and get Nomads land as well.
We have no option other than to fight this all the way. This is your club – help preserve it.
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