LIQUIDATION PROGRAM TIMELINES AND UPDATES
November 23, 2011 - Petition for Certiorari (Court of Appeals)
November 10, 2011 - Letter from the Office of Court Appointed Liquidator
September 01,2011 - Pre-Need Law and Court's Order to Transfer the Trust Fund and its Distribution to Insurance Commission
March 11, 2011 - Court Approved Trust Fund Liquidation Program
February 25, 2011 - List of Plan Holders for Liquidation Payment
January 07, 2011 - Presentation of Proposed LIQUIDATION PROGRAM to the Court BRANCH 66 RTC Makati
December 07, 2010 - Proposed LIQUIDATION PROGRAM
November 12, 2010 - Plan Holders' Insurance Coverage
August 06, 2010 - Nullification Order
LETTER TO PLAN HOLDERS
January 29, 2010
Dear Planholders,
This is to update you on what has been happening with our Corporation.
Sometime early October 2009, the Court-Appointed Rehabilitation Receiver submitted his Final Report where he categorically stated that “it is more favourable to the plan holders and creditors if Permanent Plans, Inc. is dissolved and its assets liquidated”.
A month later, Mr. Mate went on to suggest to the Honorable Court that “those settlements that were entered into by Permanent Plans, Inc. that violated or that failed to comply with the rules and regulations of the Securities and Exchange Commission should be INVALIDATED AND SET ASIDE”.
In November 2009, Permaplans manifested to the Court among others that:
- those settlements of policies entered into by the petitioner with a fraction of its planholders from November 2008 until the filing of the instant petition be NULLIFIED.
- the Petition for Corporate Rehabilitation be CONVERTED into a Petition for the Dissolution and Liquidation of Permanent Plans Inc.
Yesterday, in the hopes that the recommendation of the Receiver and its own submission will be immediately considered and acted upon, Permaplans filed a Manifestation with Motion, the dispositive portion of which reads as follows:
“x x x the recommendation of the Court-Appointed Rehabilitation Receiver, as concurred to by herein petitioner, the APPROVED and that the instant Petition be CONVERTED into a Petition for the Dissolution and Liquidation of Permanent Plans, Inc.
Petitioner Permanent Plans, Inc. likewise pray that those settlements of policies unlawfully entered into by the former management of petitioner with a fraction of its planholders from November 2008 until the filing of the instant petition be NULLIFIED.
Finally, petitioner prays that Mr. Fernando G. Mate Jr., be APPOINTED as the Liquidator for Permanent Plans, Inc.”
The said Manifestation with Motion was requested to be heard on Friday, February 5, 2010.
Permaplans sincerely believes that the opinion and recommendation of the Rehabilitation Receiver is ultimately beneficial, first and foremost, to the plan holders. Bacause of this belief, the Management of Permaplans will continue to push for its immediate realization.
Unfortunately, the rigorous process of court proceedings sometimes taxes even the most patient of individuals.
Anent the same, we beseech you to immediately inform the Rehabilitation Receiver and the Honorable Court of your position so that the action on the present proceedings will be expeditiously rendered.
Thank you.
Very truly yours,
ATTY. ALBERTO II BORBON REYES
Chairman, Board of Directors
July 15, 2010
Dear Planholder,
We desire to inform you that last January 2010, upon the recommendation of the Court-Appointed Receiver, the Honorable Court converted the Petition for Corporate Rehabilitation into a Petition for the Dissolution and Liquidation of Permanent Plans, Inc.
It was the position of Mr. Fernando G. Mate, Jr. that rehabilitation is not feasible nor will the same serve the best interests of the thousands of planholders. He thus recommended the termination of the rehabilitation proceedings in lieu of the dissolution of the Permanent Plans, Inc. and the immediate liquidation of its assets.
With the said conversion, the present management, together with the Court Appointed Liquidator, has been tasked with preparing a Liquidation Plan that will benefit all concerned. Bearing this in mind, a motion was made before the Court to nullify all the “settlements” that favored only 3,250 policies from a total of 11,612 policies as of November 2008. The “settlements” ate up P214,455,963.89 from the Trust Fund balance of P415,009,333.17 as of November, 2008. In short, 27.99% of the existing policies will use up about 51.67% of the Trust Fund while the 72.01% of the existing policies will have to divide among themselves the remaining 48.33% of the Fund. Presently, the Trust Fund balance is P425,039,536.00 as of May, 2010
We are waiting the resolution of the said motion.
In the meantime, we happily inform you that Permaplans has continued to cover the insurance premiums. Thus, if the plan is active, fully paid and/or matured, your life insurance coverage will remain in force and in effect with your insurance provider, Philippine Prudential Life Insurance Company, Inc.
Permaplans shall continue to be accessible to your concerns at our office through the following telephone numbers 894-39-66 and 891-56-67. The customer service relations window has remained open to those planholders who walk in.
Thank you for your continued cooperation and understanding. Rest assured that we shall come out with news bulletins once in a while to keep you updated.
Respectfully yours,
ATTY. ALBERTO II BORBON REYES
Chairman and CEO |
