Francisco O. Santos, et al. vs. Sofronio Blando, et al.

[SEC-SICD * CASE NO. 1868. May 16, 1980.]FRANCISCO O. SANTOS, BURTON T. OÑATE, CESAR P. MADAMBA and BENJAMIN M. LEGASPI, petitioners, vs. SOFRONIO BLANDO, AGRIX MARKETING, INC., ET AL., respondents.O R D E ROn March 26, 1980, a petition for accounting, inventory and receivership for purposes of rehabilitating the Agrix corporate and business complex was filed with the Commission. Acting in line with the spirit and nature of the powers vested upon it by Presidential Decree Nos. 902-A and 1653, i.e., the rehabilitation of distressed corporations for the protection of the investing public and creditors, the Commission immediately commenced to take the necessary steps to search for, and appoint, a competent group of management and financing experts as rehabilitation receiver to undertake the rehabilitation of the Agrix corporate and business complex. llcdSimultaneously, pending the appointment of a permanent rehabilitation receiver, and for the purpose of preserving the rights of the parties, namely, the stockholders, investing public and creditors, as well as to preserve the base of the rehabilitation program, in the interim period, the Commission...