In the Matter of Rehabilitation Receiver/Committee vs. Uniwide Sales, Inc.

.style1{font-size:12pt} [SEC-SICD * CASE NO. 06-99-6340. April 11, 2000.]IN THE MATTER OF: PETITION FOR SUSPENSION OF PAYMENT, FORMATION AND APPOINTMENT OF REHABILITATION RECEIVER/COMMITTEE AND APPROVAL OF REHABILITATION PLAN, petitioners, vs. UNIWIDE SALES INC., UNIWIDE HOLDINGS, INC. NAIC RESOURCES & DEVELOPMENT CORPORATION, UNIWIDE SALES REALTY AND RESOURCES CORPORATION, FIRST PARAGON AND UNIWIDE SALES WAREHOUSE CLUB, INC., respondents.D E C I S I O NOn June 25, 1999, the six (6) above-named petitioners filed the instant petition wherein they prayed among others, that a suspension order be issued forthwith and, after due proceedings, that judgment be rendered declaring petitioner in a full state of suspension and approving the proposed Rehabilitation Plan presented therewith or as may be adjusted or modified by the Rehabilitation Receiver/Committee, in consultation with the creditors. The petition alleged, inter alia, that petitioners are affiliate companies under the common ownership of the Gow family loosely called the "Uniwide Group of Companies" and are engaged in various areas of business activities and investments; that petitioners have been very viable and financially profitable in the previous...