[SEC-SICD * CASE NO. 05-5340. April 11, 2000.]
MARCOPPER MINING CORPORATION, petitioner, vs. PHILIPPINE ASSOCIATED SMELTING AND REFINING CORPORATION, respondent.
MARUBENI CORPORATION, intervenor.
D E C I S I O N
Submitted to this hearing panel for decision is the instant case for Injunction with application for the ancillary remedies of Temporary Restraining Order (TRO) and Writ of Preliminary Injunction filed by petitioner Marcopper Mining Corporation ("Marcopper") against Philippine Associated Smelting And Refining Corporation (PASAR).
Marcopper filed this suit in order to enjoin PASAR from holding the special meetings of its Board of Directors and Stockholders both scheduled on 17 May 1995, and any meeting thereafter for the purpose of considering the proposed amendments to PASAR's Articles of Incorporation in order to legally effect the conversion of its existing preferred shares to common "B" shares. Petitioner claims that these special meetings were in furtherance of a conspiracy between and among PASAR, National Development Corporation (NDC), International Finance Corporation (IFC), the Development Bank of the Philippines (DBP) and the Japanese trading companies, to convert PASAR's debt into equity for the purpose...
