[SEC-SICD * CASE NO. 4324. March 26, 1998.]
QUIRINO D. PANGANIBAN, LUISITO L. GONZALES and DEMETRIO P. SALIPSIP, JR., petitioners, vs. INTER-ASIA MULTILINK, INC., MANILA INTERNATIONAL FUTURES EXCHANGE, INC., UTILITY ASSURANCE CORP., respondents.
UTILITY ASSURANCE CORP., third-party plaintiff,vs. INTER-ASIA MULTILINK, INC., LYDIA A. CHIA, DANIEL OLAN and LORNA VERANO-YAP,third-party defendants.
D E C I S I O N
This is a suit filed by petitioners Quirino D. Panganiban, Luisito L. Gonzales, and Demetrio P. Salipsip, Jr. to recover from the respondents the alleged effective margins left unpaid by Inter-Asia Multilink, Inc. (Interasia) when it went out of operation in July 1992. LLpr
Utility Assurance Corporation (Utility Assurance) and the Manila International Futures Exchange, Inc. (MIFE) were impleaded as co-respondents of Inter-Asia Multilink, Inc. Utility Assurance subsequently filed a third-party Complaint against Interasia, Daniel Olan, Lydia Chia and Lorna Verano-Yap.
Interasia did not file any answer. Lydia Chia and Daniel Olan did file their answers either, despite proper service of summons. In this regard, the said parties were declared in default.
In the course of proceedings, it was established that Interasia has been...
