Ramon Y. Ascue vs. LMST Securities Corp.

[SEC-AC NO. 016. January 18, 1980.]RAMON Y. ASCUE, complainant-appellee, vs. LMST SECURITIES CORPORATION, respondent-appellant.D E C I S I O NThis is an appeal to the Commission en banc by LMST Securities Corporation from the Order of this Commission, thru Associate Commissioner Julio A. Sulit, Jr. dated November 22, 1977, upholding Ramon Ascue as the rightful purchaser from LMST Securities Corporation of Subscription Rights No. 4247 for 1,000,000 Class "A" shares of Oriental Petroleum Mineral Corporation with a down payment of Two Thousand Five Hundred (P2,500.00) Pesos or the equivalent of twenty-five (25%) percent thereof; and if delivery of Subscription Agreement No. 4247 is no longer possible, LMST Securities Corporation is ordered to restitute the same. From the aforesaid judgment, respondent-appellant made the following assignment of errors, namely: prcd1. The Commission gravely erred in declaring complainant Ramon Ascue as the rightful purchaser from respondent of Subscription Rights No. 4247 for 1,000,000 shares of Oriental Petroleum and Mineral Corporation;2. The findings of facts contained in the Order, subject of this Appeal, are not supported by substantial...