Control, Mgt. of property, Preliminary injunction vs 4 LudoDev trustees

CEBU, Philippines - The Court of Appeals has issued a writ of preliminary injunction enjoining and restraining four trustees and their representatives from taking over the control and management of the properties still under the name of the Ludo and Luym Development Corporation (LudoDev).

In a ruling dated May 14, the court issued a writ of preliminary injunction against David Lu, John Luym, Timothy Ryan Luym and Douglas Luym, as well as their agents, representatives or assignees or any person acting for and in their behalf or under their direction from disposing, distributing and transferring any of the remaining properties still in the name of LudoDev.

The said writ also enjoins them from executing and signing any document, deed or instrument that disposes, distributes and transfers any of the remaining properties under the LudoDev.

In their petition dated December 6, 2012, defendants Kelly Luym, Victor Luym and Paterno Luym, Jr., prayed for the issuance of a temporary restraining order (TRO) and writ of preliminary injunction enjoining the four trustees from taking over possession or exercising ownership or dominion over any of the LudoDev's parcels of land.

The defendants also prayed for the implementation of the purported Stockholders' Resolution dated May 29, 2012 signed by the four trustees and for trustee Timothy Ryan Luym or any person acting on his behalf, from executing deeds and conveyance or any instrument of conveyance pursuant to the purported Stockholders' resolution.

Prior to the release of the writ of injunction last May 14, the Court issued and promulgated a resolution stating the two mentioned restrictions of the writ, last April 25, 2013.

The defendants Kelly Luym, Victor Lym and Paterno Luym, Jr., were required to post an injunctive bond in the amount of P10 million within the ten days from notice.

Last May 14, the Court resolved to grant the defendants an urgent motion for additional time to post injunction bond pursuant to the Court's Omnibus Resolution dated April 25, 2013.

The Court also resolved to note, to approve the defendants bond and directed the 18th division clerk of court, Mercedita Dadole-Ygnacio, to issue the appropriate writ of preliminary injunction.

In the said Omnibus Resolution, the Court of Appeals denied the plaintiffs' motion for leave to withdraw complaint and to partially reconsider the omnibus resolution dated October 25, 2012.

The Court also denied LudoDev's motion for leave to file and admit motion for the release of funds to LudoDev as well as the motion for reconsideration to the omnibus resolution.

The Court also denied the defendants John Luym and LudoDev's motion for early resolution in the previous motion seeking the release of funds as well as their motion to withdraw complaint and their motion for partial reconsideration of the February 15, 2013-dated Resolution.

They also denied the defendants' motion to remand case to the trial court for accounting by the management committee and trustees and for the liquidation of the assets of Ludo and Luym Development Corporation.- (FREEMAN)