Tuesday, May 24, 2005

ACCRA OPINION OF 9 MARCH 2000

There is validity in the carefully worded pseudo-denial that PPI issued. The opinion they sought from ACCRA was not on rehabilitation but rather on their initiative to cease honoring the secondary transfers of plans.

Having stated that, the issues and maneuvers that PPI was contemplating way back in 2000 eerily foreshadow the controversy surrounding them today. The issues are uncannily the same.
We now know with certainty that these legal issues are not new to them nor are they defensible...



accra opinion - p1 Posted by Hello

PPI was selling traditional plans up to 1995???? This is either an unfortunate typographical error or Atty. Tecson and Mr. Garcia are deliberately misrepresenting the facts regarding their cessation of activities in 1992.



accra opinion - p2 Posted by Hello


Actuarial assumptions (right or wrong) are the full responsibility of PPI. PPI has been claiming that their alleged 1992 deregulation destroyed all of their investment assumptions. Unfortunately their failure to correct them would still constitute negligence for which they can be held fully accountable for.




accra opinion - p3 Posted by Hello


From the above highlit passage, it is now clear to all why PPI chose to employ this lame excuse by stating the government chose to deregulate in 1992...only to be disproved as later on as an erroneous line of reasoning.

It also explains why they engineered the split into two companies. As a single company, PPI had the wherewithal to answer for any and all claims that came its way because of its profitability. By engineering the mutilation, then they can now attempt to argue that the deliberately weakened PPI does not have the resources to continue to meet its obligations.


accra opinion - p4 Posted by Hello



A highlit section above provides unfavorable opinion to say the least.


accra opinion - p5 Posted by Hello

ACCRA has invoked the "prudent man" test and informs PPI that their contemplated course is hardly defensible.


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Four years later, armed with another law firm (who apparently believe that ACCRA may have been less than knowledgeable) who were prepared to accept the challenge, PPI decides to force these issues anyway.

The intervening legal strategy has become more complex and more brazen. Rather than attempt to cease honoring their representations, they seek to redress the weakness of their legal position by "hollowing out" PPI and then argue that the weakened shell of a company is unable to carry on.


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These documents provide a critical historical basis for understanding the events as they currently unfold. What we are seeing for ourselves is the sickening revelation that all of these issues were well known and properly documented by PPI. It is also understandable now how and why the SEC was misled...PPI could certainly not have a frank and open discussion with SEC could they given all of this information that they had!? A true case of bad faith (as has been subsequently called out in the SEC report).

The fact that they proceeded with it anyway shows full knowledge and premeditation and betrays a cynical, sinister, and ruthless side of YGC that none of us knew could even exist.
************************************************************************************

We welcome the YGC implementers, apologists, flatterers, and sycophants to put their most cheerful spin on the documents presented above. They should also ask themselves, "do they hate these defenseless schoolchildren so much that they would put their talents in the service of such a company?" ...

************************************************************************************


"...for they have sown the wind, and they shall reap the whirlwind"

15 Comments:

At Tuesday, May 24, 2005 5:02:00 PM, Blogger Dora said...

BRAVO!!!!!!!

 
At Tuesday, May 24, 2005 7:38:00 PM, Blogger SunTzu said...

Ah - how sweet it is!

 
At Tuesday, May 24, 2005 7:52:00 PM, Anonymous kidd said...

I highly commend the resources of the leaders of the coalition. Keep up the good work for fighting for what is right, just and letting out the truth. Will attend the rally tom and will continue to pray for more guidance, strength, serendipity and faith for the coalition.

 
At Tuesday, May 24, 2005 10:53:00 PM, Anonymous Anonymous said...

Sa mga taong tumutulong sa coalition, maraming salamat po!!! Mabuhay kayong lahat!

 
At Wednesday, May 25, 2005 2:06:00 PM, Anonymous Anonymous said...

". . . sinister, and ruthless side of YGC that none of us knew could even exist."

Does this mean that Yuchengco is really the SITH in disguise?

 
At Wednesday, May 25, 2005 3:16:00 PM, Anonymous Anonymous said...

". . . sinister, and ruthless side of YGC that none of us knew could even exist."

If you knew Helen Dee, you wouldn't be surprised.

 
At Wednesday, May 25, 2005 4:55:00 PM, Anonymous babe in the woods said...

Matthew 10:16
I am sending you out like sheep among wolves. Therefore be as shrewd as snakes and as innocent as doves.

so true...so true!

 
At Wednesday, May 25, 2005 8:21:00 PM, Anonymous Anonymous said...

This is one of those documents that Liway Gener ( head of operations of PPI) prayed so hard wouldn't be published here.
The Coalition chooses its punches so well.
I bet there will be more punches to come.
Kanina lang sa meeting sa GPL canteen after PPI learned their license was revoked by SEC, taranta na si Liway.

 
At Wednesday, May 25, 2005 10:05:00 PM, Anonymous Anonymous said...

Boy! What an utterly revealing document! "Sinister" and "ruthless" are certainly very apt descriptions.

 
At Thursday, May 26, 2005 12:17:00 AM, Anonymous Anonymous said...

among the siblings of the yuchengcos, one stand out the most, Boy, we call him Boy Yu or small Al. they may call him a blacksheep or a rebel but i find him as a wiseman. he didn't finish his last sem in bus. n finance in wharlton usa knowing he'll be thrown in the snake pit by big Al when he gets home. he never did sit in any position to make big bucks like his other siblings exept in their foundation to spend money in social cause. helen? yeh the most vicious one, they call her "ang babaeng me bayag" behind her back, she'll shout at any body beyond humiliation during meetings. poor son of her. he commited suicide on new year's eve many moons ago. for a while helen layloed in the snake pit called malayan. but lo and behold she came back with vengance. and this is what we're getting and so is their empire. oh yes there was another suicide happening at the old man's house, her daugther to his second wife (former wife of his business partner many moons ago). in summation, money ,too much money sometimes kill.

 
At Thursday, May 26, 2005 1:25:00 AM, Anonymous Anonymous said...

STAR WARS (YGC Version):

Emperor Palpatine = Evil Helen
Darth Vader/Anakin = Uncle Al
Luke Skywalker = Marco S. or Boy Yu
Darth Sith = Ernesto Garcia
Darth Maul = Jeanette Tecson
Jar Jar Blinks = Conrad Banal
Yoda = SEC Chair Fe Barin
The Jedi = PEP Coalition
The Clones = CarePreneed/Alliance

We all know that despite The Phantom Menace or The Attack of the Clones or The Revenge of the Sith or even if The Empire Strikes Back, in the end there will be A New Hope because of The Return of the Jedi. MAY THE FORCE BE WITH US!

 
At Thursday, May 26, 2005 1:06:00 PM, Anonymous Anonymous said...

Prohibit, Prohibitive, Prohibited, Prohibiting, Prohibit…

I bought my kid’s education plan from Yuchengco so NOTHING could PROHIBIT my children from studying. Not even inflation. Not even the rising cost of tuition. Not even my DEATH could PROHIBIT my children’s education. At the time I was paying for it, gapang, iginapang ko panghulog because I believe nothing should PROHIBIT my kids from having their education. I knew then time will come when the cost of tuition will be PROHIBITIVE. And when that time comes ayokong makuba sa pagpapaaral ng mga anak ko. Those were the same words of the agent who sold it to me.

Now, my kids are PROHIBITED to use their plans. I went to PICC yesterday morning complete with all the requirements which they said I must bring. Despite these, I was told they were PROHIBITED to release the checks.

And now I learned LifeTime has been PROHIBITED to operate. I also bought pension plans from Yuchengco the very same year my kids’ education plans were fully paid.

Where have all my investments gone- yung iginapang ko?

The PEP COALITION is my refuge in all these.

To Helen Yuchengco Dee, Liway Gener and Roy Padiernos and all the other officers of PPI-Lifetime- this time around, stop prohibiting me me nor the other planholders and the the COALITION from demanding from Yuchengco to honor his agreement with us, his constituents. He must. Even beyond his lifetime. Nothing should PROHIBIT him!

 
At Tuesday, May 31, 2005 12:28:00 PM, Anonymous Anonymous said...

STAR WARS (YGC Version):

Emperor Palpatine = Evil Helen
Darth Vader/Anakin = Uncle Al
Luke Skywalker = Marco S. or Boy Yu
Darth Sith = Ernesto Garcia
Darth Maul = Jeanette Tecson
Jar Jar Blinks = Conrad Banal
Yoda = SEC Chair Fe Barin
The Jedi = PEP Coalition
The Clones = CarePreneed/Alliance

We all know that despite The Phantom Menace or The Attack of the Clones or The Revenge of the Sith or even if The Empire Strikes Back, in the end there will be A New Hope because of The Return of the Jedi. MAY THE FORCE BE WITH US!

LIVING IN DREAMS AND IN FANTASY

DREAM AND FANTASIZE MORE

 
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