Tuesday, May 17, 2005

Reviewer 7 - PPI's Numbers Are Getting Clearer

Yesterday, some planholders trooped over to PICC and were able to get additional "tuition support" from PPI courtesy of the PhP 250 million convertible loan that Mr. Yuchengco gave to PPI last week amidst much PR.

Several new facts were surfaced following interviews conducted at PICC:

a) the customer support staff were not PPI but rather Lifetime employees;

b) PPI management adopted a policy to "ration" out the Php 250 million to all availing planholders with the knowledge that even with Mr. Yuchengco's loan, PPI's payables for SY 2005-2006 were still not going to be fully extinguished.


WE COULD BE WRONG, BUT best guess estimates using available facts:

a) PPI can only meet 81% of its contractual payables to availing planholders for SY 2005-2006. This percentage is arrived at by totaling all of the tuition support payouts received by planholders inclusive of yesterday's payments;

b) There are 15,000 availing planholders (per PDI article dated 11 May 2005). Dividing that number into PhP 250 mm, we arrive at a number of PhP 16,667 in terms of the second tranche of Tuition Support;

c) That means, that on average, the total payable of PPI per planholder for FY 2005-2006 is PhP 54,762. Since PPI can only meet 81% of its actual obligations, that means it still owes PhP 10,317.46 per planholder or a total of approximately PhP155 million.

d) Assuming that they will pay this balance on 2010 with 7% interest, then that would be equal to PhP 217 million that they will need to have available.

e) We need to add now the 19,000 planholders who are still on non-availing status, we can now estimate the total payout on 2010 using 4 years as the average number of school years and Php 54,762 as the average tuition support that PPI wishes to use. That number comes out as PhP 4.162 billion as the payout for 2010.

f) We can now add the PhP 217 million with the PhP4.162 billion to come out with an all-in payables total for 2010 as 4.379 billion.

g) To support this payout, PPI has the much touted Napocor bonds that have a face amount totalling USD$ 52 million. Using current exchange rates, we only come up with PhP 2.830 billion to meet up with the 2010 obligations! PPI would still be short PhP 1.549 billion

h) It would seem that the only reasonable explanation for this interesting investment strategy is that the trust managers are expecting a 35% or more devaluation in the peso / dollar exchange rate. And that is assuming that money losing Napocor does not restructure come 2010.

i) Even for the sake of argument, that the rehab plan were to be entertained, the game that PPI has established still seems to be set up to fall short and fail. (So anyway you look at it, the planholders lose)


CALLING BANGKO SENTRAL NG PILIPINAS AND THE MONETARY BOARD!!!

We need HELP!!!! in understanding how PPI has ended up with this set-up. As we understand it, the investment manager is duty bound to look after our interests. As the beneficial owners, we are entitled to and expect the BSP to act with deliberate haste and agree to an request from the planholders to do A COMPREHENSIVE AUDIT of the trust management policies and procedures.

49 Comments:

At Tuesday, May 17, 2005 10:38:00 PM, Anonymous Anonymous said...

Thank you SEC! The article below will appear in tomorrow's edition of Business World.

SEC to court: Junk Pacific Plans rehab petition

The Securities and Exchange Commission (SEC) urged the Regional Trial Court of Makati to dismiss the rehabilitation petition of Pacific Plans, Inc. for lack of merit, citing the pre-need firm has the means to pay obligations.

In a 68-page filing, the commission said Pacific Plans had not been forthright about its financial status. It said the pre-need firm should not be entitled to the judicial relief sought considering that "it did not come with clean hands."

BusinessWorld tried to reach Pacific Plans spokesman, Maria Jeanette Tecson, for comment but she was unavailable.

The commission said Pacific Plans’ liquidity problems were due to poor management foresight or of a deliberate attempt to present a poor financial picture in order to evade its contractual obligations.

"The huge expenditures reflected in the financial reports of Pacific supports a submission that Pacific is indeed in sound financial position capable of servicing its remaining traditional plans," the SEC said. "It is surprising that financial problems are being raised now by Pacific when it has survived the bigger tuition fee increases in the past."

The commission said the pre-need firm is financially capable of meeting its obligations as they fall due, noting that it even exceeded its trust fund liquidity reserve requirement by P3.77 billion, indicating it has more than enough assets that can be liquidated.

At the same, it exceeded the liquid asset requirement of P270.11 million, another indication the firm is financially healthy.

The numbers are based on the firm’s 2004 financial reports to the SEC last year.

When it filed the rehab petition, Pacific Plans said it only had P341 million to pay obligations for the June-March semester. Last Friday, Yuchengco Group of Companies’ founder and head, Alfonso Yuchengco, contributed P250 million, bringing the total available funds for the semester to P591million.

Based on the documents submitted by Pacific Plans to the SEC, the pre-need firm has been declaring stock and cash dividends since 1989, even spending a bulk of funds for the commission and bonuses of agents and employees amounting to P587 million in 2003 and P489 million in 2004.

"All these findings reveal a healthy financial status of Pacific and its deliberate attempt to evade the payment of its contractual obligations by diverting its funds to the payments of dividends to stockholders to the prejudice of the planholders," the SEC said

 
At Tuesday, May 17, 2005 10:50:00 PM, Anonymous Anonymous said...

What joy! This one is from PhilStar

SEC asks court to junk Pacific Plans’ rehab bid
By Zinnia B. Dela Peña
The Philippine Star 05/18/2005

The Securities and Exchange Commission (SEC) has asked the Makati Regional Trial Court to dismiss the petition for rehabilitation filed by the Yuchengco-owned pre-need firm Pacific Plans Inc. for lack of merit.

In its comment filed with the court, the SEC said: "There is no necessity for Pacific Plans to undergo corporate rehabilitation and that the said petition was merely resorted to by the company to evade its contractual liability to planholders."

The SEC cited the financial statements submitted by Pacific Plans which showed that the pre-need firm is solvent and liquid. "The financial reports clearly show that the company is financially capable of meeting its obligations."

As of end-December 2004, Pacific Plans even exceeded its trust fund liquidity reserve requirement by P3.77 billion," the SEC said.

The SEC added it was because of Pacific Plans’ healthy financial condition that it agreed to the pre-need firm’s proposal for the spin-off of its pension, education and memorial businesses into a separate company called Lifetime Plans Inc.

It also questioned Pacific Plans’ disbursement of P18.46 million in the last quarter of 2004 as management service fee to Lifetime.

It also noted the pre-need firm’s allocation of commissions and bonuses to its agents and employees.

In 2003, Pacific Plans spent P586.95 million and another P489.2 million last year.

"The fund dispositions indubitably show a financially stable corporation capable of meeting its obligations as they fall due.

But before this Honorable Court, Pacific Plans claims it has liquidity problems.

Such situation is clearly either the result of poor management foresight or of a deliberate attempt to present a poor financial picture in order to evade its contractual obligations," the SEC said.

According to the SEC, Pacific Plans had a total net worth of P657.84 million and P119.08 million as of end-December 2004 and March 31, 2005, respectively.

The SEC likewise pointed out that Pacific Plans filed the petition without allowing the regulator to institute remedies to ensure the protection of both the corporation and its planholders.

"It is the primordial duty of the SEC to oversee the operations of pre-need corporations like Pacific Plans in order to ensure the protection of the investing public — its paramount concern.

That obligation of the SEC cannot just be rendered futile and meaningless," the SEC said.

"The hasty recourse to this court appears to be a ploy on the part of Pacific Plans to elude SEC intervention and enable it to force its swap offer to planholders in the guise of rehabilitation proceedings.

With the filing of the instant petition, Pacific Plans simply wanted to tie the hands of the SEC so that it can no longer pursue administrative measures to protect investors as it has been duty bound to do," the SEC said.

The SEC also pointed out that Pacific Plans deliberately failed to disclose any indication that it was indeed facing serious liquidity issue.

It also accused Pacific Plans of submitting a different set of figures in its audited financial statements as of May 31, 2004 to the Bureau of Internal Revenue.

"The SEC has adequate mechanisms to assist Pacific Plans if indeed it is experiencing liquidity problems without undermining the planholders’ interest.

Precisely, the SEC’s role is to provide an inexpensive yet equitable and fair solution for all parties concerned, most specially the helpless parents who have invested and saved their money for undermining the planholders’ interest," the SEC said.

"The Honorable Court cannot close its eyes to the damage that this case will cause to thousands of affected students whose future are at stake, particularly those who are enrolling for this schoolyear 2005-2006," the SEC stressed.

Moreover, the SEC said the new fixed plan offered by Pacific Plans amounts to a novation of contract and therefore cannot be forced upon the planholders without their consent.

Pacific Plans sought debt reprieve as it foresees the impossibility of meeting future claims of its over 34,000 planholders owing to rising tuition expenses.

In its petition, Pacific Plans said its obligation under the open-ended educational plans had far exceeded what it could as a result of the 1990 tuition deregulation policy supposedly to improve the quality of education.

Pacific Plans stopped selling open-ended educational plans in 1992, realizing that it would be a matter of time before the gap between tuition and its income would affect it the way it does now.

Finding the petition to be in sufficient form and substance, the Makati RTC had issued an order preventing Pacific Plans from paying its creditors, suppliers and planholders until the company is rehabilitated.

Not covered by the freeze order, however, is the payment by Pacific Plans of the current tuition of its beneficiaries.

These beneficiaries, however, would get only tuition support. In general, this means that for non-exclusive schools, beneficiaries would get roughly the same amount they got in their last availment. Those in exclusive schools would get much less than their last claim because their tuition is roughly double that in non-exclusive schools.

 
At Tuesday, May 17, 2005 11:23:00 PM, Anonymous Anonymous said...

So does this mean we can all sleep soundly now and not worry about tuition?

The lawyers who formulated this evil deceptive scheme all deserve to be jobless asap.

 
At Wednesday, May 18, 2005 1:22:00 AM, Anonymous Anonymous said...

The following column by arguably the most credible columnist of the Inquirer should be read by all:

There's The Rub : Broke
Posted 11:35pm (Mla time) May 17, 2005
By Conrado de Quiros
Inquirer News Service
Editor's Note: Published on page A14 of the May 18, 2005 issue of the Philippine Daily Inquirer
"I'M BROKE," Alfonso Yuchengco quipped, as he handed a P250-million check, presumably from his own pocket, to Pacific Plans Inc. (PPI). The pre-need company has issued "open-ended" education plans to some 34,000 souls and is now seeking to be rehabilitated, citing huge losses, and has already gotten a court to issue an order allowing it to suspend payments to claimants. Yuchengco is right about being broke, but in ways his attempts at wry humor do not capture.
The issue has been written and talked about in the media, but its essence has been lost in a blaze of legal and financial fireworks, which has kept it away from public scrutiny despite flaring conspicuously out there. At bottom, it is an issue of injustice. PPI promised an entire tribe of Filipinos that for the investment they made in PPI they would see their kids through school whatever happened. It has broken that promise.
Yuchengco, who owns PPI, though he is at pains now to distance himself from it, is broke for reasons that have nothing to do with making a personal donation to the beleaguered company, which is neither here nor there. He is broke in the sense that President Gloria Macapagal-Arroyo is broke after promising all sorts of things to her countrymen and breaking them. It is not financial destitution, it is moral bankruptcy.
Why did a horde of Filipinos buy a Pacific plan? For two reasons, which were in fact how PPI marketed itself. One was its ironclad assurance that it would send its holders' kids to school, come hell or high tuition fees. The contract said so in black and white. And two, plan-holders could rest assured their future was backed by one of the most trustworthy institutions in this country, which was the Yuchengco group of companies. "Nakasandal sa pader," as the local saying went, or literally leaning on solid wall. Their word was their bond, and their word was good as gold.
Not so, it turns out.
I understand that a good many plan holders are overseas workers who wanted their children to get what they did not, which is a good quality education, preferably in an exclusive school. That is what makes it horrendous. I know from first-hand experience what monumental sacrifices parents are willing to take just to send their children to school. To have those dreams torn to shreds in this way absolutely sucks.
PPI cites among many reasons why it can't redeem its pledge the fact that tuition has gotten out of hand as a result of deregulation, soaring by as much as 40 percent over the last decade. Unfortunately for it, its holders happen to be numerate as well as literate and have challenged those figures. It has a chart to show that the total tuition increases from 2000 to 2005 across the country add up to no more than 11.37 percent.
And still that is nothing. Because even if tuition fee rose by 40 percent or more, what of it? The equivalent argument is a fire insurance company saying it can no longer pay its policyholders because a series of unusually hot summers during the decade, which it did not count on, has caused an unexpected rash of fires. You are a fire insurance company, you anticipate all possible causes of fire. You are an education plan company, you anticipate all possible causes of tuition increases. That is your business. You guess wrong, or you fail to anticipate right, you pay for your dumbness, not the people you inveigle to barter their future with you. Especially when you promise the latter you will insure them against all possible eventualities.
PPI says as well that it has been absorbing huge losses over the years. That is not true at all -- and here it treads on very dangerous ground legally. What has happened is that PPI has transferred all its profitable ventures into another company called Lifetime Plans, and left its open-ended education plan with PPI. Which it further saddled with financial responsibilities that did not belong to it. The figures clearly show so:
In 2003, before PPI was turned into the skeleton it is now, it had a trust fund of P11.2 billion as against liabilities of P10.2 billion. It was perfectly liquid, and indeed registered a net profit of over a billion that year. The next year, after it turned all its profitable ventures to Lifetime, PPI suddenly showed itself to be in dire straits. Which is the reason Yuchengco now is asking for it to be rehabilitated -- a proposal that Makati City Judge Romeo Barza, a founding member of the Villaraza law office, also called the Firm, which has its tentacles spread out across this country, approved last April.
Parents Enabling Parents (PEP), the group protesting this, points out two things that are wrong with it. First, what would happen if Yuchengco's favorite bank, Rizal Commercial Banking Corp. (RCBC), put up another bank, funneled all of RCBC's lucrative activities into it, and left RCBC to pay off all of its obligations? Will RCBC's depositors be happy with this? That is exactly what he has done to PPI. Second, even after PPI has been cannibalized, it still has a trust fund that can meet the claims of its open-ended education plan holders. The only problem is that the bulk of the fund is tied up with National Power Corp. (Napocor) bonds, a questionable investment explainable only by the fact that one of Yuchengco's companies has reinsured Napocor. But why now should the plan holders, parents who have shelled out precious money in the hope of giving their kids at a crack at a decent future, be held hostage to these criminal shenanigans?
Trust is the one thing the holders of open-ended education plans from PPI gave Yuchengco when they took him at his word. It is the one thing he has squandered like a drunken sailor, little helped by that silly show of pinching from his own (bulging) pockets to appease the aggrieved. He's right: he's broke now.
Very, very broke.

 
At Wednesday, May 18, 2005 9:26:00 AM, Anonymous Anonymous said...

Anonymous said...

So does this mean we can all sleep soundly now and not worry about tuition?

The lawyers who formulated this evil deceptive scheme all deserve to be jobless asap.

Tuesday, May 17, 2005 11:23:04 PM

Jobless???????? I believe they should all be thrown in JAIL. Imagine how many innocent children's education and parents' dream were to be shattered. It is about time that our justice system start to flex their muscles for the protection of the victim.

 
At Wednesday, May 18, 2005 10:23:00 AM, Anonymous Anonymous said...

FROM THAT "OTHER" BLOG:

Re: "SEC's face saving action after their incompetence brought forth this issue."

Not quite. It was PPI's spiriting away its own assets and "transferring" them to Lifetime, then the SELECTIVE info-dissemination to SEC (with accompanying info-concealment, to prevent SEC from seeing the truth of PPI's intentions), then PPI's application for a rehab with the Makati RTC...THESE brought forth the FRAUD issue. It does appear SEC was misinformed by PPI before it gave its approval. It certainly isn't face-saving for SEC, but an expression of its contempt for PPI's duplicitous moves before the application for rehab, and an attempt to prevent the Makati RTC from successully becoming a party to PPI's duplicity (which would happen if the RTC approves the rehab).

Re: "Well, the fight is on in the courts! "

Well, perhaps the fight for legal gobbledygook is on in the courts. Sure, that's important. But the fight for the credibility and trust in the entire pre-need industry in general, and in PPI/YGC/YUCHENGCO inparticular, is happening in the hearts and minds of people right now...in media.

Are you hanging up your gloves in the media arena? Or have you finally realized that Al Yuchengco is the P.T.Barnum/Ivan Boesky/Kenneth Lay of the our insurance and pre-need industries?

In 1985, Ivan Boeky delivered a commencement speech at UC Berkeley...not far from the U of San Francisco's McLaren College, which will soon regale your Al Yuchengco with some "honor"ary degree. In that speech, Boesky said: "Greed is all right, by the way. I want you to know that. I think greed is healthy. You can be greedy and still feel good about yourself."

Well, par for the course of all these folks. But none is greedier than Yuchengco, who--in loaning out P250M of his money with full media coverage--expects us to be grateful. I mean, hey: you lie, cheat and steal from someone, then lend him a small fraction of what he owns anyway, and you expect him to love you for it? NANGGAHASA ka na nga, gusto mo pa ng PAGMAMAHAL? That's GREED in its ultimate form.

 
At Wednesday, May 18, 2005 10:29:00 AM, Anonymous Anonymous said...

Hey, you know what would be interesting..... sending news reports of SEC opposition (complete with their description of duplicity) to the USF guys.

 
At Wednesday, May 18, 2005 10:58:00 AM, Anonymous Anonymous said...

I've sent another letter to USF, giving them all the articles from major dailies that covered SEC's opposition to the rehab.

 
At Wednesday, May 18, 2005 11:53:00 AM, Anonymous TLS said...

On PPI:
1. The premise is that PPI was financially healthy until the transfer of assets occurred. All documents and reports, until prior to the transfer, point to its capability to FULLY serve ALL current and future availments. It was solvent and it was liquid.
2. We know that if they had not transferred assets, we would continue to avail of our full benefits today and until the future. BUT PPI would have had to sacrifice profit (not the trust fund) margins on its fixed-value plans to pay out ALL availments, whether traditional or fixed, exclusive or non-exclusive.
3. So to stop the drain in profits, they transferred the earning assets out of PPI. That, in itself, already prejudiced the interests of the traditional planholders. That, in itself, already constituted fraud.
4. They could have stopped with the transfer of assets but that would only lead to a greater impasse later on.
5. So to pre-empt any moves questioning the transfer of assets and the later impasse as the remaining trust fund of PPI is drawn down, they immediately secured legal protection through the petition for suspension of payments and petition for rehab. This is already documented as a move done WITHOUT prior knowledge and approval of the SEC, much less the planholders.
6. But the transfer of assets was fraudulent as can be supported by documents, legal jurisprudence and even just by the resulting collapse of PPI after the transfer. Fraud has already been declared by the SEC, as well, in its own opposition paper, excerpts of which have been printed in general circulation newspapers.
7. Because there was fraudulent transfer, both the suspension of payments and the rehab plan can be thrown out.
8. With these thrown out, the fraudulent asset transfer can be undone.
9. With PPI whole again, ALL availments should be fully serviced again.

Actions taken by PPI/Yuchengco after fraud was exposed:

1. A few days after showing off their court approved Suspension of Payments Order, because they correctly assumed that planholders’ would react and cause an uproar at its Kamagong office, PPI was able to immediately issue a palliative – tuition support. If you will note, they had the logistics of hundreds of checks already printed out and ready, whereas the day before, they had FIRMLY STATED that they had NO FUNDS to RELEASE. This, of course, is only a calculated “quieting down” measure. They had already consulted legal and accounting experts to be creative and call it “tuition support” because they need to stick to their liquidity and rehab story. Suddenly, they HAD been able to set aside the P340M support. Just a few days before, when protests were not yet heard, they FIRMLY STATED they had NO FUNDS to RELEASE.
2. In the meantime, they amassed all information they could, sat down and drafted their 10-point list extolling the virtues of PPI/Yuchengco and washing their hands off the disenfranchising done to planholders. Then they let their Sonny Garcia and Jeanette Tecson take on media. Of course, after a series of tri-media exposures, it only fuelled the anger of planholders and the general public. With their self-serving answers and general contempt in responses to planholders, they simply dug their own graves. It was really a poor PR and strategic decision. Siempre, ang hirap talaga maging righteous kung may tinatagong katiwalian at maling gawa.
3. Of course, nag set-up sila ng PPI planholders meeting at the PICC to “document” and “show to the general public” that there are planholders who are supporting PPI/Yuchengco moves. Of course, this backfired. They had to legitimately post notice of the meeting so that media could document it as an “authentic” meeting. But of course, they were banking on not having planholders who are fighting for the truth there.
4. PPI/Yuchengco also arranged for a supposed liquidity window as a “sweetener” to those who go for the rehab plan and those who want to “cash-out” their plans now. Of course, this is a simple buy-out which is still part of the calculated loss designed to still leave the Yuchengco’s ahead. Of course, if you cash-in your plan now, wala ka nang hahabulin sa PPI/Yuchengco and that costs much less to them in the long-run. In other words, if you were a shrewd businessman with a pending P2B reduction in profits (due to full servicing of all planholder benefits) and you had an option that would result in much less reduction of profits (transfer of assets, rehab plan, buy-out of planholders willing to accept one-time tuition and additional support plus sweetener) amounting to P600-P700-P800M or even P1B, what would you do?
5. After still being caught flatfooted by continued protest for FULL benefits as per contract, of course the board, management, legal/PR teams in all likelihood met with AYuchengco and advised that an additional P250M to cover the balance of tuition fees for this year, would be needed to further “quiet down” and quell protest. Of course, this with the simultaneous PR/Media blitz to focus on “tuition fee hike history” and testimonies from business and society heavyweights on the “integrity” of AYuchengco. At the end of the day, of course, it is all legal and PR “firefighting” and “cover your tracks” moves, designed to make everything appear above-board.

On the Rehab Plan:

The Rehab Plan, of course, has no basis given that the supposed “liquidity” and “benefit servicing” problems are all manufactured. But even assuming, for the sake of argument, that it has a basis, here is why it is even more illogical to support it:
1. Yesterday, the CHED already stated that tuition fee hikes will be regulated to go no higher than inflation. In any case, Congress and Senate will also be asked by constituents to legislate law to not only repeal tuition fee deregulation, BUT TO REGULATE AND POSSIBLY FREEZE IT FOR THE NEXT FEW YEARS. With this in place, it will definitely make financial sense to hold companies such as PPI to their legal contractual liabilities as they stand, rather than to go for a protracted rehab plan that will certainly reduce their obligations and reschedule these far into the future.
2. Under a rehab plan, there is no assurance that anyone will get anything, especially in the near-term. Insolvency, Rehabilitation and Bankruptcy proceedings in the country have already shown that creditors suffer most without getting anything in such cases for years on end and this is supported by empirical data and factual cases.
3. Supporting a rehab plan is supporting a rescheduling / restructuring of debt, in this case, the benefits to be availed. This means that for all, both availing and non-availing, the benefits will likely be rescheduled even further into the future and likely restructured to be much less than what is hoped for to cover future tuition fees. What is the point then of supporting a move that will NOT give you your benefits WHEN you need it and AT the amount you need it for? If your child is not even able to use the benefits having already stopped schooling or finished schooling, then you’d have lost all value of your plan/contract in the first place.
4. The Rehab plan PPI has been mouthing off is to get investor equity and to introduce new products. First, investor equity in such a mismanaged company as PPI and one that is embroiled in questions of good governance and fraud has zero likelihood. To those familiar with corporate finance and investment banking, due diligence into PPI would unearth all these and no investor in their right mind would even consider taking an equity position. Baka convertible equity, meaning a loan or some kind of equity derivative, pwede pa. But that would depend on the businessplan of PPI moving forward. And their businessplan involves introducing new products, most likely fixed value plans as well (WHICH WAS WHAT THEY REMOVED IN THE FIRST PLACE!). Second, who, after all this, would even want to buy products from PPI or from Yuchengco for that matter. The only reason why they are still generating sales in Lifetime or their other companies is because the fraud they committed has not yet been legally pronounced in court. But definitely, for products and services involving public trust? I seriously doubt the robustness of any businessplan they have for PPI can prosper. Remember, iba ang produkto na ito because it involves fiduciary obligations.
5. The Rehab plan is also anchored on Napocor bonds, which regardless of their ROP guarantee, are definitely a loser investment which the government itself will have to raise funds for. Napocor has maturing bonds not only in 2010 but also in other years, 2011 and 2014. With the move towards privatization and Power Sector Assets and Liabilities Management Corp issue, this looks to be a real lovely arrangement for planholders who go for the rehab plan.

In earlier issuances, such Napocor Bonds even had to be restructured as credit derivatives in order to get the right risk profile because no investors wanted to get them. What are credit derivatives? Simply put, the Napocor Bonds are credit assets which are supposed to give returns to their investors (yung bumibili ng bonds). But since walang gustong bumili ng Napocor Bonds dahil malamang hindi mabibigay nito ang expected returns sa investors dahil sa pagkalugi, kailangan gumawa ng credit derivative. Sa isang credit derivative, ilinilipat ang “risk” ng kulang o lower returns ng investor ng bond sa ibang entity o party pero hindi ang ownership nung bond. In other words, kung pumasok si A sa isang credit derivative with B ukol sa binili ni A na Napocor Bond, si B ang malulugi kung sakali man ang Napocor Bond ni A ay hindi nga makabayad ng sapat na return. Pero si B, may fee na matatanggap.

But more importantly, there already is a move in Senate to repeal all laws requiring government to guarantee debt incurred by GOCCs. Filed by Senate Finance Committe Chair Sen. Manny Villar in connection with the Fiscal Responsibility bill, Senate Bill 1968 will remove the so-called automatic government guarantee for GOCCs and GFIs. Most notable among these is NAPOCOR. Out of total public sector debt, 40% is accounted for by GOCCs and GFIs. And of that 40%, half or 50% is from NAPOCOR! From 2004 to 2014, NAPOCOR has over P600B (P611.7B to be exact) coming due for payment! I wouldn't be surprised if in the coming years, NAPOCOR will be undergoing significant restructuring and that government will find a market-based solution to this and not continued piling up of fiscal debt (that is, if the Senate Bill 1968 hasn't been passed already and implemented).

On the Court case:

Of course, what remains to be seen now is how the Villaraza law office will maneuver given all the recent developments, which I’m sure is not at all what they were expecting. Certainly they most likely expected an upheaval of sorts but as the days went by, I’m sure it has grown to be something bigger than they could have imagined. On hindsight, I’m sure PPI/Yuchengco and Villaraza are now saying to themselves that this whole thing should have been handled as a PR issue and that PPI/Yuchengco should have just taken the reduction in its profits. Given the CAP experience and their legal preparation, they probably surmised na “sandali lang magkakaroon ng ingay” and there would be no support from regulatory institutions, Congress and the Senate. In fact, that was the initial talk within business and industry circles – that PPI planholders had no determination, much less logistics and capability to fight.
1. Well, its simple. Lets look now into the Villaraza firm and get all the names of the lawyers involved in structuring this PPI fraud. Lets get all the documents filed on PPI’s behalf and find out just who these lawyers are because, definitely, they either get out now and come clean or find out very soon that their career and firm is already down the drain. We’re talking about values here and, while I know in law, there is a fine line that separates one side from the other on issues of morality and what is right, I’d like to think that in the end, the inherent “goodness” in people can still prevail.
2. Again, this disenfranchisement done by PPI/Yuchengco is not a simple business, financial and legal deal or event. It deals with the very core of being a human being – care and concern for others and trust. A legal firm or its lawyers who delight in coming up with legal maneuvers to defraud parents and rob children of their future doesn’t sound like the vision I’d like the youth of our country to have.

TLS

 
At Wednesday, May 18, 2005 12:54:00 PM, Anonymous Anonymous said...

Henry Remigio - Mindanao Ave., QC

"Mayroon akong apat na plans under Pacific Plans. Since I received a letter na hindi na makaka-bayad yung Pacific Plans, ang sama ng loob ko. But after the explanation na ginawa this morning sa office, I was really satisfied with the explanation, and that changed everything about my feelings ko sa Pacific Plans. And now, I am happy that despite my problems, ay ginawa ng Pacific Plans and lahat upang matulungan yung mga nag-aavail pa ng mga planholders"

 
At Wednesday, May 18, 2005 12:54:00 PM, Anonymous Anonymous said...

Fely Lucas - Tugatog, Malabon

"Natutuwa ako na bilang isang planholder ng Pacific Plans ay may money back guarantee sa 2010 at may interest pa"

 
At Wednesday, May 18, 2005 12:54:00 PM, Anonymous Anonymous said...

Rose Molina - Caloocan City

"Isang planholder ng Pacific Plans. Nakapagtapos ang mga anak at may plano pang natititira na magkakaroon pa ako ng pera at may interest pa."

 
At Wednesday, May 18, 2005 12:55:00 PM, Anonymous Anonymous said...

Myrna Gacos - Karuhutan, Valenzuela

"Naniniwala pa rin ako sa Pacific Plans na ito'y magandang kumpanya. Alam ko na ito (dinananas na problema ng PPI) ay mapagtatagumpayan naming (planholders at Pacific Plans)."

 
At Wednesday, May 18, 2005 12:55:00 PM, Anonymous Anonymous said...

Corazon Gonzales Umali - Pateros, Metro Manila

"Napakalaking bagay ang naitulong sa akin ng Pacific Plans, Inc., dahil ang anak ko po ay nakapag-aral ng mula elementaryo hanggang college. Then mayroon akong mga tatlong pamangkin na ngayon ho ay may tapos na sila (sa pag-aaral) sa pamamagitan ng tulong ng PPI."

 
At Wednesday, May 18, 2005 12:57:00 PM, Anonymous Anonymous said...

To those 5 planholders preceeding this post:

HAHAHAHAHAHAHAHAHAHA

thanks for a good laugh.

Attention blogmaster: What is this joke?

 
At Wednesday, May 18, 2005 1:13:00 PM, Anonymous Anonymous said...

to those who give the testimonies for pacific....

you don't have to be gratefull to pacific coz what you had is yours. binayaran nyo yan so tama lang na me makuha kayo. sa tingin nyo ba eh kung hindi kayo nagbayad eh babayaran nila ang tuition ng mga scholar nyo????

ano ba yan! hwag nyong gawing comedy eto!!!!

 
At Wednesday, May 18, 2005 1:45:00 PM, Anonymous Anonymous said...

There you go again, people. Whoever does not have the same opinion and feelings as yours should be persecuted.

 
At Wednesday, May 18, 2005 2:12:00 PM, Anonymous Anonymous said...

Did you guys notice that the 5 testimonials were posted within one minute? Galing naman ng timing ng our 5 very satisfied planholders.

Since you're so happy to get money back plus interest, meron ba kayong lupa o bahay na puede kong bilhin at purchase price plus interest lang?

 
At Wednesday, May 18, 2005 2:27:00 PM, Anonymous Anonymous said...

to the YGC stooge,

Since buking ka na rin lang, if you really believe in what you're saying, can you tell your boss I want to buy his property in Forbes Park at purchase price plus interest, whether they like it or not? They have to hand me the title and move out today and I will pay them in 2010 using my PEP plans as collateral since I'm not liquid right now.

 
At Wednesday, May 18, 2005 2:39:00 PM, Blogger Ederic said...

This is Ederic Eder of GMA-7. Naghahanap kami ng plan holder na puwedeng ma-interview ngayong hapon. Please call me at 9287021 loc. 1336 before 3pm today. Thanks. :)

 
At Wednesday, May 18, 2005 2:46:00 PM, Anonymous Anonymous said...

to the 5 testimonials...

ano pa ba ang pinagaawayan natin eh ang SEC na mismo ang nagsabi na protektado tayong lahat..whether availing man o hindi!

kakatawa naman yung mga hirit nila...

 
At Wednesday, May 18, 2005 3:27:00 PM, Anonymous Anonymous said...

"Since you're so happy to get money back plus interest, meron ba kayong lupa o bahay na puede kong bilhin at purchase price plus interest lang? "

O, may pera ka nman pala eh. Illogical analogy. Syempre, selling price is purchse price plus interest.

 
At Wednesday, May 18, 2005 4:00:00 PM, Anonymous Anonymous said...

the SEC's comments is equivalent to saying that PPI(and of course the people behind it) is trying to defraud its planholders. SEC should use this finding to revoke Lifetime Plan Inc.'s certificate of registration and return all of its assets to PPI. at the same time, management of PPI should be transferred to a management committee(to include as member someone from the ranks of and nominated by the planholders) to prevent further dissipation of PPI's assets. these moves are all within the prerogatives of the SEC under P.D. 902-A.

 
At Wednesday, May 18, 2005 4:05:00 PM, Anonymous Anonymous said...

Regarding the 5 fake testimonials, nag-umpisa na naman ang mga post na walang katuturan.

Since all evidence and documents show the futility of defending PPI/Yuchengco and its past fraudulent actions and all recent posts show logical, irrefutable analysis, puro kababawan at ka-istupiduhan and pino-post.

To fake posters and those not working for Coalition goals, just get out. Or at least post something na gagamit naman ng katalinuhan. Tandaan niyo yun habang pauwi na kayo sa bahay niyo, habang kumakain at bago matulog. Itaas nyo naman ang level ng pang-asar.

 
At Wednesday, May 18, 2005 4:18:00 PM, Anonymous Anonymous said...

"the SEC's comments is equivalent to saying that PPI(and of course the people behind it) is trying to defraud its planholders. SEC should use this finding to revoke Lifetime Plan Inc.'s certificate of registration and return all of its assets to PPI. at the same time, management of PPI should be transferred to a management committee(to include as member someone from the ranks of and nominated by the planholders) to prevent further dissipation of PPI's assets. these moves are all within the prerogatives of the SEC under P.D. 902-A. "

Galing! I agree to this! Taga saan ka ba? Philam? Prudential? CAP?

 
At Wednesday, May 18, 2005 4:48:00 PM, Anonymous Anonymous said...

In response to:

"But more importantly, there already is a move in Senate to repeal all laws requiring government to guarantee debt incurred by GOCCs. Filed by Senate Finance Committe Chair Sen. Manny Villar in connection with the Fiscal Responsibility bill, Senate Bill 1968 will remove the so-called automatic government guarantee for GOCCs and GFIs. Most notable among these is NAPOCOR. Out of total public sector debt, 40% is accounted for by GOCCs and GFIs. And of that 40%, half or 50% is from NAPOCOR! From 2004 to 2014, NAPOCOR has over P600B (P611.7B to be exact) coming due for payment!"

The surprising thing is that SEC itself has been the one pushing the Napocor bonds. Check with other companies and they will tell you the same story. Why was SEC pushing this Napocor Bonds?

 
At Wednesday, May 18, 2005 5:08:00 PM, Anonymous Anonymous said...

PPI clarifies points raised by PDI series
Posted 04:45am (Mla time) May 18, 2005
By
Inquirer News Service


THE PHILIPPINE Daily Inquirer over the weekend ran a three-part special report on the problems besetting Pacific Plans Inc. (PPI) and the pre-need industry.

Following is a statement of PPI president Ernesto C. Garcia containing what the company said was "a clarification on the points raised on the company in the May 15 to May 17 three-part series published by the Inquirer."

On the allegation "the assets of the company, which should have been used to pay their claims, had been spirited out of the company just before it filed for rehabilitation to hide them from the claims of creditors-the plan holders":

Our reply is that the transfer of assets by way of a spin-off was done with the approval of the Securities and Exchange Commission (SEC), which was furnished a copy of the audited financial statements showing the segregation of assets.

The trust fund, which is the major asset, is separate for each line of business. Other assets and liabilities are easily identifiable by their lines of business.

Protecting the plan holders

The spin-off was undertaken as an ordinary corporate restructuring mechanism. It was intended to protect, as fairly and as equitably as possible, the interest of the various parties involved, including the 400,000 holders of other types of plans.

SEC Secretary Gerard Lukban was even quoted in the same three-part series, "we saw that the spin-off (of assets) was for the protection of the plan holders and it did not violate any rules. We saw that it was a fair segregation based on the ratio of contributions."

ACCRA denial

On the subject of PPI approaching ACCRA law office asking to evaluate PPI's rehabilitation plan, please note that in the letter to the Inquirer dated May 17, 2005 which was furnished PPI, ACCRA denied issuing such an opinion.

We also wish to state that the counsel for PPI is Atty. Jeanette C. Tecson.

It was also said in the report, "they cut up the assets of PPI and distributed them to other companies so creditors and plan holders will not be able to claim them."

By diligent process

We underscore that the assets and liabilities transferred pertained to the lines of business transferred. Any income reported from the trust fund can only be used to pay for benefits under each plan.

On the allegation, "according to estimates in the industry, PPI's undisclosed trust fund shortfall was between P6 billion and P8 billion."

We wish to point out that the process of actuarial reserve valuation is arrived at by a diligent process under the supervision of licensed actuaries and submitted to the SEC for review and approval. This, PPI has done.

There was also a question, "where will they get the money to pay for their children's tuition in the coming school year? They cannot wait for 2010."

We want to stress that from PPI's P341 million and the P250 million advanced by Ambassador Alfonso Yuchengco, or a total of P591 million, PPI would have effectively reimbursed the full tuition for this school year's opening.

For those who cannot wait till 2010, PPI will provide a liquidity window of initially P300 million, upon approval by the court of the rehabilitation plan, from which the plan holders can encash the fixed value plan, if they wish to do so.

 
At Wednesday, May 18, 2005 5:40:00 PM, Anonymous Anonymous said...

Yung mga testimonials ng limang nasisiyahan sa ginawa sa kanila sa PPI, e napost na yan dati e. Lumang tugtugin na yan. Halatang pinost lang yan ng spin doctors nila.
KAWAWA NAMAN KAYO. BUKING NA NGA ANG PPI, BUKING PA KAYO!!!!!!

 
At Wednesday, May 18, 2005 6:05:00 PM, Anonymous Anonymous said...

"BUT PPI would have had to sacrifice profit (not the trust fund) margins on its fixed-value plans to pay out ALL availments, whether traditional or fixed, exclusive or non-exclusive."

Eh kaya nga nilipat eh para hindi nyo magamit ang pondo naming mga 400,000 na planholders na fixed value.

Gusto niyo kunin ang pondo namin eh paano nman kami. Kami nman ang agrabyado nyam.

 
At Wednesday, May 18, 2005 6:10:00 PM, Anonymous Anonymous said...

ka-istupiduhan. Hindi naiintindihan ang post tungkol sa profit margins. Pag-uwi mo, isipin mo "tanga ako" "tanga ako" "tanga ako". Paggising mo bukas, magpost ka ulit. tignan natin kung may improvement.

 
At Wednesday, May 18, 2005 9:57:00 PM, Anonymous Gin said...

I would like to ask those who are pro- rehab and pro-PPI to please post your comments in your own blog site. Di ba meron na kayong sariling blog site. Bakit pa kayo nandito???? Siguro gusto talaga ninyo basahin ang mga ideya namin, kasi magagaling kaming mga coalition members!!! hahahah. Inggit lang kayo kasi wala kayong mga sariling ideya at walang magagaling sa mga kasamahan ninyo. Puro mga news items lang ang naka post sa blog site ninyo!! Eh kung news lang, di magbasa na lang kami sa dyaryo!!!

 
At Wednesday, May 18, 2005 10:22:00 PM, Anonymous Anonymous said...

The five testimonials (happy with PPI) were not done in one minute but 53 seconds only. May kodigo siguro kaya ang bilis.

These were all from Metro Manila. Wala ba diyan from other parts of Luzon, Visayas and Mindanao?

Maybe we should also be thankful to whoever wrote these. At least pinapatawa tayo. HEHEHE...

 
At Wednesday, May 18, 2005 11:21:00 PM, Anonymous Anonymous said...

Tapos na ang BOKSING. The YUCHENGCO integrity has been shattered. The makati court will have to rule against rehab with Sec's opposition. Lets put more pressure by having the rallies. We can ask cousins and friends in the provinces to rally in PPI offices. Lets also lobby in San Francisco to have warm bodies during AY's San Fran awarding. Lets keep up the pressure.

 
At Thursday, May 19, 2005 4:42:00 AM, Anonymous Anonymous said...

To the tune of “Gloria Labandera”
May be PEP Coalition’s battle song

Helen Yuchengco nasaan na?/
Tuition fee ng mga bata!/
Sa RCBC man o sa bulsa,/
Itinago ang pera???


Itinago ng Yuchengco, Pera ay nawala/
Pacific binalda, Lifetime sentence kanila/
Sabi Al Yuchengco palabra de honor/
Abra kadabra, broke na DAW sila!/


Gloria, Gloria Lavandera,
Gloria, Gloria Labandera
Gloria, Gloria Lavandera,
Labandera ba ni Al si Gloria?


Sabi ni Garcia we will honor our plans/
250 thousand bayad daw ay 85/
take it or leave it, mag hintay ng 2010/
plan holders, Yuchnegco ay nanduga

repeat refrain…..


Of course, this is just a suggestion.

 
At Thursday, May 19, 2005 7:35:00 AM, Anonymous Anonymous said...

Thursday, May 19, 2005


Pacific Plans accuses SEC
of having double standards


Pacific Plans Inc. (PPI) on Wednesday lashed back at the Securities and Exchange Commission (SEC), decrying as discriminatory its opposition to the proposed rehabilitation plan before a Makati regional trial court.

In a statement PPI’s legal counsel and spokeswoman Jeanette C. Tecson said the preneed company is ready to answer all charges leveled against it by the SEC in court.

Tecson stressed that the SEC is “obviously employing a discriminatory double standard” in dealing with the problems of preneed companies.

She said that although an SEC ad hoc committee had proposed a swap of the traditional open-ended plans with fixed-value plans as among its recommendations to bail out the ailing College Assurance Plan (CAP), “the SEC is treating PPI differently.”

“In contrast to its recommendations on CAP, the SEC is now telling us that our contractual obligations must be respected and that not even the courts should interfere with it,” Tecson said. “This is a clear case of discrimination and double standard,” she added.

Tecson said the PPI did not misrepresent its financial status in its statements to the SEC; “neither did it resort to rehabilitation to evade the payment of its liabilities.”

Calling the SEC allegations “irresponsible and reckless,” she said rehabilitation is not meant to defeat the claims of plan holders but is a way of speeding up payment to them.

The SEC did not say that the spinoff of PPI assets and liabilities to Lifetime Plans and other related companies was fraudulent, Tecson said. What the SEC lamented or characterized as fraud is PPI’s rehabilitation.

She pointed out that rehabilitation is an option for any company in financial distress, and that the rehabilitation plan must not be in any way perceived as an attempt to evade PPI’s obligations.

On Wednesday Sen. Miriam Defensor Santiago filed a resolution directing the Senate Committees on Banks and Financial Institutions and on Education, Arts and Culture to investigate the “financial catastrophe that befell PPI and the laws governing preneed companies.”

“I want this to be a shotgun investigation of other similar cases in the past or maybe those that seem to be pending. Why are they all suffering from the same malaise? Is this an epidemic? And if so what is the systemic reason? It’s time we dealt with it as a pattern rather than as an anecdote,” Santiago told reporters.

She said the much-publicized financial troubles of the PPI and similar companies indicate an urgent necessity for a tighter supervision over the preneed industry.

On April 14 the PPI announced that it had filed a petition for rehabilitation with the Makati court because it could pay only P341-million worth of education claims.

On Tuesday the SEC alleged that the PPI doctored its books to project that its liquidity problems prevented it from paying its plan holders.

Santiago said the supposed fabrication made by the PPI to hide its true financial situation and the SEC’s dilly-dallying on the matter would be the principal issues that will be raised during the inquiry.

She blamed the SEC for not taking earlier action as soon as it had known that it had been taken for a ride.

“We can’t wait for a third or fourth preneed company to follow the path of CAP and the PPI. We’re not talking of companies alone, we’re talking hundreds of thousands of students whose future is being affected,” Santiago said.

The PPI has 34,000 plan holders, 16 of whom have already filed for educational claims for the school year 2005-06. The financial obligations of the PPI to its plan holders are pegged at P350 million for the present enrollment period alone, but it claims it only has P341 million in its coffers.

Sen. Mar Roxas, chair of the Senate Committee on Trade and Commerce, said the SEC should continue to take a proactive role on the supervision of the preneed companies.

“Whatever action the SEC will take would be welcome, since these companies are under its supervision. It can determine the true financial condition of these companies,” Roxas said.

The Committees on Trade and Commerce and on Banks and Financial Institutions conducted a joint hearing on CAP in February after hundreds of parents who bought CAP preneed education plans complained that the company was unable to pay their children’s tuition.
--With Patricia Esteves

 
At Thursday, May 19, 2005 8:18:00 AM, Anonymous Book Hunter said...

Whoever is doing the PR work for YGC is really messing things up. First the Mapua-Malayan fiasco and then this. They seem to be completely out-of-touch with the public. The irony of it all...


The sad thing is that YGC is not just self-destructing. It is destroying a whole industry. Are you going to buy any kind of insurance now? Are you going to buy any kind of preneed plan now.

I most certainly am not. I'll just keep the cash (in my mattress) and take my chances.

Pre-need sales are down 18%.

 
At Thursday, May 19, 2005 9:53:00 AM, Anonymous Anonymous said...

As to the comment of PPI on SEC's double standard, that was based on the newsitem "MANAGEMENT TAKEOVER OF CAP PUSHED" published on April 26, 2005 in the Philippine Daily Inquirer, Business Section B1.

The recommendation of the committee to the CAP problem is almost the same things Pacific has done.

Clearly a case of double standard.

Saving face.

 
At Thursday, May 19, 2005 12:59:00 PM, Blogger bing said...

al least SEC acknowledged and tried to correct its mistake. e ang mga yuchengco? nahuli nang nagnakaw at nagsinungaling...tuloy pa rin ang pandaraya at panloloko

 
At Thursday, May 19, 2005 1:14:00 PM, Anonymous bong said...

nagsinungaling? nagnanakaw? such big words for someone who is so knowledgeable of the world around him.

let's continue accusing them of dastardly deeds then expect them to pay us, pronto!

hello?

 
At Thursday, May 19, 2005 1:16:00 PM, Anonymous bong said...

nagsinungaling? nagnanakaw? such big words for someone who is so knowledgeable of the world around him.

let's continue accusing them of dastardly deeds then expect them to pay us, pronto!

hello?

 
At Thursday, May 19, 2005 2:41:00 PM, Blogger bing said...

well, i may not be so "knowledgeable of the big world around him". kasi nga naloko ako ng mga yuchengco e, di ba? pero whose eyes are clouded by naivete and ignorance? those who seek to know and expose the truth? or yung nagbubulagbulagan sa mga katotohanan na lumalantad sa harap niya?

 
At Thursday, May 19, 2005 2:44:00 PM, Blogger bing said...

and surely i expect them to pay for my child's tuition! dahil yun ang nasa contrata di ba?

 
At Thursday, May 19, 2005 3:05:00 PM, Anonymous Anonymous said...

kontrata? eh hindi na nga kayang gampanan dahil sa sitwasyon eh.

 
At Thursday, May 19, 2005 4:42:00 PM, Anonymous Anonymous said...

"kontrata? eh hindi na nga kayang gampanan dahil sa sitwasyon eh. "

At sino naman ang nagsabing hindi kayang gampanan ng Pacific Plans and obligasyon nila? Eh di ba, kaya nga pumayag ang SEC ay dahil wala naman problema before the spin-off. Bakit biglang may problema pagkatapos ng spin-off? Eh di ba, ayun na nga ang sinasabi ng SEC, nilinlang sila ng Pacific Plans...

Sa madaling salita, manlilinlang ang PPI, at huling katunayan ito na hindi lang kaming mga planholders ang niloko nila, kung hindi pati na rin ang gobyerno.


"nagsinungaling? nagnanakaw? such big words for someone who is so knowledgeable of the world around him.
let's continue accusing them of dastardly deeds then expect them to pay us, pronto!
hello?"

Hello yourself, we read the newspapers and the major dailies say that PPI lied to the SEC. They also lied to us that they will pay the tution of our children! And yes, we accuse them of these dastardly deeds because its true that Pacific Plans screwed us big-time.

I agree with you, we should not expect to be paid for denouncing these dastardly deeds. After all, cheats are cheats, whether you denounce them or not. And I suppose the Yuchencos will only pay those who do their bidding... so how much is your take here, bong and company?

 
At Thursday, May 19, 2005 7:15:00 PM, Anonymous Anonymous said...

Philip will have an interview with DZBB (594AM radio) tomorrow at 2:30 p.m.

 
At Saturday, May 21, 2005 10:03:00 PM, Anonymous Anonymous said...

Anonymous said...

kontrata? eh hindi na nga kayang gampanan dahil sa sitwasyon eh.

How brilliant! Let's all default on our commitments and say " hey, times are hard, times have changed, i can not live up to my commitments. You have to go easy on me. Hindi ko kayang gampanan ang kasunduan dahil sa sitwasyon ngayon. Pasensya na po.

Soon as everyone does that, we can all kiss society as we know it goodbye. And that is what is so frightening about this whole thing that the yuchengcos are trying to pull. Pag nawala na ang bisa ng ng mga kuntrata, labo-labo na yan. You can say goodbye to the social contract that exists and keeps society in balance.

When that happens, then God help us.

 
At Monday, October 03, 2005 8:14:00 AM, Blogger payday loan said...

whatever! -the advance loan guy

 
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At Saturday, May 27, 2006 10:41:00 PM, Anonymous Anonymous said...

i can't blame the affected individuals regarding the issue. you've worked so hard to pay for the plans, and at the end, you'll get nothing. it's just your right to be heard.
it frightened me as a plan holder from the other company. it could possibly happen to us as well.
you have th right to fight for what you think is right. I'll pray for your fight.

 

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