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Money-Go-Round by Victor C. Agustin

Inquirer scraps for cash
The Philippine Daily Inquirer has resorted to discounting collectibles and offering them to credit collectors in its desire to raise operating cash.


The country's leading broadsheet tabloid has transferred even a minor P7.5-million receivables claim from the Philippine Airlines to a collection agency based all the way in New Jersey.

CRG Financial, which identifies itself as a "distressed debt-bankruptcy claims recovery" company, last week notified the United States

Bankruptcy Court in New York overseeing the Chapter 11 bankruptcy protection case for the Philippine flag carrier that CRG Financial

has acquired for an undisclosed discount the P7.5-million Inquirer claim against PAL.

"CRG Financial LLC offers creditors holding claims against distressed debtors an opportunity to receive liquidity for their claims and

eliminate the wait and uncertainty associated with a lengthy bankruptcy proceeding," the distressed debt investment company said on

its website. "Chapter 11 and Chapter 7 bankruptcy cases can take years to conclude and the amount of creditor recovery is uncertain."

In the New York court filing, CRG Financial identified itself as the purchaser of the Inquirer's collectible against PAL, with the Inquirer

assigning a relatively minor official, identified as assistant vice president for finance Angela Garcia, to sign the transfer and waiver documents.

Incidentally, Inquirer's majority shareholder, Marixi Rufino-Prieto, happens to be an independent director in a PAL sister company, MacroAsia Corp.

Inquirer's need for cash comes amid the broadsheet tabloid recording, according to the industry grapevine, a P250-million loss in 2020.

Money-Go-Round has no choice but to resort to the "industry grapevine" again since, despite yours truly being a minority shareholder,

the Inquirer did not send out any notice of shareholders' meeting last year and, true to its corporate governance-tradition, never sends out the audited financial statements to its minority shareholders.

The tradition sadly continues despite the assumption of former SEC Commissioner Raul Palabrica as nominal Inquirer chairman, and another lawyer, Rudyard Arbolado, as president.


Pasaway! PSE to suspend trading of Leisure & Resorts, 8990 holdings, Century Peak, TKC, Vantage

The Philipine Stock Exchange will suspend trading in five listed firms starting Wednesday for failing to submit their financial reports even after an extension of the deadline.

The five firms are Albee Benitez’s Leisure & Resorts World (LR), Luis Yu Jr.’s 8990 Holdings, Inc. (HOUSE), Willy Keng’s Century Peak Holdings (CPM), Ben Tiu’s TKC Metals (T), and Vantage Equities (V).

These companies have not submitted their 2021 annual and 2022 first quarter reports despite a final warning issued on May 24.

“Pursuant to the Rules and as previously announced, continued non-compliance with the structured reportorial requirements by the above-cited listed companies will merit the imposition of a trading suspension on their respective shares at 9 a.m. on June 1, 2022,” the PSE said.

The PSE had previously flagged 11 companies for their failure to submit their financial reports.

11 firms escape trading suspension at PSE

Eleven listed firms have finally submitted their annual and quarterly reports, escaping suspension from the Philippine Stock Exchange on the trading of their shares.

In a notice last May 24, the PSE said the listed companies have not complied with the structured reportorial requirements of the Exchange by failing to submit their Annual Reports for the year ended December 31, 2021 and Quarterly Reports for the period ended March 31, 2022, on or before the deadline of May 16, 2022.

Investor alert: SEC revokes business registration of another Ponzi scheme operator

The Securities and Exchange Commission has revoked the corporate license of Intime Import and Export LLC Corp. due to unauthorized investment activities similar to a Ponzi scheme.

The SEC has received numerous emails inquiring and/or reporting about Intime Import and Export which promises a three to five percent daily return for a minimum investment of P1,000.

Ponzi scheme is an investment program that offers impossibly high returns and pays these returns to early investors out of the capital contributed by later investors.

According to the SEC, Ponzi has the characteristics of an “investment contract” which must first be registered before they may be offered and sold or distributed to the public


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