Appeal Ruling

On August 28, 2012, the First Superior Tribunal issued an appellate ruling in the ordinary proceeding between Lisa, S.A. and Villamorey, S.A. The Tribunal reviewed Judgment 42-08 of July 11, 2008, which had dismissed Lisa, S.A.’s primary claims and declared proven Villamorey’s counterclaim for damages. Lisa, S.A. appealed, arguing that her shareholder rights—including entitlement to dividends from her 33.3% stake in Villamorey—had been violated. The Superior Tribunal concluded that Lisa, S.A. failed to produce valid, admissible evidence to support her claims. Several exhibits were untranslated, improperly authenticated, or never executed due to procedural failures, leaving the appellate judges with no lawful basis to overturn the lower court’s decision.

The Tribunal also rejected Lisa, S.A.’s procedural objections, including her attempt to revive an untimely “premature claim” defense against Villamorey’s counterclaim. However, it agreed that the trial court had improperly calculated the costs imposed against Lisa, S.A. Because the original action was declaratory in nature and relied on a hypothetical expert valuation, the Tribunal reduced the costs to $669,200.00 for the original claim and $25,200.00 for the counterclaim. All other parts of the 2008 judgment—including Villamorey’s damages award and the rejection of Lisa, S.A.’s claims—were affirmed and left fully in force.