Order 2277-2018

On December 5, 2018, the Eleventh Civil Court issued Order 2277-2018 in the execution phase of the ordinary proceeding between Lisa, S.A. and Villamorey, S.A. The Court reviewed the reconventional judgment—confirmed on appeal in 2012—which condemned Lisa, S.A. to pay $894,718.00 to Villamorey, S.A. Villamorey requested a judicial auction of Lisa’s shares to satisfy the judgment, while Lisa, S.A. requested that payment instead be covered by the dividends previously seized from its participation in Villamorey, S.A. The Court confirmed that Villamorey had held Lisa’s dividends under judicial seizure since October 27, 2008, and that those dividends far exceeded the amount of the judgment.

The Court denied Villamorey’s request for auction and ordered that the execution amount be paid through compensation using dividends belonging to Lisa, S.A. and retained by Villamorey anywhere in the world. The Court further directed communication to the Twelfth Civil Court, clarifying that no outstanding balance remained to be contributed to the separate executive case filed by BDT Investments Inc. against Lisa, S.A. The ruling concluded by instructing that the execution proceedings be brought to an end and the case archived.