On July 12, 2019, the First Superior Tribunal of Panama declined to hear Villamorey, S.A.'s appeal against Auto No. 2277-2018, a ruling that ordered payment of $894,718 from Lisa, S.A.’s dividends to satisfy a prior judgment in favor of Villamorey. The lower court also rejected a request to auction Lisa’s shares and instructed that the execution order be communicated to the court overseeing a separate process initiated by BDT Investments, Inc.

The appellate court held that the decision being challenged was not legally appealable under Article 1131 of Panama’s Judicial Code. Because the resolution involved procedural instructions and enforcement of a judgment—rather than a substantive ruling—it fell outside the scope of appealable decisions. Accordingly, the Superior Tribunal declined jurisdiction and refused to consider the merits of Villamorey’s appeal.