In 2008, Panama's Eleventh Civil Circuit Court issued a precautionary seizure order against Lisa, S.A. at the request of Villamorey, S.A., authorizing the temporary retention of Lisa’s dividends and shares in Grupo Avícola Villalobos and Villamorey. The order was strictly limited to $281,172.85. However, Villamorey used this modest seizure to withhold tens of millions in dividends over the following years. In 2018, the court ordered that a $894,718 judgment in favor of Villamorey be satisfied using the retained dividends—confirming those dividends “far exceeded” the amount owed—and closed the enforcement phase.

Despite the full satisfaction of the judgment and the lifting of all related embargoes, Villamorey and its legal representative, Juan Luis Bosch Gutiérrez, have refused to return the remaining dividends or render an accounting. Lisa, S.A. has filed repeated motions demanding restitution and asking the court to hold Bosch in contempt for failing to comply with judicial orders. Lisa also submitted new evidence showing that Villamorey continues to misrepresent the legal status of the embargo, obstructing enforcement and prolonging a legal battle that has now lasted over 16 years.

Order 42: Awards $200,000 to Villamorey for legal damages

July 2008

The Panamanian court dismissed Lisa’s claims without ruling on the merits and partially upheld Villamorey’s counterclaim for $200,000 in legal damages.

Order 1624: Seizure of Lisa's shares and dividends approved

October 2008

The Eleventh Civil Circuit Court issued a seizure order against Lisa, S.A., allowing the temporary retention of dividends and shares—limited to $281,172.85. Rather than honoring the court's clear limitations, Villamorey used the order as a pretext to withhold all of Lisa’s dividends for over a decade, despite the dividends far exceeding the amount of the seizure order.

Letter from Bosch: Confirms compliance with court-ordered seizure

November 2008

Juan Luis Bosch Gutiérrez, on behalf of Villamorey, confirmed to the court that the ordered seizure of Lisa’s dividends had been carried out and that the funds remained available to the court.

Appeal Ruling: Court upholds judgment and adjusts costs

August 2012

The First Superior Tribunal confirmed the 2008 ruling against Lisa and adjusted the legal cost penalties to $669,200.

Order 2277: Court Orders Payment from Withheld Dividends

December 2018

The Eleventh Civil Circuit Court issued Order No. 2277, instructing Villamorey to pay the $894,718 judgment using Lisa’s retained dividends—wherever located, including funds held in Guatemala or elsewhere.

The court firmly rejected Villamorey’s attempt to auction Lisa’s shares, emphasizing that the company had more than enough of Lisa’s funds under its control to satisfy the judgment.

At this point, there were no remaining court orders or restrictions against Lisa, S.A. in Panama. Accordingly, the balance of the retained dividends—after covering the judgment—should have been returned to Lisa, along with any future dividends declared.

Villamorey, however, failed to comply. It continued to unlawfully retain Lisa’s dividends, in open defiance of the court’s directives.

Appeal Ruling: Court rejects Villamorey’s appeal on procedural grounds

July 2019

The First Superior Tribunal rejected Villamorey’s appeal of Order 2277-2018, ruling that procedural enforcement orders were not appealable under Panamanian law.

Amparo Ruling: Rejects Villamorey’s constitutional amparo

June 2020

The Supreme Court dismissed Villamorey’s amparo, confirming that its procedural rights were not violated when the First Tribunal declined to hear an appeal on execution orders related to Lisa’s dividends.

Motion: Lisa requests return of dividends held by Villamorey

February 2025

Lisa filed a motion requesting that Villamorey and Bosch return dividends seized in 2008. Lisa argued that the judgment had been satisfied and no embargoes remained, so the funds must be returned.

Motion: Lisa accuses Bosch of contempt for withholding funds

February 2025

Lisa asked the court to hold Bosch in contempt under Article 1932(8) of the Judicial Code for failing to return dividends held under court order and not rendering any accounting since 2008.

Motion: Lisa renews demand and seeks sanctions for noncompliance

March 2025

Lisa renewed its demand for the return of dividends and requested that Bosch be declared in contempt under Article 536. Lisa noted Bosch’s attorney falsely claimed no return order existed.

Motion: Lisa submits new evidence and renews demand for dividends

April 2025

Lisa submitted new evidence showing a false embargo annotation is still recorded in Villamorey’s shareholder registry. Lisa claims Bosch and Villamorey misled the court and obstructed the return of funds.