August 1, 2025

In July, Lisa, S.A. and its successor BDT Investments Inc. continued their multi-jurisdictional legal campaign to recover unlawfully withheld dividends and expose judicial and corporate misconduct. In Panama, Lisa moved to escalate its long-delayed accounting case to the Supreme Court, following a ruling that—while removing an unjust sanction—still failed to enforce the core rights of the claimant. Meanwhile, in Guatemala, Lisa filed and defended cassation appeals targeting a pattern of abuse: Avícola companies declaring dividends but never paying them, then falsely invoking prescription to avoid liability. Across both jurisdictions, Lisa’s filings highlight how Villamorey, S.A., Juan Luis Bosch Gutiérrez, and related entities have relied on delay, bad faith, and false defenses to block lawful enforcement.

Panama: Lisa Appeals Appellate Ruling that Enables Bosch’s Evasion

On July 21, Lisa, S.A. filed notice of a cassation appeal before Panama’s Supreme Court, challenging the July 9 appellate ruling in Expediente No. 83573-21. Although the ruling reversed a baseless $40,000 penalty, it left intact the wrongful dismissal of Lisa’s summary claim for judicial accounting against Juan Luis Bosch Gutiérrez—Villamorey’s legal representative. Lisa’s appeal argues that the court ignored binding precedents and erred in denying BDT Investments Inc.'s intervention, despite its uncontested role as successor to Lisa’s litigation rights. This move signals Lisa’s continued effort to break through the procedural obstacles that have shielded Bosch from accountability for years.

Guatemala: Cassation to Defend Rights in Reproductores Avícolas

On July 23, Lisa filed a cassation appeal before Guatemala’s Supreme Court, seeking to overturn a ruling that falsely declared Lisa’s right to dividends from Reproductores Avícolas, S.A. as prescribed. The appellate court’s decision ignored that Reproductores never issued a formal notice of payment—a legal prerequisite for enforceability. Lisa argues this ruling rewards bad faith corporate behavior and disregards the 2023 trial judgment that had correctly upheld its rights. This appeal is part of a broader strategy to confront the use of procedural trickery to steal shareholder value.

Guatemala: Lisa Blocks Cassation Attempt by Avícola Las Margaritas

On July 3, Lisa defended a favorable ruling that rejected the prescription of a 2014 dividend obligation owed by Avícola Las Margaritas, S.A.—another company tied to the Villamorey network. In its defense before the Supreme Court, Lisa showed that the payment obligation was never enforceable because the company itself deferred it to a future administrative decision, which never came. Under Guatemalan law, such conditional obligations are not subject to a statute of limitations. Lisa argues the cassation appeal is a bad-faith attempt to rewrite history and nullify debts that were deliberately concealed.

Guatemala: Further Rejection of False Prescription Claims

On June 30, Lisa opposed yet another prescription appeal—this one by Industria Avícola del Sur, S.A., which seeks to nullify dividends declared between 2004 and 2011. Lisa emphasized that the prescriptive term was suspended by judicial embargoes—many of which were filed by these very same Avícola companies to delay enforcement. Moreover, the dividends were never made enforceable due to the companies’ refusal to define payment terms. Lisa’s position underscores a common strategy across these entities: manufacture delay and then claim that time has extinguished the obligation.