Not sure about this one, consider this a chismis untill proven right:
Apparently, College Assurance Plan (CAP), a educational preneed company headed by Director Robert John Sobrepeña is in dire straits and needs money to settle maturing educational plans. This semester it has a P160 million liabilities to various schools.
To come up with the much needed money, the company is considering different options including loans, government buyout and share swaps with real-estate assets. This is where the Green Circle Properties and Resources comes in. Green Circle is a forest development (i.e. logging) company owned by a certain Atty. Romeo Roxas. The company holds thousands of hectares of logging concessions in Quezon (Gen. Nakar) , Dingalan and apparently, Baler.
"Roxas, through Green Square Properties and Green Circle Properties and Resources, is proposing to subscribe CAP shares worth P6 billion and pay for them by allotting parcels of land in Baler town in the eastern province of Aurora near Dingalan Bay." from inq7.net
Roxas reportedly owns 30,000 hectares of land in the area. The Securities and Exchange Commission is holding its letter of acceptance to the proposal because of some snags. Some of the land titles being offered by Roxas is said to be owned by the government and some are earmarked for agrarian reform.
For the record, Baler, Aurora has a total land area of 9260 hectares.
Here are the sources:
inq7.net. December 16, 2004. SEC lets CAP draw on trust fund; buy-in deal hits snag.
abs-cbnnews.com.December 16, 2004. SEC OK’s CAP withdrawals
inq7.net. CAP signs $300-M loan deal with US investment fund.
abs-cbnnews.com. CAP bares $300-M loan from US firm.
Wednesday, January 12, 2005
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2 comments:
no1else...
i heard mr. roxas' proposal was rejected by the sec.
I don't know abt that info.. Btw, I belong to the group who audited the 2003 FS of CAP. SEC's decision to prevent CAP from selling plans was well.. proably based on the 4 page aggressive opinion we issued. Huh good for them! They keep me awake for a month. I was like an eyebag na tinubuan ng tao! Kidding aside, CAP has lots of property (located somewhere in south). Some of that properties, they hide in dummy companies. Probably to be safe once the people began asking their hard-earned money back. Bzz..bzzz..I actually audit 2 of their many dummy companies...(I wish I wont be waking up in jail for telling these things. If I get kicked out of the profession, I might end up doing the "pyramid thing").
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