1192 Fong v Duena.pdf - GR No 185592 GEORGE C FONG Petitioner vs JOSE V DUE\u00d1AS Respondent Facts Sometime in November 1996 Due\u00f1as and Fong entered into

1192 Fong v Duena.pdf - GR No 185592 GEORGE C FONG...

This preview shows page 1 out of 1 page.

GR. No. 185592 June 15, 2015 GEORGE C. FONG, Petitioner, vs. JOSE V. DUEÑAS, Respondent. Facts: Sometime in November 1996, Dueñas and Fong entered into a verbal joint venture contract to engage in food business and to incorporate a holding company under the name Alliance Holdings, Inc. They agreed that Fong would contribute ( 32.5 Million in cash while Dueñas would contribute all his Danton and Bakcom shares which he valued at 32.5 Million. Fong required Dueñas to submit the financial documents supporting the valuation of these shares. Fong started remitting in tranches his share but later on sent a letter to Dueñas informing him of his decision to limit his total contribution from 32.5 Million to 5 Million. When the proposed company remained unincorporated by October 30, 1997, Fong cancelled the joint venture agreement and demanded the return of his 5 Million contribution. Dueñas could not immediately return the 5 Million since he had invested it in his two companies, not in Alliance.
Image of page 1

You've reached the end of your free preview.

Want to read the whole page?

  • Fall '16
  • Dimphna Dulay
  • Contribution Margin, The Return, Holding company, George Fong

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture