Rank Country Gold Silver Bronze Total
    View Today
    Fri, Dec 9

    Phoenix players stay focused amid uncertainty over company debts

    Oct 5, 2022
    Phoenix bench
    PHOTO: Jerome Ascano

    IT WAS business as usual for the Phoenix Fuel Masters in the wake of the garnishment notices issued to the PBA and other depository banks where it is believed team owner Dennis Uy has deposits or assets.

    The team went on with its Wednesday practice at the Upper Deck gym as it prepares for its Commissioner’s Cup game against NLEX this weekend at the Philsports Arena.

    “The team is okay. Ongoing practice for game on Saturday,” team manager Paolo Bugia said in a short message to SPIN.ph.

    See: Bay Area erases early 16-point deficit to frustrate Phoenix, Topex

    No formal statement has been given by management regarding the garnishment notices issued by court sheriff Edwin Vazquez of the Nasugbu, Batangas Regional Trial Court on the complaint on the unpaid debt of the Phoenix team owner.

    PBA commissioner Willie Marcial confirmed receipt of the notice of garnishment, but declined further comment on the matter.

    ADVERTISEMENT - CONTINUE READING BELOW ↓

    However, sources said the P60 million bond issued by Phoenix to the PBA upon its entry in the pro league was already returned to the company after a five-year grace period.

    The garnishment notice was served at the PBA office in Libis, Quezon City on Tuesday as well as to the other 17 banks where Uy is believed to have accounts and interest.

    Watch Now

    “The garnishment is hereby made upon all the monies, goods, effects, stocks, interest in stocks and shares, and any other personal properties in your position or under your control belonging to Phoenix Petroleum,” part of the notice read.

    The move came about after a writ of preliminary attachment was served against Phoenix last Sept. 28 out of the complaint filed by Absolut Distillers Inc. owned by Lucio Tan for the unpaid debt by the company.

    A writ of attachment is a prejudgment process, an order issued before the final judgment is reached and wherein the asset or property seized is kept under a law enforcement officer or a sheriff until an outcome is reached.

    ADVERTISEMENT - CONTINUE READING BELOW ↓

    Under the procedure, it also prevents the defendant from disposing the asset before a court judgment is issued.

    Read Next
    Watch Now
    PBA Updates
    Sorry, no results found for
    PHOTO: Jerome Ascano
  • POLL

    • Quiz

      Quiz Result