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J.:
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Martinez (now an Associate Justice of the Supreme Court) and Elvi John
S. Asuncion.
2Id., at pp. 169196 penned by Justice Amancio Q. Saga.
3Id., at p. 59.
4Id., at pp. 6069.
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5Id., at pp. 6263, 66 & 68.
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6Id., at p. 124.
7Id., at pp. 8997.
8Id., at pp. 98106.
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9Id., at p. 129.
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were made, Baguio Gold was not in default since its loans
were not yet due and demandable. What petitioner did was
to prepay the loans as evidenced by the notice sent by
Bank of America showing that it was merely demanding
payment of the installment and interests due. Moreover,
Citibank imposed and collected a pretermination penalty
for the prepayment.
The Court of Appeals affirmed the decision of the CTA.12
Hence, upon denial of its motion for reconsideration,13
petitioner took this recourse under Rule 45 of the Rules of
Court, alleging that:
I.
The Court of Appeals erred in construing that the advances
made by Philex in the management of the Sto. Nino Mine
pursuant to the Power of Attorney partook of the nature of an
investment rather than a loan.
II.
The Court of Appeals erred in ruling that the 50%50% sharing
in the net profits of the Sto. Nino Mine indicates that Philex is a
partner of Baguio Gold in the development of the Sto. Nino Mine
notwithstanding the clear absence of any intent on the part of
Philex and Baguio Gold to form a partnership.
III.
The Court of Appeals erred in relying only on the Power of
Attorney and in completely disregarding the Compromise
Agreement and the Amended Compromise Agreement when it
construed the nature of the advances made by Philex.
IV.
The Court of Appeals erred in refusing to delve upon the issue
of the propriety of the bad debts writeoff.14
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12Id., at pp. 4657.
13Id., at p. 59.
14Id., at p. 18.
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