SEC Adm. Case No. 01-10-193 Uniwide Sales, Inc. et. al.

Securities and Exchange Commission SEC Bldg. EDSA, Greenhills, Mandaluyong City Republic of the Philippines

In the Matter of the Petition for Declaration of Suspension of Payments

CLUB, INC. AND DEVELOPMENT CORPORATION RESOURCES CORPORATION, FIRST PARAGON CORPORATION AND Formation and Appointment of a Rehabilitation Receiver/Committee and Approval of Rehabilitation Plan. UNIWIDE SALES, INC., UNIWIDE UNIWIDE SALES REALTY AND UNIWIDE SALES WAREHOUSE HOLDINGS, INC. NAIC RESOURCES For: Appeal to the Commission En Banc SEC En Banc Case No. 01-10-193 (SEC Case No. 06-99-6340)

Petitioners-Appellants,

PHILIPPINE NATIONAL BANK

Oppositor-Appellee.

ORDER

On 13 January 2010, the Special Hearing Panei issued a Resoiution terminating the rehabilitation proceedings docketed as SEC Case No. 06-99-6340 and lifting the concomitant stay order. The dispositive portion of the Resolution provides:

"WHEREFORE, premises considered:

1 Petitioners' Motion to Approve Revised Third Amendment to the Group

Rehabilitation Plan (Revised TARP) is DENIED.

2. The motions to deciare petitioners' rehabilitation plan "not feasible are disposed of pursuant to Section 5.2 of the Republic Act No. 8799. GRANTED. Consequentiy, the instant rehabilitation case is TERMINATED and the stay order is lifted and dissolved. This case is deemed finally

Status Quo Order Page 2 of 2 Re: Rehabilitation of Uniwide Sales. et. al. Sec En Banc Case No. 01-10-193

report within thirty (30) days from receipt hereof. The Rehabilitation Receiver, Atty. Julio C. Elamparo, is directed to submit his final

SO ORDERED."

However, on 22 January 2010, petitioners made a timely appeal to the Commission En Banc.

the appeal, the Commission En Banc hereby DIRECTS the parties to observe the status quo prevailing before the issuance of the Special Hearing Panel's 13 January 2010 Resolution. WHEREFORE, in order to preserve the parties' rights during the pendency of

SO ORDERED.

Mandaluyong City, Philippines, 18 March 2010

Y h.:0 E B. BARIn Chairperson

Ma. Juanita E. cuet. RAUL J. PALABRICA

Commissioner Commissioner

MAnueL t TO B. GAITE I adIo m.'Jal.

Commissioner Commissioner