Issuance of a Temporary Restraining Order ("TRO")
Enjoining the Sale of Assets, Branches and Commercial Bank License
of the Closed Export and Industry Bank ("EIB")

1. On 17 October 2012, the Executive Judge of Makati City Regional Trial Court ("RTC"), Benjamin T. Pozon, issued a 72-hour TRO in Civil Case No. 12-1010, entitled, "Forum Holdings Corporation, East Asia Oil Company, Inc., Pacific Rehouse Corporation, Pacific Concorde Corporation and Mizpah Holdings, Inc. v. Philippine Deposit Insurance Corporation, Bangko Sentral ng Pilipinas and Export and Industry Bank, Inc.", which states in relevant part:

   "xxx enjoining defendants Philippine Deposit Insurance Corporation, Bangko Sentral ng Pilipinas and Export and Industry Bank, Inc. and their officers, agents and representatives subject to the posting by the petitioner of an injunctive bond herein fixed in the amount of P772,320.00 in favor of the said respondents from proceeding with the sale on 18 October 2012 of the assets, branches and commercial bank license of defendant Export and Industry Bank, Inc."

   
   

2. The plaintiffs in Civil Case No. 12-1010 posted the bond in the amount of P772,320.00 on 17 October 2012.

3. Late in the afternoon on 17 October 2012, PDIC received a copy of the 72-Hour TRO together with a Summons with Notice of Raffle ("Summons") directing PDIC, Bangko Sentral ng Pilipinas ("BSP") and EIB, within 15 days after the service of the Summons to file with the court and serve on the plaintiff/s their answer to the complaint.

4. Notwithstanding the foregoing, the bidding will push through as scheduled in view of the fact that the subject bids only pertain to offers to rehabilitate EIB through a purchase of assets and assumption of liabilities, subject to the requisite authorizations from the Monetary Board and the submission of the required consents from the stockholders and the creditors of EIB, and no sale of the assets, branches and commercial bank license will occur during the bidding.

5. The prospective bidders were furnished a copy of the TRO on 18 October 2012.

6. The provisions of the Bidding Procedure shall continue to bind the Bidders and shall remain effective unless inconsistent with the provisions of this Bid Bulletin No. 2.

Makati City, 18 October 2012.

RELATED ARTICLES:

1. Bid Bulletin No. 1 - Bidding for the Rehabilitation of Export & Industry Bank (Tranche 1)
2. PDIC to bid the rehabilitation of Export & Industry Bank on Oct. 18
   Depositors Forums set
3. Notice to Depositors and Creditors of the Closed Export and Industry Bank (EIB)
4. PDIC issues bidding procedures for Tranche 1 of Export & Industry Bank rehab
   Bidding set on October 18
5. PDIC: Preparations for the bidding of Export & Industry Bank proceeding smoothly
   Bidding slated on October 18
6. PDIC urges Export & Industry Bank depositors to file deposit insurance claims
7. PDIC: Investors Interested to Bid for EIB
8. PDIC gives interested investors in EIB until August 15
9. Notice to the Depositors of H.V. Dela Costa Branch Export and Industry Bank (EIB)
10. PDIC engages financial auditor for EIB
11. PDIC to Start Payout for EIB Depositors on June 19
12. Notice to the Depositors of the Closed Export and Industry Bank
13. Statement of the Philippine Deposit Insurance Corporation on Export & Industry Bank
14. PDIC starts paying EIB depositors with account balances of ten thousand pesos and below
15. PDIC Statement on EIB Rehabilitation
16. Schedule of PDIC Depositors Forum for Depositors of the Closed Export & Industry Bank (EIB)
17. MB places Export & Industry Bank under PDIC receivership
    All valid insured deposit claims will be paid
18. Statement of the Philippine Deposit Insurance Corporation on Export and Industry Bank
    April 27, 2012
19. 2012-08 - Export & Industry Bank, Inc.