When Urban Bank refused to honor his claim for P24 million plus costs, Peña went to court. And that’s when the s–t hit the fan, so to speak.
First, he sued not only Urban Bank, and two top officers, but also six of the 11 members of its board (why not all 11 is not explained). Second, the court he chose was not in Pasay, where the property was, or in Makati, where Urban Bank was, but the regional trial court of Bago City, Negros Occidental.
That’s where the hometown factor comes in. Because the judge found in his favor, awarding him everything he wanted: a total of P28.5 million, plus the costs of the suit.
Not only that, the judge found the two bank officers and six bank directors (including one wrongly impleaded) solidarily liable with Urban Bank.
Not only that, the RTC-Bago City (under another judge now) granted Peña’s motion for execution pending appeal of the court’s decision, and issued a special order to that effect.
There’s still more of the hometown flavor. On the very same day that the special order was signed, the clerk of court and ex-officio sheriff issued a writ of execution directed at properties owned by Urban Bank as well as the eight individuals.
And then they went to town. Remember, the judgment was for P28.5 million. Yet, the properties that were levied/sold at auction (Sereno notes that Peña was one of the bidders) were valued at amounts ranging from P181 million (the total figure of the amounts listed in the Sereno ponencia), and about P1.4 billion, based on an appraisal report of independent appraisers in 2002 (just for a subset of Union Bank properties that were levied/sold at auction).
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