The Supreme Court has issued a Temporary Restraining Order (TRO) against Reghis Romero’s R-II Builders, Inc. who sought a nullification of the Deed of Conveyance to the Home Guaranty Corporation (HGC) of the properties in the Smokey Mountain Development & Reclamation Project’s Asset Pool.

The High Tribunal ordered Manila Judge Marino M. dela Cruz, R-II Builders, Inc., and the National Housing Authority t o suspend enforcement of the court’s orders on Civil Case No. 05-113407 entitled R-II Builders, Inc. vs. Home Guaranty Corporation and National Housing Authority, including the granting of any order that would allow the subject receivership to take effect; the processing of any action for lis pendens, adverse claim or similar annotation; or the lifting of any such annotation if any has been processed or annotated on the titles of the lots involved in this case as well as from otherwise proceeding with Civil Case No. 05-113407 during the pendency of the petition.

HGC Executive Vice President and OIC, Atty. Elmer Nonnatus A. Cadano welcomed the favorable decision as positive development in the Corporation’s efforts to generate much needed cash from assets acquired by the Corporation thru its guaranty operations.

Atty. Cadano noted that the TRO gives HGC the green light to proceed with the disposition of the assets, particularly those with pending offers to purchase or even under negotiation for dacion en pago arrangement. The proceeds from the sale of the said assets will generate additional revenue for the Corporation to make good of its outstanding guaranty obligations, especially with the Social Security System (SSS).