Twelfth Civil Court decrees $19,184,680 attachment over Lisa's shares in eight companies, dividends, and bank funds
Dec 12 2012
12th Civil Court
In Order No. 1838, dated December 12, 2012, the Twelfth Civil Circuit Court of the First Judicial Circuit of Panama decreed an attachment in favor of BDT Investments Inc. and against Lisa, S.A. for $19,184,680.00. This order is the opening act of the simple executive debt-collection proceeding filed under Case No. 31638-12, establishing the scope of assets subject to judicial restraint for over a decade.
The attachment encompassed six categories of assets belonging to Lisa, S.A.:
Beyond the equity holdings, the attachment covered declared and future dividends owed to Lisa by these companies, any sums or rights accruing to Lisa from the ordinary proceeding with sequestration action against Villamorey, S.A. (Case No. 556-99), Lisa's funds deposited by Villamorey at GTC Bank, sums subject to the sequestration decreed in Order No. 1624-08 of October 27, 2008, and Lisa's deposits at local banks.
The breadth of the attachment reflects both the magnitude of BDT's claim and the corporate structure through which Lisa held its investments in the Avícola Villalobos Group. By reaching equity stakes in eight Guatemalan and Panamanian companies alongside their financial flows (dividends, custodial funds, parallel litigation proceeds), the measure sought to secure the full universe of Lisa's recoverable assets against BDT's debt.
"DECRETA EMBARGO a favor de BDT INVESTMENTS INC. y en contra de LISA, S.A., hasta la concurrencia de DIECINUEVE MILLONES CIENTO OCHENTA Y CUATRO MIL SEISCIENTOS OCHENTA BALBOAS CON 00/100 (B/. 19,184,680.00)" (Page 1)
This attachment remained in force until April 12, 2022, when the same Court approved the parties' extrajudicial settlement and ordered the measure lifted through Order No. 898.