Palau Court yesterday, vacated the TRO issued on June 3 to stop public sales of 60 shares of Sea Passion.
At hearing to see if the preliminary injunction to stop sales of Sea Passion shares should stop or continue, the court decided to continue the injunction prohibiting sales of Sea Passion shares, public or private, until all the proceedings have been filed.
Earlier court had issued an order to sell half of remaining Sea Passion shares which was believed to be owned by 7 shareholders of Sea Passion, in order to satisfy creditors.
Current CEO and purported owner of entire Sea Passion Corporation had filed an Intervention to stop the sales claiming he had bought out the shares of the last 7 shareholders of Sea Passion.
Court approved Preliminary Injunction to stop sale of shares on June 3 and yesterday extended that the life of that injunction until proceedings are filed. (By L.N. Reklai)