THE Yanson 4 are not anymore members of the board, as the stockholders of Vallacar Transit Inc. (VTI) elected a new set of board of directors Sunday, August 18, and subsequently re-elected Leo Rey as company president.
Lawyer Jun Maxell Orlina said stockholders, including Olivia Yanson, elected Leo Rey, Ginnette and Charles Dumancas as board members during a special stockholders meeting at the VTI main office in Mansilingan.
Following the election of the new directors, the board held a re-organizational meeting and re-elected Leo Rey as president of the company, Charles Dumancas as the vice-president, Ginnette Dumancas as treasurer, and Olivia Yanson as corporate secretary.
Orlina said the Yanson 4 siblings (Roy, Emily, Celina and Ricky) were duly notified of the stockholders, but they have not attended, so they were not elected.
But the Yanson 4 said in a statement: "How can a group with 38 percent share of a company replace the company's majority?"
They laughed-off the purported stockholder's meeting called by their youngest brother, calling it both a "sham" and just an antic by a spoiled brat.
"Leo Rey must be delusional for calling that stockholders' meeting today. He, alongside our sister Ginnette, comprise only 38 percent of the company. Our mother, Olivia, does not have any position in the company since she does not have any shares in it at all," the Yanson 4 said in a statement.
"How then, they can claim that they own the company? Only the real owners can change the composition of the board, elect members of management, and pursue policies for the benefit of the company," the siblings added.
The Yanson 4 is composed of Roy, company president; Celina Yanson-Lopez, chief financial officer; Emily Yanson, vice president for administration; and Ricky Yanson Junior, vice president for Operations.
The siblings said they own 62 percent of the company based on a shareholders' agreement signed even by Leo Rey, Ginnete, and Olivia in October 2013.
The shareholders' agreement was based on policies from all of them, including their late father, and contained in a Yanson Family Constitution on December 10, 2010.
The Yanson 4 warned their youngest brother not to put the law into his own hands and consider that every single illicit act merits a possible consequence sooner than later.
Meanwhile, lawyer Norman Golez said that Judge Eduardo Sayson, acting presiding judge of Branch 53 of the Regional Trial Court (RTC), inhibited from hearing the petition for the issuance of the temporary restraining order filed anew by the Yanson 4.
Golez said they will wait for raffling off of the petition by the RTC.