Last (wo)men standing
Spin
Larry V. Sipin

Finally, it was a showdown at the EPCIB (Equitable PCI Bank) corral. When the dust cleared, only two men were left standing. Two women actually—Social Security System (SSS) president and general manager Corazon de la Paz and mall heiress Teresita Sy-Coson.
       It’s high time wordsmiths craft a word that would free the fair sex from being grouped in the general category of men. After all, it’s no longer a man’s world, as once more seen in the culmination of the months-long EPCIB boardroom brawl.
       Women rule, as if it isn’t evident from the gender of the Malacañang tenant.
 
The scion
       Talk about women’s world. . .
       Ferdinand Martin Romualdez, the youngest son of Benjamin “Kokoy” Romuladez, brother of flamboyant former First Lady Imelda Marcos, was represented by a battery of lawyers in an ill-fated fight to retain his board seat on the strength of the 7.13 percent holdings of Trans Middle East (Philippines) Equities Inc (TMEQ) owned by his family at EPCIB.
       Most of the young Romualdez’s lawyers were women. What a letdown! Being a lawyer himself and being conversant on EPCIB issues having been on the board for the longest time and having served a tenure as EPCIB chairman, Martin could very well have fought his own battle, if only to prove worthy of his favorite outfit—“Marcosian” inspired off-white shirt jack. But the Romualdez scion opted to hide behind the skirts of his lady lawyers.
       He’s a Romualdez nga pala, not a Marcos.
       Just a short fashion note. Master Ferdinand Martin likes to wear his “Marcosian” shirt jacks with checkered pants. If you ask me, his signature wardrobe makes him look like a chef.
 
The principal
       Fireworks started just as soon as Cora de la Paz, who was recently installed EPCIB chairman, banged the gavel opening the stockholders’ meeting.
       Independent shareholders took turns accusing bank management of inefficiency on the matter of farming out on time the minutes of the last stock meet.
       Now I know—Ma’am de la Paz was a school principal in another life!
       That was evident in the manner she handled filibuster at the stockholders’ meeting. Faced with the demand of hostile stockholders for time to peruse the minutes, Ma’am de la Paz sternly announced, in the manner of a school principal, “Okay, read your copies in 10 minutes.”
       Reporters who have covered, or are covering Ma’am de la Paz are all too aware of her being a stickler for backgrounds. She does not hide her annoyance at reporters who speak out without knowing what they’re talking about. “Magbasa naman kayo ng background,” she would tell reporters who are less than ready to discuss issues.
       The “classroom” was rowdy, at times boisterous and unruly, but through it all, the principal was in total control
       The principal’s 10-minute deadline having lapsed, the vice chairman, Tessie Sy-Coson, impatiently commented that the prolonged reading of the minutes by some stockholders was to the inconvenience of other shareholders.
       Some private stockholders, though, showed little or no respect at all for the heiress. Reacting to Tessie Sy-Coson’s point, the filibusters turned to Ma’am de la Paz as if the vice chairman has replaced the chairman and, if so is the vice making a ruling already?
       Ma’am de la Paz, curtly declaring that she has not abdicated her post as chairman, pushed the concerned stockholders to finish reading the minutes.
       Childish exchanges that should have no place in such a serious undertaking as the stockholders’ meeting of the country’s third biggest bank followed, as in Ma’am de la Paz chiding some shareholders for being “slow readers,” with a pikon stockholder declaring, “I am a college graduate.”
       At that juncture, a shareholder stood up and walked out. “’Pag pinaba-yaan mo ang mga ito, bukas ’di pa tapos ang stockholders’ meeting.”
 
The lawyers
       True enough, the EPCIB stockholders’ meeting came just short of taking all night. Reporters covering the event had to file incomplete stories because Ferdinand Martin Romualdez’s lawyers dragged the proceedings near to kingdom come. Taking up the cudgels for the Romualdez camp were lawyer Josefina Carpon, who is coincidentally a schoolmate of Josefina Tan, one of the representatives of the Sy family in the EPCI Bank board, and Otilia Molo, a lawyer moonlighting as real-estate developer. They took turns defending and demanding that their client must be allowed to vote on the 7.13-percent stake of TMEQ in EPCIB.
       If you ask me, his lawyers’ yakking did the young Romualdez more harm than good. Though included on the short list of 25 nominees for the 15-man board, not a few shareholders and their proxies are said to have dropped him from their respective lists out of irritation from his group’s delaying antics.
       Most stockholders’ meetings are short rituals lasting around 30 minutes. The EPCIB stockholders’ meet started at 3 p.m. and adjourned at close to 8 p.m. It was way past dinnertime and everyone was starving, thanks to the filibustering of Romualdez’s lawyers.
 
The bull
       Before I forget, where was Government Service Insurance System (GSIS) president/general manager Winston Garcia, the bull who raged against Tessie Sy-Coson all through the prestockholders’ meeting skirmishes?.
       Winston was abroad for reasons unknown. Still, he topped the list of the 13-man regular directors. 
       All’s well that ends well? Not quite.
       The fact remains that SM-BDO wants to gobble up EPCIB. It is thus expected that the Sy family is just biding its time before taking another attack on EPCI Bank. It ain’t over till the fat lady sings.
       Talk back at spinsipin@yahoo.com.