Tuesday, 13 January 2009 (6,192 Views, 28 Comments)
AFTER delivering all the necessary documents to convince the league, team governor and manager Lito Alvarez said he is very confident that the Air21 Express will be transformed to Burger King in the next conference.
The next conference – Fiesta Cup – unveils on February 28, 2009.
“I’m confident everything would end up as plan,” Alvarez told air21express.com.ph after he represented all the important documents attesting that Burger King is one of the major own companies of business mogul Bert Lina.
“I’m 100 percent sure we will get the board approval,” he said.
PBA Commissioner Sonny Barrios, in fact, told reporters recently that Lina should prove first that he has 33.3 percent control of the Burger King company before allowing them the transfer without paying the corresponding P75 worth million transfer fee.
“Bert Lina’s control to Burger King company is more than 50 percent, so that’s why I’m very confident that in the next conference we will be known as Burger King,” said Alvarez. “This is part of our plan since we joined the PBA in 2002.”
The Lina Group of companies joined the PBA family by buying the defunct Tanduay Rhum before the 2002 season opens. They used the franchise FedEx Express, then changed the name in 2005 as Air21 Express.
Lina has 60 percent share on Burger King and PLDT owner Manny V. Pangilinan has 13 percent, while Talk ‘N Text team governor Ricky Vargas, Alvarez himself and Wilson Young has five percent each.
Alvarez, also the league’s vice-chairman, submitted letter of intent and all important documents last Monday morning at the PBA offices in Libis, Quezon City during the special meeting called Board chairman Joaqui Trillo of Alaska.
But the PBA and the board instructed Barrios and legal counsel Melvin Mendoza to examine the documents and make a report and recommendation on Air21’s request.
“It will just have to go through the process. The PBA legal department will look into it and maybe in a week’s time, there’s already a recommendation,” Alvarez added.
Lina used Air2100 Inc., in the absence of a holding company when it entered the league in 2002.
In a letter dated January 2002 signed by the late commissioner Jun Bernardino, he wrote that if there’s already a holding company, a minimum prerequisite of 33 1/3 percent controlling interest in a company is needed to be accepted.
“They will avail of that avenue (Jan. 2002 letter of Bernardino),” Barrios said.
“The ball is now on our court. Atty. Melvin Mendoza will study the documents. We’ll communicate with Burger King if there are some explanations to do before we come up with a report to the Board,” he said.
Also, based on the letter of Bernardino, Alvarez mentioned that there’s no need for Board approval because it’s a simple automatic transfer of name because Lina is the majority owner of the holding company.
“But of course, the commissioner’s report needs affirmation by the Board,” said Barrios.
“Personally tingin ko hindi magtatagal ang isyu, documentation lang naman ‘yan. It’s either they complied or they did not comply. We just have to do our homework so the Board will be properly informed,” he added.
Trillo supported Barrios’ statements, saying: “There might not be a need to vote if the papers are in order.”