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TRO filed against defunct garment firm
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Posted on Mar 13 2005
The Superior Court issued on Friday an order stopping the now defunct Sako Corp. from removing any property from its garment factory in San Antonio.
The temporary restraining order also prohibited Sako and its owner Hyung Ki Min, as well as stevedores, freight forwarders, ships agents, or warehousemen, from allowing cargo containers carrying goods already removed from the factory to leave the Commonwealth.
Presiding judge Robert Naraja set a hearing on March 16, Wednesday, on the complaint filed by Vicente SN Babauta, owner of the 6,490-sq.m. property leased by Sako beginning Oct. 18, 1995.
In his complaint Babauta asked the court to issue the TRO, apparently in the belief that having Sako’s assets inside his property is the only means he can get the garment firm to negotiate the terms of their 25-year lease agreement, which does not expire until October 2020.
Sako recently ceased its operations in the Commonwealth. The company is being controlled by Korean citizens and it is believed that the firm will remove all assets and depart the Commonwealth without fulfilling the terms of the lease agreement, Babauta said.
The complainant reported that while, at the present time, the garment firm’s lease payments are current, another payment is due March 18.
He also related that he has personally observed over the last few days that various garment-manufacturing items were being removed from the garment building and being placed in shipping containers.
“If the corporation and its business operations are closed and the owners of the corporation and Hyung Ki Min leave for Korea, I shall have no realistic way of securing lease rentals from them,” Babauta said.
“I am aware that the economy in the Commonwealth is such that the lease of [my property] to any other party will be difficult, and the lease rentals which I receive under this lease are necessary for my livelihood,” he added.
