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Philippine Export and Foreign Loan Guarantee Corp. v. Chuidian3/14/1990
COURT OF APPEAL OF CALIFORNIA, SIXTH APPELLATE DISTRICT
Nos. H003831, H004275
1990.CA.41011 ; 267 Cal. Rptr. 457; 218 Cal. App. 3d 1058
March 14, 1990
PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION, PLAINTIFF AND APPELLANT,
v.
VICENTE B. CHUIDIAN ET AL., DEFENDANTS AND RESPONDENTS. PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION, PETITIONER, V. THE SUPERIOR COURT OF SANTA CLARA COUNTY, RESPONDENT; VICENTE B. CHUIDIAN ET AL., REAL PARTIES IN INTEREST
Superior Court of Santa Clara County, No. 575867, Peter G. Stone and Leslie C. Nichols, Judges.
James P. Kleinberg, Gregory P. Landis, Christine E. Sherry, Patrick A. Broderick, Elizabeth E. Bader, Thomas F. Cavalier and McCutchen, Doyle, Brown & Enersen for Plaintiff and Appellant and Petitioner.
Steven C. Finley, Lee S. Harris and Cartwright, Slobodin, Bokelman, Borowsky, Wartnick, Moore & Harris for Defendants and Respondents and Real Parties in Interest.
Opinion by Cottle, J., with Agliano, P. J., and Fogel, J., concurring. Separate concurring opinion by Fogel, J.
Cottle
The issues in controversy in this case arise from an attempt by appellant and petitioner Philippine Export and Foreign Loan Guarantee Corporation (Philguarantee) to persuade the trial court to set aside a stipulated judgment in favor of respondents and real parties in interest Vicente B. Chuidian and several corporations (collectively Chuidian). We here decide together three matters: (1) the appeal of Philguarantee from the trial court's order refusing to set aside the stipulated judgment; (2) Philguarantee's motion for production of additional evidence on appeal or alternatively for a writ of error coram vobis to allow it to present evidence discovered while the matter was pending on appeal which allegedly was deliberately concealed by Chuidian and therefore could not have been obtained earlier; (3) Philguarantee's petition for a writ of mandate (or other extraordinary writ) seeking to stay execution or enforcement on the stipulated judgment. For reasons we shall state, we shall affirm the judgment on appeal and deny the motion to produce new evidence or for a writ of error coram vobis, and grant the writ of mandate in part.
Facts
Philguarantee was created in 1974 by the decree of former president of the Philippines Ferdinand Marcos as a government-owned entity intended to guarantee loans to be used to promote business in the Philippines. Chuidian obtained loan guaranties totalling $25 million from Philguarantee for his company, Asian Reliability Company, Inc. (ARCI), representing that the funds would be invested in Philippine industrial projects. In June 1985, Philguarantee sued Chuidian in the Santa Clara County Superior Court, contending that he had defaulted on the loans, requiring Philguarantee to pay them, and that the funds had been misused, in violation of the loan terms, for investment in Silicon Valley corporations and for Chuidian's private benefit.
Chuidian and Philguarantee entered into settlement agreements resulting in a stipulated judgment. Philguarantee relinquished all its claims for restitution against Chuidian, and abandoned its security interest in stock which Chuidian pledged on the ARCI loan. Philguarantee further agreed to pay
Chuidian $5.3 million, to be paid by means of an irrevocable letter of credit from a United States Bank. In return
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