PACIFIC Nakon International Co. is opposed to any plan proposed by JLH Pacific Trust and the Calvos to rehabilitate Bank of Saipan.
In a letter to Commerce Secretary Fermin M. Atalig, attorney George K. Wallace said it is his client, Pacific Nakon, that now controls the bank, and not JLH and the Calvos. (See related story on page 2)
“Our objection is based on the simple premise that this group of shareholders has been fully paid from legitimate source for the transfer of their shares of stock in Bank of Saipan and that they therefore do not own, control, or in any manner whatsoever have the legitimate claim to any of the shares of stock in Bank of Saipan,” Wallace said.
The transfer of their shares to B. Douglas Montgomery equaling 52 percent of the Bank of Saipan has been completed, Wallace claimed.
Montgomery, in turn, transferred his entire ownership to Pacific Nakon, Wallace said.
“Based solely on these facts alone, any plan of rehabilitation submitted by David Lujan on behalf of the (Calvos) and/or JLH Pacific Trust that indicates they have any interest in the 52 percent of the stock owned by Montgomery should be dismissed since it is filed on a false premise,” Wallace said.
JLH attorney David Lujan was unavailable for comment yesterday.
Wallace said they will submit an application to transfer the Montgomery shares and their own plan of rehabilitation.
Atalig told Variety yesterday that Pacific Nakon supported the findings of Columbia Financial Advisory Firm, which recommended changing the bank’s management.
Montgomery, the bank’s former CEO Tom Aldan and two others had been indicted for conspiracy to defraud the bank.
