Appellate Court upholds trial court ruling

The trial court earlier dismissed the civil action suit filed against OMC.In 2007, PSB filed a complaint against OMC to enforce payment on a debt.The trial court however, issued an order dismissing the case with prejudice on the basis that it lacked subject matter jurisdiction.The trial court in its ruling said that “ the powers of the officers and administrators of the bank are suspended during receivership. Moreover , the shareholders’ rights are extinguished with the exception of receiving dividends.”In a six-page opinion, the appellate court said the issues raised by the appellant are moot.It said that since the appellant which names the PSB receiver as the plaintiff filed a new case in the trial division, the relief it seeks from the court has already been achieved.“The parties lack a legally cognizable interest in the outcome of this appeal, and the court cannot give any meaningful relief. Therefore the issues before this Court are moot and this court does not address moot issues,” the opinion said.