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The initial glimmer of hope that the withdrawal of the resolution that removed Federico “Piki” Lopez as president and CEO of First Gen. Corp. would help resolve the intracorporate dispute among the members of the third generation of the Lopez clan may have vanished.
Last week, Piki Lopez asked a court to cite for indirect contempt some of his cousins who are major stockholders of the company for alleged violation of the court’s earlier order for them not to block or delay a major manpower hydropower transaction of the company.
The stockholders named are expected to oppose that move and argue that the actions on which the citation for contempt is based are within their authority to exercise.
Barring any miraculous change of heart among the protagonists, prospective investors in the family’s businesses may opt to hold back on their plans or, worse, stop doing of business with them to avoid getting caught in the crossfire.
