AIM High, sell low, someone's driving in a hotter than hot yellow Mucielago...

[hens]

Originally posted by Ungas
Di kaya yan yug yellow Lambo na galing sa Six Speed na nakita namin ni hens? At yung i-dinisplay sa launch ng isang local magazine na may kuha pa si mbt?

pre, siya na nga!!!. (tiga-Batangas at may-ari ng BLTB).

[pink_cadillac]

Appears to be the shades of faded wealth and ambitious glitters.

[odell]

hens,
siya ba un nanlibre sa atin un may ari mismo ng BLTB?

[theveed]

Yun nga, sa may ari ng six speeds, namention sa inq7... lakas din ng loob to display it no?

[pink_cadillac]

What's six speeds?

[Monseratto]

Metrobank to the rescue
Posted: 4:13 PM | Oct. 03, 2004

Victor Agustin
Inquirer News Service

METROBANK has stepped in to bail its director Felipe Alfonso out of the P32.5-million scam perpetrated on him by a car salesman.

According to the grapevine, no less than Metrobank president Antonio Abacan has called the various parties to a meeting this afternoon in an effort to settle the competing claims amicably.

Alfonso, the chair of the bank's risk management committee, is facing estafa complaints from a car dealer who received bad personal checks as payment for a Lamborghini Murcielago, a BMW 645 Ci, and a BMW X3.

To those who may have failed to read Friday's column, Alfonso, a former president of the Asian Institute of Management, admitted to issuing four pre-signed blank checks to Anthony Bitanga, owner of the Six Speed car accessories shop in The Fort, to cover for alleged court-related expenses in Batangas.

As it turned out, the Batangas court problem of Alfonso had just been a scheme perpetrated by Bitanga, who instead used the checks to acquire the brand-new luxury vehicles from another dealer.

The first of the four checks, for P4 million, cleared and went to pay for the X3 sports utility vehicle. But the rest bounced, but not after Bitanga had already taken possession of the two other more expensive cars and subsequently resold or mortgaged them.

After his name appeared in this column Friday, financier JP Lomotan called up to clarify that he was merely trying to mediate among the parties involved as he knew both buyer and seller as well as the middleman.

Lomotan said he does not know the whereabouts now of either Bitanga or the Murcielago, but hinted that the sports coupe, which Bitanga was trying to dispose of for P20 million--as against the manufacturer suggested retail price of $281,400--had been pawned to a third party for only P7 million.

The missing yellow Murcielago had for some time been displayed in front of the Six Speed car accessories shop, right past the Mercedes Benz dealership, in The Fort.

Not only did it attract the attention of passing motorists, but also that of motoring magazines Top Car and C!, which both featured the Italian muscle car, apparently the only Murcielago in the country today, in their October issues.

(Correction: AIM, not Alfonso, was a Ramon Magsaysay awardee in 1995 when Alfonso received the award in his school's behalf.)

[pink_cadillac]

Anthony Bitanga owning the outfit in the Fort is the brother of an Atenean I know.

Tis a shame.

[pink_cadillac]

It may well be a business deal gone bad. I speculate it was incredibly optimistic of Bitanga to use the money to make a quick buck off the vehicles.

When the deal/s he expected didn't push through he resorted to cash out as fast as he can, being in hiding now, it is assumed that he's guilty.

At this point at most Alfonso will go under the toothless BP22.

[Walter]

Still, it's pretty silly for a high ranking officer assigned to risk management of a reputable(?) bank. Agree with pink_cadillac, it's a business deal gone bad and it does not leave a good taste in the mouth for Metrobank.

[luckytruck]

Metrobank bailing him out is even more bad publicity for the bank

kung baga- the rich are above the law ang pinapakita.

andy

[aranetaj]

patay. wala nang free breakfast ang euro club!

[hens]

Originally posted by aranetaj
patay. wala nang free breakfast ang euro club!

hehehe...di ka sumama eh..nalibre ka rin sana..:lol: J/K

[the_wildthing]

Mahirap yatang itago ang isang yellow Murcielago. Unless display lang sa bahay. Sayang lang... Or baka shipped out of the country quietly...

[pink_cadillac]

Two things.

1) He's a banker in charge of RISK MANAGEMENT.
2) He issues signed blank cheques.

Then again the Bitangas are a rich family. I wonder what previous sins did he forgive on the part of the father. And what even more grievous lack of assessment was applied when he extended credit to the child?

[pink_cadillac]

Another cynical point is:

Why would the dealers release the vehicles without clearing the cheques?

Its simply bad practice to release expensive goods whilst taking payment in form of third party personal cheques without at the very least having them clear.

It appears bad enough to be a ploy to extract money from Alfonso who cannot afford the controversy attached to his name and his occupation.

I don't think Metro Bank will bail him out, at least not explicitly, as much as seek to extend its influence to resolve the matter.

Alfonso shouldnt' have gone public to say the least. Its almost a point of impairment to have made such a judgment.

[luckytruck]

hehehehehehehe, blank cheques issued by a risk manager, nakakatawa talaga, no matter how many times i have read it.

buti nalang wala akong pera sa metrobank, baka kung saan saan ni Alfonso ni "risk" ang pera ng depositors, hehehehehehe

[niky]

Originally posted by pink_cadillac
Another cynical point is:

Why would the dealers release the vehicles without clearing the cheques?

Its simply bad practice to release expensive goods whilst taking payment in form of third party personal cheques without at the very least having them clear.

It appears bad enough to be a ploy to extract money from Alfonso who cannot afford the controversy attached to his name and his occupation.

I don't think Metro Bank will bail him out, at least not explicitly, as much as seek to extend its influence to resolve the matter.

Alfonso shouldnt' have gone public to say the least. Its almost a point of impairment to have made such a judgment.

I think the contention was, he DID clear the check with Alfonso... that's the sad part about it.

[pink_cadillac]

You clear it with the bank.

[pink_cadillac]

For all practical purposes, commonsense being so uncommon lately, why release the vehicle and the deed, without the successful encashment of the cheques?

[pink_cadillac]

Updates on the hot HOT car.

Mateo Bitanga or his son Anthony, who until yesterday the family of golf columnist Arsenic Laurel were trying to evict from their Corinthian Gardens Subdivision home for not paying rent for several months.