FILED

FOR PUBLICATION MAY 09 2006

CATHY A. CATTERSON, CLERK

UNITED STATES COURT OF APPEALS U.S. COURT OF APPEALS

FOR THE NINTH CIRCUIT

MERRILL LYNCH, PIERCE, FENNER No. 04-16401 AND SMITH, INCORPORATED, a corporation organized and existing under D.C. No. CV-00-00595-MLR the laws of the State of Delaware with its principal place of business in New York, New York, ORDER AMENDING

OPINION

Plaintiff - Appellee,

v.

ENC CORPORATION; SUNTRUST

INVESTMENT CO., S.A., a corporation organized and existing under the laws of Switzerland with an address at rue de Jargonnant 2, P.O. Box 76, 1211 Geneva 6, Switzerland; JOHN K. BURNS, a citizen of the United States, with an address at 300 Wacker Drive, Suite, 900, Chicago, Illinois, 60606; THE ESTATE OF

FERDINAND E. MARCOS; IMELDA R.

MARCOS; FERDINAND R. MARCOS,

JR.; MARIA IMELDA MARCOS; IRENE

MARCOS ARANETA; FRONTIER RISK

CAPITAL MANAGEMENT, L.C.C., a limited liability company organized and existing under the laws of the States of Nevada, with a registered office at 6100 Neil Road, Suite 500, Reno, NV. 89511 and an address at 300 Wacker Drive, Suite 900, Chicago, IL 60606; GROSVENOR CAPITAL LTD., a company organized and existing under the law of the United Kingdom, with an address at Grosvenor Gardens House, Suite 117, 35-37 Grosvenor Gardens, London SW1 W OBS, United Kingdom; THE ESTATE OF

ROGER ROXAS; GOLDEN BUDHA

CORPORATION, a corporation organized and existing under the laws of the State of Georgia, with a registered office at 710 West First Street, Blue Ridge, Georgia 30513, and a mailing address at 260 Carrollton St., Buchanan, GA 30113,

Defendants,

and,

ARELMA, INC., a corporation organized and existing under the laws of Panama with a permanent address at Ave. Justo Alosemena y Calle 41 Este, No. 40-59 Pte al Colegio Immeculada, Panama 1.Rep.de Panama, and a mailing address at c/o Suntrust Investment Co.S.A., ru de Jargonnant 2, P.O. Box 76, 1211 Geneva 6, Switzerland;,

Defendant - Appellant,

MARIANO J. PIMENTAL, on behalf of himself and all other persons similarly situated;,

Defendant - Appellee,

PHILIPPINE NATIONAL BANK,

Defendant - Appellant.

MERRILL LYNCH, PIERCE, FENNER No. 04-16503 AND SMITH, INCORPORATED, a corporation organized and existing under D.C. No. CV-00-00595-MLR the laws of the State of Delaware with its principal place of business in New York, New York,

Plaintiff - Appellee,

v.

ENC CORPORATION; ARELMA, INC., a corporation organized and existing under the laws of Panama with a permanent address at Ave. Justo Alosemena y Calle 41 Este, No. 40-59 Pte al Colegio Immeculada, Panama 1.Rep.de Panama, and a mailing address at c/o Suntrust Investment Co.S.A., ru de Jargonnant 2, P.O. Box 76, 1211 Geneva 6, Switzerland; SUNTRUST INVESTMENT CO., S.A., a corporation organized and existing under the laws of Switzerland with an address at rue de Jargonnant 2, P.O. Box 76, 1211 Geneva 6, Switzerland; JOHN K. BURNS, a citizen of the United States, with an address at 300 Wacker Drive, Suite, 900, Chicago, Illinois, 60606; THE ESTATE

OF FERDINAND E. MARCOS; IMELDA

R. MARCOS; FERDINAND R.

MARCOS, JR.; MARIA IMELDA

MARCOS; IRENE MARCOS ARANETA;

FRONTIER RISK CAPITAL

MANAGEMENT, L.C.C., a limited liability company organized and existing under the laws of the States of Nevada, with a registered office at 6100 Neil Road, Suite 500, Reno, NV. 89511 and an address at 300 Wacker Drive, Suite 900, Chicago, IL 60606; GROSVENOR CAPITAL LTD., a company organized and existing under the law of the United Kingdom, with an address at Grosvenor Gardens House, Suite 117, 35-37 Grosvenor Gardens, London SW1 W OBS, United Kingdom; THE ESTATE OF

ROGER ROXAS; GOLDEN BUDHA

CORPORATION, a corporation organized and existing under the laws of the State of Georgia, with a registered office at 710 West First Street, Blue Ridge, Georgia 30513, and a mailing address at 260 Carrollton St., Buchanan, GA 30113;

PHILIPPINE NATIONAL BANK,

Defendants,

and,

MARIANO J. PIMENTAL, on behalf of himself and all other persons similarly situated;,

Defendant - Appellee,

REPUBLIC OF THE PHILIPPINES;

PRESIDENTIAL COMMISSION ON

GOOD GOVERNMENT, a government agency of the Republic of the Philippines,

Defendants - Appellants. MERRILL LYNCH, PIERCE, FENNER No. 04-16538 AND SMITH, INCORPORATED, a corporation organized and existing under D.C. No. CV-00-00595-MLR the laws of the State of Delaware with its principal place of business in New York, New York,

Plaintiff - Appellee,

v.

ENC CORPORATION; ARELMA, INC., a corporation organized and existing under the laws of Panama with a permanent address at Ave. Justo Alosemena y Calle 41 Este, No. 40-59 Pte al Colegio Immeculada, Panama 1.Rep.de Panama, and a mailing address at c/o Suntrust Investment Co.S.A., ru de Jargonnant 2, P.O. Box 76, 1211 Geneva 6, Switzerland; SUNTRUST INVESTMENT CO., S.A., a corporation organized and existing under the laws of Switzerland with an address at rue de Jargonnant 2, P.O. Box 76, 1211 Geneva 6, Switzerland; JOHN K. BURNS, a citizen of the United States, with an address at 300 Wacker Drive, Suite, 900, Chicago, Illinois, 60606; THE ESTATE

OF FERDINAND E. MARCOS; IMELDA

R. MARCOS; FERDINAND R.

MARCOS, JR.; MARIA IMELDA

MARCOS; IRENE MARCOS ARANETA;

FRONTIER RISK CAPITAL

MANAGEMENT, L.C.C., a limited liability company organized and existing under the laws of the States of Nevada, with a registered office at 6100 Neil Road, Suite 500, Reno, NV. 89511 and an address at 300 Wacker Drive, Suite 900, Chicago, IL 60606; GROSVENOR CAPITAL LTD., a company organized and existing under the law of the United Kingdom, with an address at Grosvenor Gardens House, Suite 117, 35-37 Grosvenor Gardens, London SW1 W OBS, United Kingdom; PHILIPPINE

NATIONAL BANK; REPUBLIC OF THE

PHILIPPINES; PRESIDENTIAL

COMMISSION ON GOOD

GOVERNMENT, a government agency of the Republic of the Philippines,

Defendants,

and,

THE ESTATE OF ROGER ROXAS;

GOLDEN BUDHA CORPORATION, a corporation organized and existing under the laws of the State of Georgia, with a registered office at 710 West First Street, Blue Ridge, Georgia 30513, and a mailing address at 260 Carrollton St., Buchanan,

GA 30113;,

Defendants - Appellants,

MARIANO J. PIMENTAL, on behalf of himself and all other persons similarly situated,

Defendant - Appellee.

Appeal from the United States District Court for the District of Hawaii Manuel L. Real, District Judge, Presiding

Argued and Submitted March 14, 2005 San Francisco, California

Before: NOONAN, THOMAS, Circuit Judges, and ROBART*, District Judge.

The opinion filed on May 4, 2006, is amended as follows: on slip opinion

page 5038, lines 29-32, the following sentence is deleted: “The phrase ‘equity and

good conscience’ in our judicial usage is coterminous with the first opinions of the

United States Supreme Court. See Hollingsworth v. Ogle, 1 U.S. 257 (1788).”

On slip opinion page 5038, line 29, the following sentence is added: “The

phrase ‘equity and good conscience’ in our judicial usage is coterminous with the

early opinions of the United States Supreme Court. See Elmendorf v. Taylor, 23

U.S. (10 Wheat.) 152, 181 (1825).”

* The Honorable James L. Robart, United States District Judge for the Western District of Washington, sitting by designation.