SEC Commissioner Jesus Martinez may find it all the more difficult to profess ignorance of his son?s business affairs.

His son?s Spin Management and Holdings Group, the company that received nearly P7 million allegedly in return for the SEC official turning soft on the trust fund-deficiencies of the collapsed Legacy Group, was registered with the Securities and Exchange Commission using 6 Adela H. Rizal St., Classic Homes, Para?aque City as office address.

That, according to an SEC official, also happens to be the residence of the SEC commissioner himself.

Strangely, the general information sheet of the Spin Management listed only two names, Jesus Glen Paolo Martinez and Michelle Martinez, as directors of the fledgling company, when it was registered on May 12, 2005.

Paid-up capital was reported at P250,000.

Even before the registration, Spin Management had apparently already been in business, reporting P3.27 million in ?merchandise inventory? and P62,500 in ?cash and cash equivalents? in its books for 2004.

The company apparently has never filed with the SEC any succeeding financial statement after 2005.

Nikki goes back to school

Not many people know that former senator Anna Dominique ?Nikki? Coseteng has gone back to school.

Running a school, that is.

Coseteng went visiting the newspaper row in the Port Area yesterday, not to create a pre-2010 buzz, but to help promote a sports meet at the Diliman Preparatory School, where she is now the president.

Founded in 1969, the school had for its first president and chairman Alicia Coseteng, Nikki?s mother. The current chairman is her mother?s colleague, Ofelia Angangco, also known as the mother of lawyer Raoul Angangco of The Firm.

The former senator seemed to be enjoying her private career now, given the glow in her eyes as she spoke of the 40-year-old school and its academic achievements.

Money-go-round

? Whoever said the Philippines is uncompetitive? Toshiba has just announced that it would shift production of solid-state drives from a Japanese plant to the Philippines by the next quarter to cut costs.

More shock-resistant and energy-efficient, the solid-state drives would eventually replace hard-disk drives in laptop PCs.

? The Vietnamese have apparently developed a liking to Jollibee as well. The Philippine fastfood company plans to add this year four more stores in the socialist country from the current 10.

? Meralco vice president Fortunato Leynes has better sense of market timing than his boss, Meralco president Jose de Jesus.

De Jesus unloaded 40,000 Meralco shares at P105, but Leynes waited a day later before he disposed 5,000 shares, at P120 each.

Heard through the grapevine

The PLDT Group is exploring the possibility of enlarging their one-board seat within the contested Manila Electric Co. to perhaps even buying out the entire Lopez shareholdings from the country?s largest power retailer.

(Web site: www.cocktales.ph; E-mail: cocktales_mst@pldtdsl.net)