Estrada coerced Yuchengco
Third, Estrada coerced PLDT stockholder and banking taipan Alfonso Yuchengco to sell his shares and waive his right of first refusal, or right to counter First Pacific’s bid.
The Senate was set to summon PLDT Chairman Pangilinan to respond to the allegations during Estrada’s impeachment trial that started November 2000. However, on Jan. 16, 2001 the trial was disrupted because the majority of the Senators refused to open a certain envelope that was supposed to prove Estrada’s corruption, and the prosecutors walked out. After four days of huge demonstrations called EDSA II, Estrada was forced out of office. Pangilinan avoided having to explain to the Senators under oath if Estrada did or did not help First Pacific take over PLDT.