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Estate administrator seeks help to protect $5M assets
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Posted on Jul 07 2008
The administrator of an estate has asked the Superior Court to protect the estate by freezing its assets to ensure that those rightfully entitled for distribution will get their share.
Pedro Kani Teigita, through counsel Robert H. Myers Jr., asked the court to immediately freeze and account the proceeds from the $5 million lease agreement over the estate’s Lot No. 663 in Sadog Dogas, Saipan.
The issue will be heard before presiding judge Robert Naraja today, Tuesday, at 1:30pm.
In a motion for asset freeze and reservation of funds, Myers asked the court to authorize petitioner Pedro Teigita and any other persons best suited to administer the estate of Mariana Kani-Teigita to temporarily release funds from the proceeds once deposited with the court.
Myers said the funds should be paid for all costs and expenses of administration, payoff to the former counsel(s), attorney’s fees, any fee disputes, and settlement negotiations concerning assets and properties.
The lawyer said the lease agreement on Lot 663 was executed on Jan. 30, 1991 between Tokai Saipan Inc. and (lessors) Pedro Kani, Magdalena K. Ruak, Anastasia K. Omar and Andres Kani.
Myers said the lessors received $500,000 deposit from Tokai Saipan on the same date. Under the lease agreement, the lessors were to be paid an additional $4.5 million by lessee.
In 1991, Pedro Kani filed a civil action because he wanted to probate the land in question.
He noted that because Lot 663 is the real property of decedent Mariana Kani-Teigita, in turn, so are the proceeds from any transaction over it.
He added that Pedro Teigita believes that the court’s help and protection are needed because the real property and its proceeds are in present and immediate danger.
“On information and belief, the petitioner strongly believes that credible information shows that the lessors have spent (or are still spending) the $500,000 deposit,” Myers said.
“Petitioner and others believe the lessors are not entitled to that money and or any other monies thereof,” he said.
