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Auction of IPI assets OK’d
The U.S. District Court for the NMI has granted USA Fanter Corp.’s request to auction off Imperial Pacific International (CNMI) LLC’s assets to satisfy a court judgment of $2.1 million.
Over the weekend, District Court for the NMI Chief Judge Ramona V. Manglona ordered the court clerk to issue a writ of execution in favor of USA Fanter in the full amount of the amended judgment on vehicles and casino gaming machines owned by IPI that were identified in USA Fanter’s application for writ of execution.
Manglona also ordered IPI to maintain the registration, insurance, and maintenance of all the vehicles and casino game machines subject to the execution of the writ.
“All vehicles and gaming machines shall be stored either in the underground parking lot of IPI’s hotel-casino complex in Garapan, Saipan or in IPI’s housing in Chinatown, Saipan,” she ordered.
Back in June, USA Fanter asked the U.S. District Court for the NMI to issue a writ of execution against IPI that essentially allows the plaintiffs to auction of IPI’s vehicles and casino gaming machines in order to pay USA Fanter and satisfy the previous judgment entered against IPI. To date, the judgment remains unsatisfied in the amount of $2,198,405.56 plus post-judgment interest, costs, and fees that have yet to be addressed.
Colin Thompson, who represents USA Fanter, noted in the application for writ that IPI owns and controls vehicles and casino gaming machines with an estimated value of $3,241,484.
“USA Fanter requests the court to issue a writ of execution to have the vehicles and casino gaming machines sold in an auction in order to pay USA Fanter and satisfy the judgment,” he said.
Thompson also requested the court to set a hearing and to provide IPI with the opportunity to advance any applicable exemptions.
USA Fanter sued IPI for refusing to pay $2.1 million for work completed under their construction contract.
Back in February, Manglona ruled in favor of USA Fanter against IPI in the amount of $2,089,345.28.
Last May 26, the court amended the judgment and included a monetary judgment in the amount of $2,089,345.28.
