First IPI auction nets over $400K

The first auction of Imperial Pacific International (CNMI) LLC’s gaming items netted over $400,000 and receiver Clear Management Ltd., has officially filed a motion asking the U.S. District Court for the NMI to confirm the sales made from the auction.

Michael White, on behalf of Clear Management, filed yesterday an official report and account of sale of all the items that were sold at the Oct. 7 IPI gaming equipment auction.

Following the conclusion of the Oct. 7 auction, Clear Management received bids from all over the world, including the U.S.A., Europe, India, Australia, South Korea, and Saipan, White said.

The total of the high bids realized from the sale was $410,000.

Each of the successful bidders has executed a memorandum of sale, and has provided evidence of the transfer of an amount equal to 15% of its successful bids to The Law Offices of Michael A. White, LLC, Escrow Trust Account.

All World Consulting submitted bids on 116 card shufflers. It was the successful bidder on 78 card shufflers. The total amount of its successful bids was $270,000.

MP Holdings LLC submitted bids on 60 card shufflers but none of its bids were successful.

IPG International submitted bids on 48 card shufflers and three Chipstars. It was the high bidder on 20 card shufflers. The total amount of its successful bids was $50,000.

Gaming Supplies, LLC, submitted bids on 116 card shufflers and three Chipstars. It was the high bidder on four shufflers and three Chipstars. The total amount of its successful bids was $91,000.

Grand Hyatt Jeju submitted bids on 14 card shufflers. It was the high bidder on all 14. The total amount of its successful bids was $65,300.

In addition to the report and account of sale, White submitted a motion asking the court to confirm the over $400,000 sale of IPI’s gaming equipment.

White stated in his motion that his client is asking the court to authorize Clear Management to collect the remaining 85% of the bids so bills of sale can be executed to the successful bidders.

“Clear Management hereby respectfully moves that this honorable court enter an order approving the report and account of sale, and authorize and direct Clear Management, Ltd. to collect the remaining 85% of the successful bids and to execute appropriate bills of sale to the successful bidders. All proceeds of sale will be maintained in the Escrow Trust Account, pending the further orders of the court,” said White.

In light of the circumstances, Clear Management believes that the high bids reported are reasonable, and should be accepted by the court, he added.

“The bid ranges received have led Clear Management to believe that the bids are reasonable, since there was not a significant difference from the highest to the lowest bids. All proceeds of sale will be maintained in the Escrow Trust Account, pending the further orders of the court,” he said.

Last Oct. 26, 2021, the District Court entered an order authorizing and directing Clear Management, Ltd., to sell certain gaming equipment of IPI.

Pursuant to that order, Clear Management conducted a sale of a portion of the equipment on Oct. 7, 2022.

Clear Management promoted the auction through online gaming magazines and daily briefing.