Kan Pacific files another suit vs IPI, demands jury trial

Kan Pacific Saipan Ltd. has filed another breach of contract suit against Imperial Pacific International (CNMI) LLC over the casino investor’s continuous failure to make payments toward its contractual obligation with Kan Pacific.

Kan Pacific, through attorney Joseph Iacopino, has filed another complaint against IPI with the U.S. District Court for the NMI yesterday over the casino investor’s continuous failure to make payments toward its contractual obligations even after a default judgment was issued against them last year.

As relief, Kan Pacific is demanding a jury trial on the matter as well as an order from the court enjoining IPI to make its scheduled June 2023 payment with pre- and post-judgment interest from date of default, and damages.

According to Iacopino, IPI still has an ongoing obligation to Kan Pacific pursuant to an agreement they had back in May 2016.

Although the court issued a judgment in Kan Pacific’s first suit against IPI for its failure to make its June 2020, June 2021, and June 2022 payments amounting to over $400,000, IPI has again defaulted on its June 2023 payment.

In addition, IPI has yet to satisfy the court’s judgment in Kan Pacific’s initial breach of contract suit.

According to the complaint, pursuant to the agreement between Kan Pacific and IPI, the latter is contractually obligated to pay to Kan Pacific the sum of $5,000,000 which was to be satisfied by making 25 annual payments in the amount of $200,000 on June 1 of each calendar year, commencing on June 1, 2017.

IPI made the first three annual payments that were due in June 2017, June 2018, and June 2019.

However, IPI failed and refused to pay the amount that that was due on June 1,2020, even after Kan Pacific sent IPI the 10-day notice of default.

Kan Pacific finally filed civil action against IPI with the District Court for the NMI for breach of contract based upon IPI’s failure to make the payments due on June 1. 2020, June 1, 2021, and June I, 2022.

The court issued a judgment in favor of Kan Pacific in December 2022 in the amount of $697,801.30 plus post-judgment interest under the federal rate of 4.76% per annum.

However, to date, the judgment remains unpaid.

Kan Pacific has also recently applied for a writ of execution against IPI’s personal properties to satisfy the unpaid judgment but IPI has since opposed the request.

IPI alleges that senior lien holders, like USA Fanter and Joshua Gray, should be given priority.