Over $25K raised in 7th IPI auction

Clear Management Ltd.’s seventh auction to sell off some Imperial Pacific International (CNMI) LLC’s gaming properties as part of a court-ordered receivership earned over $25,000, but not all lots for sale attracted bidders, so another auction will be held in February.

Pursuant to the receivership granted by the U.S. District Court for the NMI in favor of IPI creditor USA Fanter, Clear Management, through attorney Michael White, is now asking the district court to reimburse them for the costs incurred from the auction.

In addition, because bidders are only required to pay 15% of their bid to secure the item they wish to purchase, Clear Management is asking that the court allow them to collect the remaining 85% of the bids.

According to White’s motion for order approving the report and account of the seventh auction, Clear Management as court-appointed receiver asks the court to authorize and direct the disbursement of $18,819 being held by the court to reimburse it for costs incurred from this auction.

Clear Management also asks the court to authorize it to collect the remaining 85% of the successful bids and to execute the appropriate bills of sale to deliver the items sold to the successful bidders.

According to a report in support of Clear Management’s motion, Clear held the seventh auction last Dec. 1, 2023, covering a portion of IPI’s gaming equipment. Specifically, 230 lots (or items) were offered during the auction.

Clear said acceptable bids were received for 34 lots but no bids were received on the remaining 196 lots.

“Clear Management will attempt to sell these lots at an eighth auction, which is scheduled for Feb. 23, subject to court approval,” states the report.

Breaking down the successful bids received, Clear Management sold 12 lots to IPI worth $4,681; 11 lots to MP Holdings worth 13,700; and 11 lots to Gaming Supplies Ltd. worth $6,761.

The total value of the successful bids received was $25,142.