$1.4M payment to IPI creditors OK’d

The U.S. District Court for the NMI has approved the disbursement plan for over $1.4 million the court-appointed receiver will pay out to creditors of Imperial Pacific International (CNMI) LLC.

U.S. District Court for the NMI Chief Judge Ramona V. Manglona approved last week the distribution plan that Clear Management Ltd. had filed with the court for the over $1.4 million it raised from the auctions on IPI’s gaming equipment.

The stipulated plan, dated Dec. 12, 2023, established a distribution plan for the over $1.4 million in available auction proceeds, as well as any funds that subsequently become available, to be distributed to all known judgment creditors of IPI, including the CNMI government and the limited receiver, Clear Management.

In total, IPI owes judgment creditors in federal and local courts and the CNMI government $21,108,568.71.

Clear Management, through attorney Michael White, previously informed the court that it is prepared to make distributions to the consenting judgment creditors and the CNMI government within 10 business days of the court approving the distribution plan.

According to the distribution plan, Winzy Corporation will be awarded $28,754.95; USA Fanter Corp. Ltd., $54,102.98; Kan Pacific Saipan Ltd., over $64,081; Art Man Corp., $20,052.79; Joshua Gray, $326,843.18; James Whang, $57,903.14; Tang’s Corp., $24,681.65; G4S, $11,711.23; RC, $22,734.09; Yu’s LLC, $21,017.93; Atkins Kroll, $23,211.44; Art Man Environmental Corp., $23,494.76; Michael Dotts Law Office, $40,709.64; Ecolab (Guam), $15,144.61; GT Building Systems International, $56,056.78; Hemine Ipwan Island, $24,519.70; Fujitec Pacific Inc., $161,500.30; Yantze Corp., $27,812.05; and the CNMI government, $455,666.58.

In the notice of proposed distribution of IPI gaming equipment auction proceeds it filed with the district court, Clear Management stated that it accepted bids totaling $1,933,098 and has officially collected $1,879,703.00, including the amounts already collected from the latest auction.

Although Clear Management has collected over $1.8 million in all from IPI auctions, Clear Management has about $1,460,000 to disburse to IPI’s creditors due to commissions and expenses.