2 IPI auction sales OK’d
The U.S. District Court for the NMI has approved the sales results from the second and third auction of Imperial Pacific International (CNMI) LLC’s gaming equipment.
Following a confirmation hearing yesterday, District Court for the NMI Chief Judge Ramona V. Manglona approved the request of court-appointed receiver, Clear Management, to approve the sales made from the second and third auction of IPI’s gaming equipment.
During the hearing, Manglona also granted the receiver’s request for commission and expenses and granted the attorney’s fees it incurred through December 2022.
According to Saipan Tribune archives, the total sales for the second and third auctions amounted to $353,642.
Clear Management, through attorney Michael White, previously asked the District Court for the NMI to approve the sales results.
White also requested the court to issue an order directing the receiver to collect the remaining 85% of the successful bids, to execute the appropriate bills of sale, and to deliver the items sold to the successful bidders.
After the second auction, White said bids were received from eight bidders but only four were successful. Of the four successful bidders, two were successful bidders from auction one and two were new bidders. There were four unsuccessful bidders, of which one was a successful bidder from auction one, White told the court.
The total of the acceptable bids was $252,092.
Following the third auction, White said bids were received from six bidders.
White informed the court that bids were accepted for 14 lots from two different bidders, two of which were successful bidders in previous auctions, and one a new bidder.
White said the total value of the bids accepted was $101,550.