2nd auction for IPI equipment starts
Court-appointed receiver Clear Management Ltd. has launched the second auction of Imperial Pacific International (CNMI LLC’s gaming equipment.
In its update on the receivership approved by the U.S. District Court for the NMI against IPI, the Clear Management website stated that it has officially launched the second auction of IPI’s gaming equipment and is set to close the auction on Dec. 9, at 12pm. This is the second of six online auctions Clear Management has lined up for IPI’s gaming equipment.
The items currently up for grabs include 365 slot machines, 39 electronic table gaming terminals, gaming tables and gaming chairs/stools, table gaming utilities, wheels and displays, and other miscellaneous items such as 70,000 GLI Chip sets, safes, currency wands, cash counters, card shredders, 1,000 locks and surveillance systems, and more.
The most recent auction concluded last Oct. 7, with Clear Management receiving bids from all over the world, including the U.S.A., Europe, India, Australia, South Korea, and Saipan. The total of the high bids realized from the sale was $410,000. Clear Management is currently awaiting court approval of the sales.
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.