BOS: Lawsuits hinder closure of Hillblom estate probate case

The Hillblom Estate probate case could finally come to close within a few months, according to Tom Aldan, chairman of the Bank of Saipan. Closure of this probate is however being impeded and complicated by issues and uncertainties raised by threats of lawsuits and lawsuits against the bank.

These threats and lawsuits are based on actions taken by the Bank as executor pursuant to a court order. Though the lawsuits are baseless, the issues and confusion raised might likely hinder the early closure of the probate case.

According to bank director Ben Fitial, member of the Estate Oversight Committee for BOS, “these baseless accusations by the attorneys are really actions against the Court.”

The Board of Directors met last Saturday in order to review the status of the estate and what remains to be done in order to close the probate. In April, the board has agreed to ask the Superior Court to approve the distribution of $50 million to beneficiaries of the estate, and is now seeking for the approval of the court for a large payment of taxes to the CNMI Treasury.

“I wish these attorneys for the beneficiaries would leave the Bank alone so that efforts can be concentrated in addressing the full distribution of the Estate’s assets to the distributees,” Aldan said. “These lawyers must realize that nothing will be gained by threats of lawsuits against the Bank except more costs and possible delay in distribution.”

The bank’s board of directors said they would aggressively confront any attempt from parties who would taint the reputation of BOS.

Bank director Joe Lifoifoi said, “This is the last chance many of these attorneys for the beneficiaries have to fly to Saipan, wrongfully accuse the Bank of making some mistakes in this very complicated probate, and then try to collect money from the Bank that we would have normally use to make loans on our island. They want to put the money into their suitcases and fly back to where they come from. It’s not fair to the Bank, and it could damage our ability to provide much needed money and financial support for the community.”

According to Fitial, Probate Judge Alex Castro has done an excellent job in managing the Hillblom Estate, however, some attorneys for the beneficiaries whom he referred to as “sharks”, have gotten together to damage BOS. “I will testify in court against these attorneys to protect the good name of the Bank of Saipan,” he said, adding that Castro has made it clear that the estate should be quickly brought to close and distributed to “real” beneficiaries of the estate and should be done while there are still “leftovers from the sharks.”

The most recent criticism against the bank had to do with the fee BOS is receiving as executor. “The Bank has done an excellent job in a difficult situation…The Bank deserves to be paid the risk it has taken while serving as an Executor,” the statement said.

“Anyone trying to make money from the Bank of Saipan is really just taking away our ability to support the community,” Fitial said. “The Bank of Saipan has done a good job while serving as Executor of the Hillblom Estate and it would not be intimidated by these continuing threats against us which are motivated by greed.”