Another series of IPI auctions begins

Clear Management Ltd., the U.S. District Court for the NMI-appointed receiver, has opened another series of auctions for the sale of IPI’s assets to satisfy outstanding judgments against several Imperial Pacific International (CNMI) LLC creditors.

Last March 18, Clear Management officially put up for bids IPI’s vehicles and crystal dragons estimated to be worth millions in the receivership granted in favor of IPI creditors Joshua Gray, Kan Pacific, and USA Fanter.

Specifically, items that are up for auction are two 2017 Rolls Royce Ghost Extended, a 2017 Cadillac Escalade, a 2016 Toyota Sienna, a 2015 Lexus RX 450h Hybrid, a 2015 Nissan Frontier, a 2016 Mazda CX-5, a 2015 Toyota Rav4, a 2015 Toyota Rav4, a 2015 Toyota Yaris, and a 2014 Toyota Yaris.

The auction webcast for the vehicles will begin at 12pm on April 11, Saipan time.

The starting bid for the crystal dragons, which are in the lobby of the casino resort, span over 60 meters, and weighs 40 tons, is $5,000. The auction for the crystal dragons will close on Nov 21, at 12pm.

As part of the series of auctions, Clear Management will soon put up for bids IPI’s kitchen and restaurant equipment, art pieces, and liquor collections.

These auctions are on top of an ongoing series of auctions for the sale of IPI’s gaming equipment to satisfy an outstanding judgment previously issued in favor of USA Fanter Corp. in 2021. The series of auctions for that case remains ongoing with the ninth series set to close on April 22.

Back in October 2023, U.S. District Court for the NMI Chief Judge Ramona V. Manglona granted the requests of Gray, Kan Pacific Saipan Ltd., and USA Fanter Corp. for the limited receivership.

Back in May 2023, the U.S. District Court entered judgment in favor of Gray against IPI in the amount of $5,686,182.20 plus pre-judgment interest, post-judgment interest, and attorneys’ fees and costs.

On July 3, 2023, since IPI did not pay the judgment or post a bond, Gray applied for a writ of execution against certain assets belonging to IPI. IPI did not file a timely opposition to that application.

On Aug. 16, 2023, the court issued a writ of execution in favor of Gray and the clerk issued a notice about the writ, informing IPI of its rights. On Aug. 21, 2023, the U.S. Marshals Service filed a notice affirming that the writ was executed.

Meanwhile, Kan Pacific and USA Fanter, which also have outstanding judgments against IPI, previously requested that the court allow them to take part in Gray’s request for a limited receivership.