Court OKs commission for IPI receiver
The U.S. District Court for the NMI has granted Clear Management Ltd.’s request for the release of its commissions from the fifth auction of Imperial Pacific International (CNMI) LLC properties, which ended back in July.
Chief Judge Ramona V. Manglona granted yesterday Clear Management’s motion for the disbursement of $48,904.60 in sales commissions from the IPI auction.
The total value of the successful bids received at that auction was $489,046. Pursuant to the terms of the receivership, Clear Management, as the court-appointed receiver, is entitled to 10% of the funds raised from each auction.
The court granted the motion as there were no objections lodged in opposition to Clear Management’s request.
“IPI filed its notice of non-opposition to the mMotion, and no other objection has been lodged. In accordance with the order amending procedure for approval of auction sales and disbursements, the court hereby grants the receiver’s motion for disbursement of sales commissions, in the amount of $48,904.60. The court authorizes and directs the disbursement of that sum from The Law Offices of Michael A. White, LLC Escrow Trust Account to Clear Management, Ltd. The hearing scheduled for Sept. 1, 2023, is hereby vacated,” the order stated.
Clear Management’s limited receivership was established after USA Fanter Corp. sued IPI for breach of contract. The court then issued a final judgment in favor of USA Fanter. Last month, IPI and USA Fanter settled the case.
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