Court grants limited receivership for three IPI creditors

The U.S. District Court for the NMI has granted the limited receivership request of three Imperial Pacific International (CNMI) LLC creditors who have outstanding judgments against the casino investor.

U.S. District Court for the NMI Chief Judge Ramona V. Manglona granted last week the requests for limited receivership made by creditors Joshua Gray, Kan Pacific Saipan Ltd., and USA Fanter Corp.

Lawyer Colin Thompson has since been tasked with preparing a proposed receivership order for the three creditors.

Back in September, IPI former employee Joshua Gray, through lawyers Aaron Halegua and Bruce Berline, filed a petition for an order to show cause to appoint a limited receiver to sell IPI’s properties.

On May 31, 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 and 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 limited receivership.