Creditors seek over $5M against IPI’s personal property

More of Imperial Pacific International (CNMI) LLC’s creditors have banded together in an effort to get their unsatisfied judgments settled by filing a joint writ of execution against the casino investor’s property. In total, these creditors seek to satisfy judgments amounting to over $5 million.

Last week, IPI judgment creditors U.S.A. Fanter Corp., Ltd., Fujitec Pacific Inc., Hemine Ipwan Islam dba IPWAN Security Services, GT Building Systems International Ptd., Ltd., Artman Corp., and James Whang dba South Pacific Lumber Co., through attorney Colin Thompson, filed an application for a writ of execution with the U.S. District Court for the NMI against IPI’s personal properties.

The creditors are asking the district court to issue a writ of execution against IPI’s vehicles, liquor, IPI’s crystal dragons, IPI’s computer hardware, IPI’s furniture and equipment, IPI’s casino-related and security equipment, and any other non-exempt personal property identified by the creditors to be sold in an auction to satisfy the IPI creditors’ judgments.

“The IPI creditors applies for a writ of execution directed at judgment debtor IPI in the amount of $5,028,937.72 plus post-judgment interest, costs, and fees due and owing, to be served upon IPI. The IPI creditors requests the court to set a hearing on the return of the writ and to provide IPI with the opportunity to advance any applicable exemption,” states the motion.

The creditors did note that the total resale value of the assets will likely not exceed the monetary amount of the IPI creditors’ judgments.

According to the application, the district court entered a judgment in favor of U.S.A. Fanter in the amount of $500,000 plus post-judgment interest rates at 4.34% per annum against IPI on March 20, 2023.

The U.S. District Court for the NMI also entered a judgment in favor of Artman in the amount of $106,890 plus post-judgment interest against IPI on Jan. 17.

As for SPLC, the District Court for the NMI entered a judgment in its favor in the amount of $766,595.33 plus post-judgment interest at the rate of 5.39% per annum against IPI on Aug. 29. The court later granted an amended judgment in favor SPLC in the amount of $28,641.55 plus post-judgment interest at the rate of 5.44% against IPI on Oct. 25.

Meanwhile, the Superior Court entered three judgments in favor of Fujitec against IPI: judgment in the amount of $1,288,603.95 plus post-judgment interest at the rate of 9% per annum on Jan. 3; judgment in the amount of $1,378,056.50 plus post-judgment interest at the rate of 9% per annum on Jan. 26; and three judgment on attorney’s fees and costs in the amount of $12,295.50 plus post-judgment interest at the rate of 3% per annum on April 14.

The Superior Court also entered a judgment in favor of IPWAN in the amount $188,125.30 plus post-judgment interest at the rate of 9% per annum against IPI on Dec. 13, 2022.

As for GT Building, the Superior Court entered a judgment in favor of the creditor in the amount of $833,816.48 plus post-judgment interest at the rate of 9% per annum against IPI on March 9, 2022.

GT Building also applied for two writs of executions against IPI, and another writ of execution remains pending. The amount seized from IPI to satisfy the GT Building judgment, including the pending writ of execution, is in the amount $74,086.89.

This leaves the remaining amount against IPI from the GT Building’s judgment at $759,729.59 plus post-judgment interest.