Initial inventory of IPI’s personal property completed

The limited receiver in the Joshua Gray case against Imperial Pacific International (CNMI) LLC has filed its initial inventory notice with the U.S. District Court for the NMI.

Clear Management Ltd., through lawyer Michael White, filed Friday a notice with the District Court for the NMI informing the court that it has conducted an initial inventory of IPI personal property that will be sold in an auction to satisfy the outstanding judgment the court previously granted in favor of Gray.

The initial inventory list is not complete, though, White said, so Clear Management will have to file a supplemental inventory list on or before Dec. 6.

The U.S. District Court for the NMI granted over a week ago Clear Management’s request to modify its limited receivership in the Gray case, giving it three more days to inventory IPI’s properties that will be sold off.

U.S. District Court for the NMI Chief Judge Ramona V. Manglona named Clear Management last Oct. 23 as limited receiver to sell certain assets of IPI pursuant to a writ of execution issued by the court on Aug. 16.

The receivership order of Oct. 23 stated that Clear Management will perform a thorough inspection to locate all of IPI’s personal property, wherever located, to create an inventory of all specific items in IPI’s possession that it believes are subject to the writ and that it intends to sell.

On Nov. 3, Clear Management asked the court to modify this portion of the order to allow Clear Management to file an initial inventory list by Nov. 10, but then to later file a supplemental inventory list on Dec. 6, and additional lists as become necessary.

In her order, Manglona stated that the declaration of Tim Shepherd, a principal of Clear Management, demonstrates that it would not be possible for Clear Management to guarantee that it has inventoried all personal property belonging to IPI by Nov. 6, for a variety of reasons, therefore its motion for modification is warranted.

“Further, Clear Management noted that during its experience as limited receiver…regarding the gaming equipment, it continued to discover new items in unexpected places even after the auction had commenced. Accordingly, Clear Management, with the agreement of…Joshua Gray, requested that it be permitted to file supplemental inventory lists as needed. Clear Management and Gray agree that this is the most prudent path to ensure the efficient and thorough liquidation of IPI’s personal property. For good cause appearing, the court hereby grants the request to modify the receivership order. Specifically, Clear Management shall file an initial inventory list on or before Nov. 10. …IPI shall have seven days to file any objections to the inventory…,” said Manglona.

In addition, Manglona stated Clear Management must file a supplemental inventory list on or before Dec. 6.

“Clear Management shall then be permitted to file additional supplemental inventory lists as it deems necessary…” said Manglona.