Kan Pacific asks court to seize IPI’s assets
In an attempt to get Imperial Pacific International (CNMI) LLC to comply with a previous court judgment, Kan Pacific Saipan Ltd. has applied for a writ of execution seeking the seizure IPI properties.
Kan Pacific, through attorney Joseph J. Iacopino, has filed the application for a writ of execution last Saturday.
According to the application, Kan Pacific wants the U.S. District Court for the NMI to authorize the seizure of IPI’s vehicles, liquor, and other available property belonging to the casino investor that can be sold to satisfy the over $600,000 judgment they were granted last year.
“Plaintiff requests the court to issue a writ of execution to have IPI’s vehicles, IPI’s liquor, IPI’s dragons, IPI’s computer hardware, IPI’s furniture and equipment, and IPI’s casino related and security equipment,” said Iacopino.
“Plaintiff further requests that the court include in its writ any other non-exempt personal property that are identified by plaintiff, sold in an auction in order to pay plaintiff and satisfy the judgment,” Iacopino added.
Iacopino added that the seizure and sale of IPI’s property may stop once the judgment has been satisfied.
“The total resale value of these assets will likely not exceed the value of plaintiff’s judgment; and, if the funds from the sale are sufficient to pay the judgment, then the further sale of IPI’s assets may be stopped. Plaintiff also requests that the court order IPI to maintain any required registrations and insurance for all of the assets identified above, and any other personal property, and maintain these items in good condition. The order should also require IPI to store each seized item in its current location,” he said.
According to a previous article on the Saipan Tribune, Kan Pacific filed a complaint against IPI last Aug. 14 in federal court, alleging that IPI has continuously failed and refused to pay Kan Pacific even after the court already issued a default judgment against the casino investor back in 2022.
Kan Pacific sued IPI in 2021 for failing to fulfill its obligation under an agreement they had back in May 2016. Specifically, IPI was obligated to pay Kan Pacific annual payments, among other things, amounting to over $400,000 in June 2020, June 2021, and June 2022.
The court issued a default judgment against IPI amounting to over $600,000 but to date, IPI has yet to make payments.
Kan Pacific alleges IPI now owes another $200,000 for its June 2023 annual payment.
As relief, Kan Pacific wants the court to set the matter for a jury trial, order IPI to pay damages, the sum owed, the costs to file the suit, prejudgment interest, attorney’s fees, and other relief deemed appropriate by the court.
The case arises from written agreement that was entered between Kan Pacific and IPI on or about May 9, 2016. The agreement essentially transferred all assets and operations from Kan Pacific to IPI and required Kan Pacific to encourage present employees to join IPI.
The agreement was meant to incentivize and compensate Kan Pacific for the closure of Kan Pacific’s business operations prior to the termination of its lease agreement. As part of the consideration for entering into the agreement, IPI became contractually and legally bound and obligated to pay Kan Pacific the sum of $5 million, which was to be satisfied by making 25 annual payments to Kan Pacific in the amount of $200,000 on June 1 of each calendar year starting on June 1, 2017.
IPI made the first three annual payments that were due in June 2017, June 2018 and June 2019. However, Iacopino said IPI failed and refused to tender any portion of the amount that became due and owing on June 1, 2020.
This case was originally filed with the Superior Court but was dismissed back in July 2021.
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