Palacios says IPI no longer viable

Gov. Arnold I. Palacios said yesterday that the Commonwealth needs to fully accept the fact that Imperial Pacific International (CNMI) LLC is no longer a viable company to move forward with the casino industry.

“And so, we just got to put a closure to it and move on. Maybe, we’ve made a mistake. They made a mistake,” said Palacios in an interview.

The governor said he was not surprised when IPI filed a Chapter 11 bankruptcy petition in federal court last Friday. “I knew that at some point that it’s going to end up like that,” he said, adding that there is no more settlement discussion with IPI.

Palacios said when IPI’s parent company is being liquidated in Hong Kong and the other company, Best Sunshine, that is registered in the British Virgin Islands, basically this company is all over the place with over $150 million in debt.

He noted that even IPI’s attorney is saying that they don’t have any money.

“What are we going to settle? You know, so like I always said it’s like running around in a big field chasing butterflies with no end to it,” the governor said.

Arnold I. Palacios