Court to rule on 3rd IPI auction next week
The U.S. District Court for the NMI is set to rule on the third auction of Imperial Pacific International (CNMI) LLC’s gaming equipment next week and will determine whether to approve the sale of not.
Last Friday, court-appointed receiver Clear Management Ltd., through attorney Michael White, asked the district court to approve the third auction of IPI’s gaming equipment.
Clear Management, as a receiver, is authorized to sell IPI’s casino gaming equipment pursuant to the court’s Oct. 26, 2021, memorandum decision, based on an outstanding judgment owed by IPI to plaintiff USA Fanter Corp.
Clear Management held the third auction on Jan. 6, 2023.
According to an order issued by District Court for the NMI Chief Judge Ramona Manglona yesterday, she will rule on the motion to approve the sale next week, Feb. 9.
Aside from the approval of sales, White also requested the court to issue an order directing the receiver to collect the remaining 85% of the successful bids, to execute the appropriate bills of sale, and to deliver the items sold to the successful bidders.
White told the court that following the Jan. 6 auction, bids were received from six bidders and bids were accepted for 14 lots from two different bidders, two of which were successful bidders in previous auctions, and one a new bidder.
White noted that the total value of the bids accepted was $101,550.
The lawyer explained that each of the successful bidders has paid 15% of the bid and those funds are being held in the Law Offices of Michael A. White LLC Escrow Trust Account, pending the further orders of the court.
Meanwhile, Clear Management is set to close the fourth series of IPI gaming equipment auctions next week, Feb. 9.
According to Saipan Tribune archives, to date, the total sales from the first two series of auctions amounted to $711,600.
The court has since approved the sales for the last two auctions.