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IPI auctions net receiver over $70K commission
The receiver tasked with auctioning off Imperial Pacific International CNMI LLC’s assets to satisfy outstanding court judgments has reportedly earned over $70,000 as commission from the recent court-approved sales.
According to a recent motion filed by Clear Management Inc.’s attorney Michael White, he is seeking the release of the commission earned by the receiver from previous court-approved sale of IPI properties. When the U.S. District Court for the NMI appointed Clear Management as the receiver in IPI’s case, the court provided that Clear Management would be entitled to a 10% commission on all proceeds.
Following the last two auctions, Clear Management reportedly received $301,500 from Angel Playing Cards for the sale of dealing shoes, and $410,100 from the first IPI auction that concluded on Nov. 16.
This means that, to date, the sale of IPI’s assets has already netted $711,600, which therefore means that Clear Management’s commission is $71,160, White said.
White also added that, pursuant to the appointment of Clear Management as a receiver, it is entitled to a reimbursement of reasonable expenses incurred in connection with the sale of IPI’s gaming equipment.
Clear Management’s total expenses to date amount to $37,867.81.
White asked the court to authorize the disbursement of funds held in the escrow account for the commission in the sale of IPI’s gaming equipment.
Meanwhile, White also asked the court for an order approving the report and account of the second auction that concluded last Dec. 8.
In addition, the lawyer asked the court to authorize Clear Management to collect the remaining 85% of the successful bids, execute appropriate bills of sale, and deliver the items sold to successful bidders.
According to White, the total amount of the acceptable bids in the second auction was $252,092.
He said several lots were unsold, because no qualified bids were received or because the bids fell below the reserve price established by the receiver.
Chief Judge Ramona V. Manglona scheduled a hearing for Feb. 9, 2023, regarding the disbursement of funds and the approval of the second auction sales.
