AS RECEIVERSHIP LOOMS
IPI ordered to provide list of assets
U.S. District Court for the NMI Chief Judge Ramona V. Manglona has ordered Imperial Pacific International (CNMI) LLC to prepare and provide a complete list of its assets no later than 5pm today, March 3.
Along with its assets, Manglona ordered IPI to provide all relevant payroll information and supporting documents involving back wages owed after the 2019 consent judgement that totals approximately $600,000.
IPI was also ordered to remit $1,182,793 owed in back wages to the USDOL under the 2019 consent judgment and was ordered to deposit $800,000 into an escrow (trusted) account to secure the future payment of wages for IPI by March 1.
If IPI does not comply with the order, Manglona said that the court will proceed with the appointment of a receiver to begin liquidating IPI’s assets to fulfill payment of the 2019 consent judgment.
IPI counsel Michael Dotts earlier said IPI would not be able to pay the $600,000 that is owed after the entry of the 2019 consent judgement to workers who have already been sent home.
Dotts raised a concern regarding the legal issue of the CNMI’s tax lien on its CNMI assets that could potentially require more liquidation than they originally contemplated.
Not only does IPI have to provide a list of assets, Manglona said that all parties—IPI, USDOL, and IPI’s parent company, Imperial Pacific International Holdings, Ltd.—have until 3pm today to submit any and all objections for Tang’s nomination as receiver.
In the same order, Juan Lizama, IPIH chair Cui Li Jie’s counsel, said that Cui would not object to Tang’s nomination as the receiver but they were still given until 3pm on March 3 to submit any objections.
Tang must also submit her amendments, if any, to USDOL acting secretary Milton Al Stewart’s proposed terms of receivership no later than 5pm on March 3.
Manglona said that the court acknowledged that there are potential expansions of the amount that is owed, as well as potential conflict of interests in the nomination of Tang.