IPI receiver asks court to release over $35K commission
Clear Management Ltd., the court-appointed receiver tasked with selling off Imperial Pacific International (CNMI) LLC’s gaming equipment to satisfy pending judgments against them, has asked the U.S. District Court for the NMI to release over $35,000 in commission it earned following two recently approved auctions.
Michael White, Clear Management’s lawyer, has asked the District Court for the NMI to authorize the release of over $35,000 collected from the second and third auction of IPI’s gaming equipment as commission for the sale of the equipment.
“Clear Management respectfully moves that the court authorize and direct disbursement, from funds held in the Escrow Trust Account of The Law Offices of Michael A. White, LLC, to Clear Management, Ltd., as commission on the sales at the second and third auctions, and as commission on the sales of additional playing cards to Angel Playing Cards, in the amount of $35,424.92,” said White.
According to the memorandum submitted in support of the motion, Clear Management is entitled to 10% commission on all proceeds earned from the IPI auctions.
“In its memorandum decision appointing Clear Management as limited receiver, this court provided that Clear Management would be entitled to a commission of 10% on all sales proceeds. In its order on Feb. 14, 2023, the District Court approved the receiver’s report of the sales made at the second and third auctions, $252,092.00 and $101,550.00, respectively. In addition, the receiver has recently received the sum of $607.20 from Angel Playing Cards, for the sale of additional playing cards. Thus, the total sales on which commission is due are $354,249.20. Clear Management’s 10% commission is $35,424.92,” White said.
According to court documents, after the second auction, bids were received from eight bidders but only four were successful.
Of the four successful bidders, two were successful bidders from auction one and two were new bidders. There were four unsuccessful bidders, of which one was a successful bidder from auction one, White told the court.
The total of the acceptable bids was $252,092.
Following the third auction, White said bids were received from six bidders.
White informed the court that 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 said the total value of the bids accepted was $101,550.
The court officially approved these sales last Feb. 9.