Judge OKs sale of Fund’s San Vicente property

U.S. District Court for the NMI Bankruptcy Division designated judge Robert J. Faris has issued an order approving the sale of the NMI Retirement Fund’s 886-square-meter property in San Vicente for $125,000.

In the order issued Monday, Faris said he has determined that the relief sought is in the best interests of the Fund, its estate, creditors, and all parties in interest.

The judge also noted that no objections were filed to the Fund’s motion to seek the court’s authority to approve the sale of the property.

Faris waived the 14-day stay period of his order and ordered that the Fund may proceed to close on the proposed transaction immediately upon entry of his order.

Jeremy B. Coffey, the Boston-based counsel for Fund, stated in the motion that selling the property is in the best interest of the estate and its creditors because the sale proceeds will increase the estate’s cash assets to the benefit of all creditors and divest a non-core asset.

Coffey said that, on May 18, 2012, the Fund and James H. Arriola entered into a purchase and sale agreement. The Fund agreed to sell the property to Arriola for $125,000, the estimated fair market value of the property.

The Official Committee of Unsecured Creditors did not object to the Fund’s request.

By Ferdie de la Torre

Ferdie De La Torre | Reporter
Ferdie Ponce de la Torre is a senior reporter of Saipan Tribune. He has a bachelor’s degree in journalism and has covered all news beats in the CNMI. He is a recipient of the CNMI Supreme Court Justice Award. Contact him at ferdie_delatorre@Saipantribune.com

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