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Receiver appointed in USA Fanter’s suit vs IPI
The U.S District Court for the NMI has appointed a receiver in the lawsuit filed by USA Fanter Corp. Ltd. against Imperial Pacific International (CNMI) LLC to administer, collect, or sell any casino gaming property owned by IPI.
Last week, District Court for the NMI Chief Judge Ramona Manglona granted the request of USA Fanter to appoint Clear Management Ltd. as the plaintiffs’ receiver in its suit against IPI.
Pursuant to the order, Clear Management is tasked to administer, collect, or sell any casino gaming property that IPI owns, and to perform any other acts required to satisfy the judgment of $2,089,345.28.
Manglona also ordered the parties to meet and discuss the details, terms, and conditions of the receivership.
According to court documents, USA Fanter, through attorney Colin Thompson, sought the appointment of the receiver because IPI failed to respond to the company’s demands for payment.
“The appointment of a receiver is necessary when the judgment debtor’s holdings are illiquid and complex because enforcement of the judgment by the sheriff would be impractical and unduly burdensome, and an ordinary sheriff’s sale is unlikely to result in the recovery of the full value of such assets,” Thompson said.
Thompson said he is working with other creditors to reach an agreement on a fair and orderly way to sell IPI’s assets and distribute the proceeds.
The attorney noted that if no agreement is reached, those creditors reserve the right to object to any proposed distribution of the sale proceeds for the assets that are the subject of this motion.
The federal court earlier granted USA Fanter’s request to authorize the sale of IPI’s assets, including its vehicles and casino gaming machines, to satisfy the over $2 million judgment previously entered against them.
