Imperial Pacific International (CNMI) LLC filed yesterday a lawsuit against a Las Vegas-based customer for allegedly failing to pay $747,000 in two loans. <\/p>\n
Imperial Pacific, through counsel Catherine J. Cachero, is suing Patrick Sun for default on loans.<\/p>\n
Imperial Pacific asked the Superior Court to hold Sun liable to pay judgment for all amounts due under the loans, plus interest, collection costs, and attorney\u2019s fees.<\/p>\n
Imperial Pacific demanded a jury trial.<\/p>\n
According to Cachero in the complaint, on May 30, 2017, Sun executed to Imperial Pacific a loan agreement and a promissory note.<\/p>\n
Cachero said Sun borrowed $1 million from Imperial Pacific.<\/p>\n
On June 6, 2017, Imperial Pacific approved Sun\u2019s request to increase his loan up to $2 million.<\/p>\n
Cachero said Imperial Pacific disbursed the amount during Sun\u2019s trip to Saipan, which ended on June 9, 2017.<\/p>\n
Cachero said Sun defaulted in payment of the first loan agreement and first note when he failed to pay the loans on the maturity date.<\/p>\n
As of the date of this complaint, the lawyer said, the amount due and owing to Imperial Pacific under the first loan agreement and first note is $447,000.<\/p>\n
Cachero said that, on June 28, 2017, Sun executed to Imperial Pacific a second loan agreement and a promissory note.<\/p>\n
Sun borrowed $300,000 from Imperial Pacific.<\/p>\n
Imperial Pacific disbursed to Sun the amount during his Saipan trip that ended on July 5, 2017.<\/p>\n
Cachero said Sun defaulted in payment of the second loan agreement and second note when he failed to pay on the maturity date.<\/p>\n
As of the date of this lawsuit, Cachero said, the amount due and owing to Imperial Pacific under the second loan agreement and second note is $300,000.<\/p>\n
The lawyer said under the two loan agreements, the annual interest rate on each overdue loan is 24 percent per annum.<\/p>\n","protected":false},"excerpt":{"rendered":"
Imperial Pacific International (CNMI) LLC filed yesterday a lawsuit against a Las Vegas-based customer for…<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1091,12497,21038,259],"class_list":["post-275159","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-imperial-pacific","tag-ipi","tag-las-vegas-based","tag-lawsuit"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/275159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=275159"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/275159\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=275159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=275159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=275159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}