Commonwealth Casino Commission executive director Andrew Yeom said yesterday that they are monitoring the movements involving Imperial Pacific International (CNMI) LLC\u2019s gaming assets that will soon be auctioned.<\/p>\n
In his report during the CCC board\u2019s meeting at the Springs Plaza Building in Gualo Rai, Yeom said he, the Information Technology team, together with the Enforcement and Investigations team, have been communicating with Clear Management Ltd. to collectively manage the movement of these IPI assets as carefully as possible leading up to the auctions.<\/p>\n
Clear Management Ltd. was appointed as receiver by the U.S. District Court for the NMI last month after IPI was ordered to pay $2.1 million to USA Fanter Corp. for construction work at IPI\u2019s casino\/resort project in Garapan, Saipan.<\/p>\n
Clear Management\u2019s first of six auctions to sell IPI\u2019s gaming equipment will be held this Tuesday, Nov. 30.<\/p>\n
Yeom said they will be tracking all of the IPI items that are sold through these auctions to identify to whom they are sold to by acquiring copies of all of the bill of sales. <\/p>\n
\u201cBy doing so, we can mitigate some of the unlicensed business applications in this jurisdiction as much as possible,\u201d Yeom said.<\/p>\n
He said, though, that they just recently learned that IPI has asked the District Court to vacate the receivership. Apparently, Yeom said, IPI has come up with the $2 million it owes USA Fanter Corp. Ltd. and wants the court to set aside\/cancel this receivership\/writ of execution.<\/p>\n
Yeom is referring to IPI\u2019s filing of a motion before the federal court to vacate the receivership decision and terminate the limited receiver.<\/p>\n
In the alternative, IPI asked the court to stay or suspend the proceedings until the U.S. Court of Appeals for the Ninth Circuit resolves IPI\u2019s appeal.<\/p>\n
IPI proposed, instead of auctions, to place more than $2 million in a restricted account controlled by the court to secure USA Fanter\u2019s judgment amount of $2,089,345.<\/p>\n
The court set to hear IPI\u2019s motion tomorrow, Friday. <\/p>\n","protected":false},"excerpt":{"rendered":"
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