Imperial Pacific International (CNMI) LLC has posted a $2.45 million \u201csupersedeas\u201d bond to stay the limited receivership granted in favor of U.S.A. Fanter Corp. in its breach-of-contract lawsuit against the casino investor. <\/p>\n
IPI, through counsel Kevin T. Abikoff, filed notice with the U.S. District Court for the NMI yesterday, stating that in satisfaction of the terms of its stipulation with USA Fanter, it has secured a \u201csupersedeas\u201d bond in the agreed-upon amount of $2,450,000, secured by Suretech Insurance Company as surety on behalf of IPI as principal. <\/p>\n
Abikoff stated that pursuant to parties\u2019 stipulation regarding the motion to stay judgment pending appeal, IPI now requests approval of its supersedeas bond in the amount of $2.45 million, which will stay execution on the judgment pending appeal. <\/p>\n
\u201cIPI has submitted a supersedeas bond in the amount that the parties\u2019 stipulated would constitute sufficient security, and secured that bond by the date agreed between the parties. Additionally, pursuant to Federal Rule 62(c), IPI requests that the court also extend its stay of the limited receivership,\u201d he said. <\/p>\n
The lawyer argued that as USA Fanter\u2019s judgment is now sufficiently secured pending appeal, USA Fanter will not be substantially injured by a stay of the limited receivership. <\/p>\n
\u201cIPI submits that the balance of hardships favors a stay of the receivership to avoid the sale of IPI\u2019s property at depressed prices\u2014which would harm the interests of IPI as well as of its other creditors\u2014and to allow IPI\u2019s arguments to be fully heard on appeal, without incurring the extreme prejudice of having its assets sold by a receiver,\u201d Abikoff said. <\/p>\n
According to court documents, on Feb. 12, 2021, the court entered a judgment in favor of USA Fanter against IPI for a mechanic\u2019s lien in the amount of $2,089,345.28. <\/p>\n
On May 26, the court entered an amended judgment in favor of USA Fanter, against IPI for a mechanic\u2019s lien and a money judgment in the amount of $2,089,345.28, plus pre- and post-judgement interest and costs. <\/p>\n
However, on May 12, IPI filed a Notice of Appeal on these judgments. <\/p>\n
Last Oct. 26, the court issued a memorandum decision granting USA Fanter\u2019s motion to appoint a limited receiver to sell IPI\u2019s \u201ccasino gaming property\u201d in order to satisfy its judgment against IPI. <\/p>\n
On Nov. 29, IPI filed a motion to stay judgment pending appeal. That same day, the court granted a stay until Dec. 15, and ordered IPI and USA Fanter to attempt to negotiate a stipulation regarding sufficient security.<\/p>\n
On Dec. 8, IPI and USA Fanter jointly stipulated that should IPI secure a supersedeas bond in the amount of $2.45 million on or before Dec. 15, USA Fanter would agree that this constitutes sufficient security and would not oppose a stay of enforcement in this action. <\/p>\n","protected":false},"excerpt":{"rendered":"
Imperial Pacific International (CNMI) LLC has posted a $2.45 million \u201csupersedeas\u201d bond to stay the…<\/p>\n","protected":false},"author":24,"featured_media":357700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[12497],"class_list":["post-357699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","tag-ipi"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/357699","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=357699"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/357699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media\/357700"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=357699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=357699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=357699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}