Although the U.S. District Court for the NMI has relieved Imperial Pacific International (CNMI) LLC of the final judgement granted in favor of U.S.A. Fanter Corp., Ltd., the receivership has not been dissolved completely as other creditors have stepped into USA Fanter\u2019s shoes as to the limited receivership. <\/p>\n
According to an order from District Court for the NMI Chief Judge Ramona V. Manglona, she found the $2.45 million bond secured by IPI was sufficient to relieve the casino investor of the court\u2019s judgment in favor of USA Fanter, which includes the limited receivership and the mechanic\u2019s lien the court granted in the contractor\u2019s favor. <\/p>\n
\u201cThe court finds that IPI has fulfilled its obligation to satisfy the bond requirements under Rule 62(b) and Local Rule 62.1 and therefore a stay of USA Fanter\u2019s judgment pending appeal is appropriate. Further, because all means of satisfaction of judgment are now stayed, relief from the limited receivership as applied to this case is warranted,\u201d she said.<\/p>\n
However, Manglona did not fully dissolve the receivership as other creditors have \u201cpiggybacked\u201d on the judgment originally granted in favor of USA Fanter. <\/p>\n
\u201cFederal Rule of Civil Procedure 60(b) states that the court may relieve a party\u2026from a final judgment, order, or proceeding based on a number of circumstances, including that the judgment has been satisfied, released, or discharged or any other reason that justifies relief. Here, because IPI has fulfilled its bond obligations, the court finds that relief under Rule 60(b) is appropriate in this case. This decision does not, however, dissolve the receivership as it applies to the Other Creditors just yet,\u201d the judge stated. <\/p>\n
Currently, the stay on the receivership until the end of January is as to the receivership between IPI and its other creditors. <\/p>\n
The court has ordered the parties to return to court on Feb. 3 to hear arguments on an extension on the stay of the receivership. <\/p>\n
In her order, Manglona also granted a stay on USA Fanter\u2019s previous motion for foreclosure of a mechanic lien. <\/p>\n
\u201cBecause the bond has been satisfied pursuant to Rule 62(b), all means of judgment including foreclosure of a mechanic\u2019s lien is now stayed. Therefore, USA Fanter\u2019s Motion to Foreclose Mechanic\u2019s Lien is now deemed withdrawn and\/or moot,\u201d Manglona said. <\/p>\n","protected":false},"excerpt":{"rendered":"
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