{"id":408248,"date":"2024-04-25T14:00:00","date_gmt":"2024-04-25T14:00:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=408248"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"Palacios-says-IPI-no-longer-viable","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/Palacios-says-IPI-no-longer-viable\/","title":{"rendered":"Palacios says IPI no longer viable"},"content":{"rendered":"<p>Gov. Arnold I. Palacios said yesterday that the Commonwealth needs to fully accept the fact that Imperial Pacific International (CNMI) LLC is no longer a viable company to move forward with the casino industry.<\/p>\n<p>\u201cAnd so, we just got to put a closure to it and move on. Maybe, we\u2019ve made a mistake. They made a mistake,\u201d said Palacios in an interview.<\/p>\n<p>The governor said he was not surprised when IPI filed a Chapter 11 bankruptcy petition in federal court last Friday. \u201cI knew that at some point that it\u2019s going to end up like that,\u201d he said, adding that there is no more settlement discussion with IPI.<\/p>\n<p>Palacios said when IPI\u2019s parent company is being liquidated in Hong Kong and the other company, Best Sunshine, that is registered in the British Virgin Islands, basically this company is all over the place with over $150 million in debt.<\/p>\n<p>He noted that even IPI\u2019s attorney is saying that they don\u2019t have any money.<\/p>\n<p>\u201cWhat are we going to settle? You know, so like I always said it\u2019s like running around in a big field chasing butterflies with no end to it,\u201d the governor said.<\/p>\n<p> <img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"https:\/\/www.saipantribune.com\/wp-content\/uploads\/images\/imgupload\/726bace536ca9055ded6bcf3ba13de27.jpg\" width=\"480\" height=\"360\" \/><\/p>\n<p>Arnold I. Palacios<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gov. Arnold I. Palacios said yesterday that the Commonwealth needs to fully accept the fact&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-408248","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/408248","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=408248"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/408248\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=408248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=408248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=408248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}