Tinian Shipping, represented by lawyer Anthony Long, yesterday paid the court $800,000 representing the loan payment which the company is obligated to pay to Debis Financial Inc. every six months.<\/p>\n
The court will turn over the amount of $753,270. to Carlsmith Ball Trust Account to be made available to Debis Financial’s attorney, David Ledger.<\/p>\n
Munson also told the Marshal and the court custodian, Allied Marine Surveyors, to continue monitoring the operation of vessels “until further order.”<\/p>\n
At the same time, Munson instructed Long and Ledger “to confer in good faith” in order to resolve their differences on whether the leasehold mortgage is acceptable as a substitute security.<\/p>\n
The Tinian Casino Gaming Control Commission last week allowed Tinian Shipping’s parent company, Hong Kong Entertainment Ltd., to execute a leasehold mortgage on the real estate property where its hotel casino is situated in favor of the Clerk of Court of the U.S. District Court.<\/p>\n
Hong Kong Entertainment owns a lease on some 125,457 square meters of lot now occupied by Tinian Dynasty Hotel & Casino on the island-municipality of Tinian. This shall be mortgaged to the Clerk of Court as security for the release of M\/V Tinian Express and M\/V Saipan Express.<\/p>\n
Long proposed the leasehold mortgage as substitute security for the vessels during Friday’s hearing at the federal court.<\/p>\n
He said the seizure of the vessels prohibits the company from generating the funds needed to defend or negotiate for a settlement of the case.<\/p>\n
Debis Financial, however, is not interested in the leasehold mortgage as substitute security.<\/p>\n
Debis Financial claims that Tinian Shipping owns the company $7,566,511.33 in principal, aside from accrued interests through Feb. 28 of this year in the amount of $11,555.06 and $75,314.08 in late charges.<\/p>\n
Tinian Shipping has admitted that it has not paid the entire amount but maintains that Debis has no right to foreclose on the ship’s mortgage.(MCM)<\/p>\n","protected":false},"excerpt":{"rendered":"
Tinian Shipping, represented by lawyer Anthony Long, yesterday paid the court $800,000 representing the loan payment which the company is obligated to pay to Debis Financial Inc. every six months.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-48249","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\/48249","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=48249"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/48249\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=48249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=48249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=48249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}