CCC files memorandum supporting motion to dismiss IPI complaint
A hearing has been scheduled for July 25.
Northern Mariana Islands.- The CCC and board chair Edward C. Deleon Guerrero, vice chair Rafael S. Demapan and board member Mariano Taitano have filed a memorandum supporting their motion to dismiss IPI’s First Amended Complaint under Federal Rule of Civil Procedure 12(b)(1).
The motion asserts that the court lacks subject-matter jurisdiction and argues that IPI has failed to present a legitimate case or controversy under Article III of the U.S. Constitution. A hearing has been scheduled for July 25.
IPI to be delisted from the Hong Kong Stock Exchange
IPI will be removed from the Hong Kong Stock Exchange on June 17 at 9am. According to a letter from the Stock Exchange dated June 3, IPI was informed that the last day of listing will be June 14.
The company applied for Chapter 11 bankruptcy in April to restructure its debts. Earlier this month, chief judge Ramona V. Manglona of the District Court for the NMI approved a request by the casino operator for debtor-in-possession (DIP) financing allowing an interim withdrawal of US$400,000.
