Century Estate opposes receiver appointment in IPI case

Century Estate argues that the appointment would hinder its efforts to recoup its interest.

Northern Mariana Islands.- Century Estate Investment has expressed opposition to a petition for the appointment of a receiver filed by Joshua Gray in a case against Imperial Pacific International (IPI).

Its attorney Matthew T. Gregory had already filed a motion to intervene in Gray’s pursuit in the US District Court for the Northern Mariana Islands. The company argues that its loan to IPI provided in February 2022, should take precedence over Gray’s claims.

The amount on Century Estate’s loan stands at US$9m, with an 8 per cent annual interest rate. Century Estate seeks the right to intervene and initiate the liquidation of assets. Gregory contends that appointing a receiver for Gray to seek the sale of IPI property would impede Century Estate’s efforts to recover its superior interest in secured collateral. 

He argues that the appointment would be premature and inappropriate given the protective nature of prevailing law concerning priority creditor interests. He asserts that Gray’s petition fails to consider the broader interests of creditors in the context of collateralised assets.

Meanwhile, IPI, represented by attorney Michael Chen, has opposed the appointment of Clear Management as a receiver. He raised concerns about negligence during Clear Management’s involvement in a previous case, which he claims resulted in damage to IPI property.