Clear Management appointed as IPI receiver

The Court has appointed Clear Management Ltd as a receiver for the sale of IPI’s property following the lawsuit brought by USA Fanter Corp.

Northern Mariana Islands.- Chief Judge Ramona V. Manglona of the District Court for the NMI has granted USA Fanter Corp’s motion and appointed Clear Management Ltd as receiver for IPI’s sale. Clear Management will have the rights to sell IPI’s casino gaming equipment and any gaming equipment to fulfil the order.

Manglona said: “Clear Management shall possess all the powers of a federal equity receiver and is vested with the power and authority provided under Federal Rules of Civil Procedure 66 and 69 as well as Local Rule 63.16 to perform all acts deemed necessary to comply with this order.”

The court ordered IPI and its representatives to cooperate with the recipient’s efforts to fulfil all obligations. The judge said that Clear Management will pay 10 per cent of all sales revenue and reimburse expenses when the sales processes are completed.

USA Fanter had sued IPI for its inability to pay the full amount under its construction contract for labour and materials provided for the improvement of IPI’s property. According to Mariana’s Variety, IPI paid USA Fanter US$300,000 while the unpaid balance was around $2m.

Danny Ewing, director of operations at Clear Management, said: “There will be up to 6 auctions, conducted each month as we work through the inventory, the first of which is to be held on 30th November.”

IPI has revealed that the release of its 2020 annual report will be further postponed and has warned that it has drastically reduced the value of non-current assets of real estate, plant and equipment. The asset impairment is expected to be no less than HK$4.46bn. The book value of the equipment is now HK$2.65bn, compared with a valuation of $7.1bn at the end of last year.