Clear Management concludes auction of IPI vehicles

Clear Management concludes auction of IPI vehicles

Two crystal dragons have also drawn interest.

Northern Mariana Islands.- Court-appointed receiver Clear Management has reported that it has sold all 11 luxury vehicles belonging to casino operator Imperial Pacific International (IPI) as part of its latest auction. Principal Tim Shepherd said all vehicles were sold for prices above their reserves.

He also said that the receiver had received interest from parties in Dubai and Saudi Arabia in the two crystal dragons that adorned the Imperial Palace Saipan lobby with over 2.5 million Swarovski crystals. The deadline for bids is August 22 and the initial bidding price US$500,000. A forthcoming auction scheduled for June 6 includes VIP passenger vans and construction equipment. 

On Friday (April 11), the Commonwealth Casino Commission (CCC) granted a 10-day extension for negotiations with IPI as it seeks to finalise a settlement agreement. Executive director Andrew Yeom said the parties were negotiating the terms of the proposed settlement agreement under which IPI would pay US$24m this year. This includes a US$3.1m payment for its 2020 regulatory fee by April 22. 

In this article:
Imperial Pacific International