Clear Management gets more time to inventory IPI assets
The inventory is the result of a discrimination lawsuit against IPI.
Northern Mariana Islands.- Clear Management has received approval from the US District Court for the Northern Mariana Islands for its request to more time to complete its inventory Imperial Pacific International’s assets for sale. The approval relates to its limited receivership associated with Joshua Gray.
Chief judge Ramona V. Manglona had appointed Clear Management as a limited receiver to oversee the sale of assets in accordance with a writ of execution issued by the court on August 16. The receivership order stipulated that Clear Management had 14 days to conduct an inspection, identifying all property subject to the writ and intended for sale.
On November 3, Clear Management requested an extension with the option to submit supplemental inventory lists on December 6 and as needed thereafter. Judge Manglona acknowledged that the declaration by Tim Shepherd, a principal of Clear Management, demonstrated the impracticality of completing the inventory by November 6 due to various challenges.
According to The Saipan Tribune, Clear Management noted that even after commencing the auction of gaming equipment, new items were continuously being discovered in unexpected locations. As a result, Clear Management and Joshua Gray, with mutual agreement, proposed the modification to allow for the efficient and thorough liquidation of IPI’s personal property.
Joshua Gray is a former director of operations who won a discrimination lawsuit against IPI. In May, the District Court for the NMI awarded Gray US$5.6m. The federal court granted him the right to participate in limited receivership proceedings on June 26, allowing him to pursue the execution.
