Clear Management seeks release of US$21K in commission from IPI auctions

The court-appointed receiver for Imperial Pacific International (IPI) has requested its commission for selling the company’s gaming equipment.

Northern Mariana Islands.- Clear Management has requested the release of US$21,056.20 in commission from its auctions of Imperial Pacific International’s gaming equipment. Attorney Michael White submitted the motion for the disbursement on June 3.

The motion referenced a court order from May 1, 2023, wherein the court approved the receiver’s report and account of the fourth auction. The bids received during the auction amounted to US$225,812. The amount received by Clear Management so far stands at US$184,062 as bidder David Albanese has yet to pay US$41,750 for his purchases, which totalled US$70,975.

In addition to the auction proceeds, Clear Management also engaged in the sale of playing cards to Angel Playing Card company. White told Mariana’s Variety the initial deposit paid by APC was US$26,500, with an additional payment of US$607.20 made after the final number of playing cards was determined. Clear Management previously received a commission of US$607.20 but did not apply for a commission on the original deposit.

Taking into account the actual sales receipts from the fourth auction, totalling US$184,062, and the amount received from Angel Playing Cards, the total upon which a sales commission is requested is US$210,562. Attorney Michael White asserted that Clear Management is entitled to a sales commission of 10 per cent, amounting to US$21,056.20.

A week ago, Clear Management informed Chief Judge Ramona V. Manglona that it intends to hold a negotiated bulk sale of IPI’s remaining property, subject to court approval. The sale would be held after the sixth auction of gaming equipment scheduled for August or early September.