Clear Management seeks release of US$35K in commission from IPI auctions

Clear Management is claiming payment of the commission on its auctions of IPI’s gaming equipment.

Northern Mariana Islands.- Clear Management has requested the release of over US$35,000 in commission earned from its latest auctions of Imperial Pacific International’s gaming equipment. As receiver, Clear Management is entitled to a 10 per cent commission on the proceeds of US$354,240 raised in the auctions.

Clear Management’s lawyer, Michael White, has requested the US District Court for the NMI authorise the release of the funds held in an escrow trust account by The Law Offices of Michael A. White, LLC.

The second auction of IPI equipment attracted eight bidders, of which only four were successful. The total value of acceptable bids was US$252,092. In a third auction, six bidders submitted bids for 14 lots. Of the three successful bidders, two were successful bidders from previous auctions and one was a new bidder. The total value of the accepted bids was US$101,550.

IPI owes over US$55.4m in fees to CCC

The Commonwealth Casino Commission (CCC) chairman Edward C. Deleon Guerrero has said that IPI now owes over US$55.4m in unpaid licence and regulatory fees. It has not paid its fees since 2020 due to the pandemic.

Guerrero said IPI owes the CCC more than US$46m in accrued US$15.5m annual license fees and US$9.4m for its US$3.1m annual regulatory fee.