CNMI court approves disbursement of funds from IPI auctions

Clear Management has received approval for the disbursement from Imperial Pacific’s gaming equipment sales.

Northern Mariana Islands.- The District Court for the NMI has approved Clear Management Ltd.’s request for the disbursement of funds from its auctions of Imperial Pacific International’s gaming equipment. Some US$35,424.92 in commission on sales from the second and third auctions were held in escrow.

The court has also approved the payment request for expenses incurred from December 8, 2022 up to February 28, 2023, totalling US$43,533.

Clear Management was appointed as receiver and authorised to sell IPI’s gaming equipment due to USA Fanter’s case against IPI for its failure to pay US$2.08m for construction work on the VIP wing and exterior of its hotel-casino in Garapan. Clear Management was entitled to a 10 per cent commission on all sale proceeds.

On February 14, the court approved Clear Management’s report on the sales made at the second and third auctions totalling US$252,092 and US$101,550, respectively. Additionally, Clear Management received US$607.20 from Angel Playing Cards for the sale of additional playing cards. The total sales, on which the commission is due, amount to US$354,249.20.

Meanwhile, Cui Lijie, the majority owner of Imperial Pacific International, has said she is seeking new investors to help reopen the operator’s Garapan casino resort. In an interview with Mariana’s Variety, she admitted that investor interest had fallen off due to negative stories about IPI but said the company was doing all it can to improve the situation.