CNMI Court approves sales in fourth auction of IPI gaming equipment
The proceeds from the auction amounted to US$225,812.
Northern Mariana Islands.- The District Court for the NMI has given its approval for the sales made during the fourth auction of Imperial Pacific International gaming equipment. The sales were authorised according to the receivership granted in favour of USA Fanter Corp.
The receiver Clear Management, through its attorney Michael White, reported net sales of US$225,812 in the March 31 auction. Chief Judge Ramona V. Manglona approved the report along with the receiver’s previous request for the disbursement of funds related to expenses of US$11,554.26 incurred from March 1 to 31.
According to Saipan Tribune, Manglona’s court order states: “The court approves the report and account of the fourth auction and authorizes and directs Clear Management, Ltd., to collect the remaining 85 per cent of the successful bids, to execute appropriate bills of sale, and to deliver the items sold to the successful bidders. All proceeds of the sale will be maintained in The Law Offices of Michael A. White, LLC Escrow Trust Account, pending the further orders of the court.”
The fifth auction of IPI’s equipment is set to close on June 9. The combined sales from the second and third auctions amounted to US$353,642.
Earlier this week, the Commonwealth Casino Commission (CCC) said it will continue to closely monitor auctions of Imperial Pacific International’s gaming assets. In a meeting held on Tuesday (May 2), CCC vice chairman Ralph S. Demapan said the commission was working with IPI’s security guards as it still has an interest in some of the gaming assets bearing the Commonwealth seal.
