CNMI Court approves second and third auctions of IPI gaming equipment

The third of up to six auctions of IPI’s assets closed on January 6.
The third of up to six auctions of IPI’s assets closed on January 6.

The proceeds from the auctions amounted to US$353,642.

Northern Mariana Islands.- The District Court for the NMI has approved the sales agreed in the second and third auctions of Imperial Pacific International (CNMI) LLC’s gaming equipment. 

Chief Judge Ramona V. Manglona has given the green light to the court-appointed receiver, Clear Management, to confirm the sales. Manglona also granted the receiver’s request for commission, expenses and attorney fees incurred up to December 2022. The combined sales from the second and third auctions amounted to US$353,642, according to Saipan Tribune.

Clear Management, through its attorney Michael White, had requested the court’s approval of the sales results and issuance of an order directing the receiver to collect the remaining 85 per cent of the successful bids, execute the bills of sale, and deliver the items to the successful bidders. 

White told the court that eight bidders participated in the second auction, with four being successful. Out of the four, two were successful bidders from the first auction, while the other two were new.

In the third auction, White reported that bids were received from six bidders and were accepted for 14 lots from two bidders, two of which were successful bidders in previous auctions, and one a new bidder. The total value of the accepted bids was US$101,550.

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Imperial Pacific International IPI