Court to rule on third auction of IPI gaming equipment next week
The District Court for the NMI will determine whether to approve the sale of IPI’s gaming equipment.
Northern Mariana Islands.- The District Court for the NMI will decide next week whether to approve the sale of Imperial Pacific International (IPI) gaming equipment through a third auction that took place on January 6. The court will decide whether to approve the sale on February 9.
Clear Management Ltd, the court-appointed receiver, requested the approval through attorney Michael White last week. White requested the court order the receiver to collect the remaining 85 per cent of successful bids, execute the appropriate bills of sale and deliver the items to the successful bidders.
According to White, six bids were received during the third auction with sales of 14 lots granted to two bidders, with a total value of $101,550. Each successful bidder has already paid 15 per cent of the bid. The funds are being held in an escrow account pending further court orders.
Clear Management will hold its fourth series of IPI gaming equipment auctions on February 9. The sale will focus primarily on IPI’s remaining slot machine inventory. Approved sales from the first two auctions raised $711,600. Meanwhile, IPI is looking for investors to help it reopen its casino in Saipan next year.
