Fifth IPI equipment auction set for September
The Commonwealth Casino Commission vice chair Rafael S. Demapan says most of IPI’s gaming equipment in the Northern Mariana Islands has already been sold.
Northern Mariana Islands.- Rafael S. Demapan, the vice chair of the Commonwealth Casino Commission (CCC) has disclosed during a board meeting that the fifth auction of Imperial Pacific International (IPI)’s gaming equipment is scheduled to take place in September. He said most equipment from the Garapan casino had now been sold following the fourth auction.
Demapan said: “Most of it is gone, but there are [still] some.”
The auctions were mandated by a federal court as part of the receivership granted to IPI’s former contractor, USA Fanter Corp., which filed a lawsuit against IPI for unpaid materials and services. The proceeds from the auctions are intended to repay USA Fanter Corp.
The fourth auction raised more than US$225,000. It concluded on March 31 with acceptable bids on 22 out of 31 lots. The US District Court for the Northern Mariana Islands has granted the US Marshals Service the authority to seize vehicles owned by IPI to pay a court order in favour of USA Fanter Corp for failure to pay for labour and construction materials.
The court order states that IPI vehicles, including heavy equipment, have an estimated value of US$1m. However, the court acknowledges that the vehicles may have depreciated due to a lack of maintenance.
