Fourth IPI equipment auction raises over US$225K
The latest auction of IPI’s equipment had 31 lots on offer.
Northern Mariana Islands.- Imperial Pacific International’s receiver Clear Management has announced that the fourth auction of the company’s gaming equipment in the Northern Mariana Islands raised more than US$225,000. The auction concluded on March 31 with acceptable bids on 22 out of 31 lots.
The receiver reported that bids were received from 11 parties, seven of which were successful. The successful bidders have paid 15 per cent of the successful bids into the escrow trust account at the law offices of Michael A. White.
No bids were received on nine lots, and these items will be re-auctioned at the next auction. Clear Management incurred expenses of US$11,554 from March 1 to 30, as a result of the auction. According to Saipan Tribune, White has also asked the US district court to disburse funds for these expenses.
The fifth auction of IPI’s equipment is set to close on June 9. Clear Management was appointed to sell IPI’s gaming equipment after USA Fanter’s case against IPI for its failure to pay US$2.08m for construction work. It takes a 10 per cent commission on all sale proceeds.
A week ago, the District Court for the NMI approved Clear Management Ltd.’s request for the disbursement of funds from its previous auctions of IPI’s gaming equipment. Some US$35,424.92 in commission on sales from the second and third auctions were held in escrow.
