IPI auction proceeds surpass US$1.4m
The CNMI and consenting judgment creditors will receive distributions from the auctions within 10 days of the court’s approval.
Northern Mariana Islands.- Clear Management, the entity overseeing the auctioning of Imperial Pacific International’s (IPI) properties, has accumulated over US$1.4m from seven auctions. The funds are now poised for distribution to consenting creditors pending approval from the U.S. District Court, scheduled for January 18.
In a notice filed with the court, Clear Management, represented by attorney Michael White, reported that bids totalling US$1,933,098 were accepted, with an official collection of US$1,879,703, inclusive of amounts from the latest auction.
The entity is now prepared to initiate distributions within 10 days of court approval to creditors who have provided consent and to the Commonwealth of the Northern Mariana Islands (CNMI).
The consenting judgment creditors include various entities such as Joshua Gray, Winzy Corporation, USA Fanter Corp. Ltd., Kan Pacific, Art Man Environmental Corp., and others.
According to The Saipan Tribune, although Clear Management has collected over US$1.8m from IPI auctions, approximately US$1,460,000 remains available for distribution to creditors after factoring in commissions and expenses.
The notice suggests a proposed distribution of US$1,460,000 to judgment creditors and requests that recipients inform Michael White of their preferred payment details within 48 hours of court approval.
According to Clear Management, there will be future costs and expenses to pay: a pending petition for US$18,819.90 in expenses by Clear Management, Michael White’s legal fees until December 31, 2023, a commission of US$2,514.00 for the seventh auction, and a commission of US$4,174 for when the chip bidder pays in full.
An eighth auction is scheduled for February 23.
IPI licence revocation hearing to take place on January 31
The Commonwealth Casino Commission (CCC) has announced that a hearing on the revocation of IPI’s casino licence has been set for January 31. IPI’s director How Yo Chi, however, disclosed plans to file a motion to stay the hearing.
The CCC had previously set a December 30, 2023, deadline for IPI to settle debts of over US$62m in annual exclusive casino licence fees and US$17.6m in regulatory fees for 2020-2023. IPI’s failure to pay these fees since the casino’s closure in March 2020 prompted the CCC’s enforcement actions. IPI says it should be exempt due to the Covid-19 pandemic.
