IPI creditors pursue over US$5m in unsettled judgments

A coalition of creditors has lodged a joint writ of execution.

Northern Mariana Islands.- Several IPI creditors have lodged a joint writ of execution to demand payment of unsatisfied judgments. The creditors are seeking to recover judgments totalling more than US$5m.

USA Fanter, Fujitec Pacific, Hemine Ipwan Islam, GT Building Systems International, Artman and James Whang filed the application at the US District Court for the Northern Mariana Islands (NMI). They seeks authorisation to execute against various properties owned by IPI, including vehicles, liquor, crystal dragons, computer hardware, furniture and equipment and casino-related and security equipment. 

According to the application, on March 20, 2023, the district court entered a judgment in favour of USA Fanter for US$500,000, plus post-judgment interest rates at 4.34 per cent per annum against IPI. On January 17, the U.S. District Court for the NMI also entered a judgment in favour of Artman in the amount of US$106,890 plus post-judgment interest.

As for South Pacific Lumber (SPLC), the court entered a judgment for US$766,595.33 plus post-judgment interest at the rate of 5.39 per cent on Aug. 29. The court later granted an amended judgment on Oct. 25. Meanwhile, the Superior Court entered three judgments in favour of Fujitec. The Superior Court entered a judgment in favour of IPWAN on December 13, 2022. As for GT Building, the Superior Court entered a judgment on March 9, 2022.

See also: IPI sues CCC for alleged breach of casino licence agreement