IPI receiver seeks approval of results of sixth auction

The auction was held on September 8.

Northern Mariana Islands.- Clear Management has requested approval of the sales made in the sixth auction of Imperial Pacific International (IPI)’s gaming equipment. It has also requested related commissions, expenses and attorney’s fees.

The auction was conducted on September 8 and saw successful bids from four purchasers, totalling US$100,539. Certain items failed to secure bids that met their reserve prices, prompting their inclusion in a subsequent auction.

Clear Management seeks a commission of 10 per cent on the successful bids, amounting to US$10,053.90. The receiver is requesting approval for expenses incurred from August 1 to September 8 totalling US$25,097.73. An order for attorney’s fees and expenses incurred through July 31 amounting to US$1,352.40, is also part of the court petition.

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.

Meanwhile, Joshua Gray, IPI’s former director of operations, is seeking receivership proceedings to satisfy a judgement won in a discrimination lawsuit against the casino operator. Century Estate Investment Limited, a British Virgin Islands-based investment firm that loaned IPI US$9m, is contesting the appointment, arguing that its case should take precedence.