IPI to guarantee bonds to further extend receivership

IPI continues to face multiple lawsuits.
IPI continues to face multiple lawsuits.

IPI will provide security to suspend enforcement of other creditors’ judgments.

Northern Mariana Islands.- Imperial Pacific International has agreed to provide sufficient security to suspend enforcement of other creditors’ judgments, which will further suspend the receivership currently scheduled to resume next month.

According to a joint provision, other creditors approached by USA Fanter have been working to reach a definitive agreement with IPI.

Ping Shun Corp, one of the creditors, said in a statement shared by Saipan Tribune: “In the event IPI defaults, as defined in the Stay Agreement, including by failing to increase the value of the supersedeas bond to $445,000 on or before Feb. 22, and fails to cure the default within the cure period defined in the stay agreement, then the $250,000 supersedeas bond posted by IPI shall be promptly released to Ping Shun.” 

Chief Justice Ramona Manglona said in a previous order that she did not fully discharge the receivership because other creditors had supported the original judgment against USA Fanter.

A few weeks ago, Manglona revealed “IPI fulfilled its promise to secure a bond totalling $2.45m” for the judgement in the lawsuit filed by USA Fanter Corp. In her order, the judge also approved IPI’s motion to suspend the judgment during the appeal period; to approve the appeal deposit; to suspend the execution of the judgment during the appeal period, and to stay the receivership.

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GAMBLING REGULATION Imperial Pacific IPI