Imperial Pacific International has confirmed it will provide a $2.45m defendant’s appeal bond for the judgement in the lawsuit filed by USA Fanter Corp.
Northern Mariana Islands.- Imperial Pacific International has agreed to provide $2.45m in replacement bonds as a security for the judgment in the lawsuit brought by USA Fanter Corp against the casino operator. The two companies’ attorneys proposed a provision regarding the security interest provided by IPI related to its motion to suspend the judgment during the appeal period.
According to Mariana’s Variety, IPI has agreed not to object to receivership nor to bring a motion for a further stay of the receivership if it fails to obtain the bond before December 15.
A week ago, the receiver Clear Management Ltd postponed its first scheduled auction for the sale of IPI’s assets for 30 days. The decision was taken to allow IPI more time to settle a lawsuit with a former contractor. The sale will be cancelled if IPI can reach an agreement before December 15.
The first of the six auctions was originally scheduled to be held on November 30, to raise funds to pay an unpaid balance of around $2m. If the parties cannot agree on terms, the first auction will go ahead on December 31, with five auctions to follow. Clear Management expects to receive fees and costs in the event of termination.