IPI’s receiver Clear Management has announced that six auctions will be held.
Northern Mariana Islands.- Clear Management Ltd was appointed as receiver for the sale of casino operator IPI’s property in the Northern Marian Islands in October following a lawsuit brought by USA Fanter Corp. It says it’s now reviewed IPI’s gaming equipment and found the assets to be in good condition.
Clear Management told Asian Gaming Brief six auctions will be held to sell the equipment in order to raise funds to pay back USA Fanter Corp. USA Fanter had sued IPI for its inability to pay the full contract for labour and materials provided for the improvement of IPI’s property. According to Mariana’s Variety, IPI paid USA Fanter US$300,000 while the unpaid balance was around $2m.
Danny Ewing, director of operations for Clear Management, said: “We were granted access to the casino floor earlier this month and we’re pleased to see that not only was the inventory which had been handed to us by IPI accurate but that much of the equipment was in good shape.”
Clear Management has set up a website to provide potential buyers with the information they need to bid.
Ewing said: “We wanted to make it very straightforward for buyers to bid, so we display the assets working on a video and/or pictures and are asking them to choose a lot number, and email their bid in.”
Andrew Yeom files a fifth complaint against IPI
Andrew Yeom, CCC’s executive director, has filed a fifth complaint against Imperial Pacific International seeking to revoke the operator’s exclusive casino licence. He again argues that the company failed to pay this year’s annual regulatory fees of US$3m.
Yeom said that IPI’s responses to the first four complaints have been forwarded to the committee. However, he said that the responses were signed by a non-lawyer and that the CCC needed to take legal advice on whether they were acceptable.
CCC chair Edward C. DeLeon Guerrero stated: “Technically, we could consider those, in my opinion, as not submitting a reply.”