Pacific Rim aims to seize IPI’s gaming machines

Pacific Rim aims to seize IPI’s gaming machines

The developer has been piling on pressure aiming to seize funds and auction goods owned by the operator to cover unpaid debt.

Northern Mariana Islands.- Pacific Rim Land Development, the construction company which in 2018 won a lawsuit against Imperial Pacific International (IPI) for unpaid work at its Saipan casino, is pressing to seize funds and assets to cover the debts.

After failing to obtain funds held in a private cage at IPI’s casino, now the company has asked the federal court to order the US Marshals Service to seize assets owned by IPI, including vehicles and gaming machines.

The Saipan Tribune said the developer is asking the court to auction confiscated equipment to settle the casino operator’s debts.

Pacific Rim has won a lawsuit against IPI for breach of contract and breach of promissory note. In May, the court amended the ruling in favour of Pacific Rim to the tune of US$6.8 million, including the principal amount and attorneys’ fees and costs.

The company was then allowed to seize funds from IPI in bank accounts at the Bank of Saipan, City Trust Bank, Bank of Guam, and First Hawaiian Bank.

Pacific Rim attorney Colin Thompson says IPI still owes US$5.5m plus interest, costs, and fees.

In this article:
IPI Pacific Rim saipan