Seized IPI funds to be released to Red Coral Corp

The seizure was made to satisfy a judgment in favour of Red Coral Corporation.
The seizure was made to satisfy a judgment in favour of Red Coral Corporation.

Chief Justice Ramona Manglona has ordered the clerk of court to transfer the $9,387 of funds seized from IPI’s bank account to Red Coral Corp.

Northern Mariana Islands.- Ramona V. Manglona, the presiding judge of the NMI District Court, ​​has directed the clerk of the court to transfer the $9,386.66 of funds seized from IPI’s bank account to Red Coral Corp. She said the US Treasury Department has completed processing the funds seized from IPI’s Saipan bank account.

Red Coral had sued IPI for failing to pay leases on a 20-unit apartment complex between January 2019 and August 2019. On February 12, 2021, the federal court ruled in favour of the company for $150,000 plus post-judgment interest and costs of 9 per cent per annum.

Following the appeal period, Red Coral, represented by attorney Colin Thompson, filed a second writ petition with the Bank of Saipan for $163,500 in funds owned or controlled by IPI. This amount included post-judgment interest accrued to the date of not less than $13,500 at 9 per cent per annum.

The court granted Red Coral’s second execution order ordering the confiscation of Saipan Bank’s IPI funds or currency. The clerk issued the injunction on March 4, 2022, and issued an executive order notifying IPI that it must request an immediate hearing to assert exceptions or other rights to protect its property.

On March 8, 2022, US Marshals enforced the injunction, and Saipan Bank deposited a check for $9,386.66 in court.

CCC chair raises doubts over IPI request to finish Garapan casino resort

Commonwealth Casino Commission Chairman Edward C. DeLeon Guerrero has questioned IPI’s request for another five years to complete its Garapan resort as the company hasn’t provided information on how it will finish the project and where it will get the money from.

IPI had requested a five-year extension to finish the construction of a new casino in Garapan. However, DeLeon Guerrero asked Tao Xing, senior vice president of marketing and public affairs at IPI, how the Lottery Commission could make a decision if the company doesn’t know how much it would cost and where it will get the money.

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