Seventh IPI equipment auction raises over US$25K
Acceptable bids were received for 34 lots but no bids were received on the remaining 196 lots. An eighth auction is scheduled for February 23.
Northern Mariana Islands.- Imperial Pacific International’s (IPI) receiver Clear Management has announced that the seventh auction of the company’s gaming equipment in the Northern Mariana Islands raised more than US$25,000.
The auction concluded on December 1, 2023, with acceptable bids on 34 out of 230 lots. Due to this, an eighth auction was scheduled for February 23, pending court approval.
Clear Management is now seeking reimbursement for the costs incurred during the auction, as outlined in a motion submitted by attorney Michael White.
The motion details Clear Management’s request to the court for authorization to collect the outstanding 85 per cent of successful bids, considering that bidders are only obligated to pay 15 per cent to secure their purchases.
Specifically, the motion seeks approval for the disbursement of US$18,819, held by the court to cover costs incurred in the auction.
The breakdown of successful bids includes 12 lots sold to IPI for US$4,681, 11 lots to MP Holdings for US$13,700, and 11 lots to Gaming Supplies for US$6,761.
Two weeks ago, the Commonwealth Casino Commission (CCC) announced that a hearing on the revocation of IPI’s casino licence has been set for January 31. IPI’s director How Yo Chi, however, disclosed plans to file a motion to stay the hearing.
The request for an order to schedule a revocation hearing was made by the CCC executive director Andrew Yeom through their legal counsel, assistant attorney general Keisha Blaise.
See also: Law firm sues IPI for unpaid legal bills
