The funds have been seized from IPI’s bank account in favour of Red Coral Corporation, which sued IPI for not paying a lease agreement for a 20-unit apartment.
Northern Mariana Islands.- The US Marshals Service has seized funds from Imperial Pacific International (IPI) in order to satisfy a court judgement in favour of Red Coral Corp. The company had sued the casino operator for failing to pay leases on a 20-unit apartment complex between January 2019 and August 2019.
Last February, IPI was ordered to pay Red Coral Corp $150,000 plus post-judgement interests at a rate of 9 per cent per year, along with costs. Shortly afterwards, a second request for a warrant of execution was filed by Red Coral for up to $163,500.
In March, the US Marshals Service seized $9,386.66 from IPI‘s Saipan bank account by writ of execution in order to comply with the judgment on behalf of Red Coral Corp. In May, the attorney representing Red Coral Corp filed a third request for a warrant of execution, which the court granted on May 18.
On June 3, the US Marshals executed the writ of execution and received $154,113.34 in a cashier’s check from the Bank of Saipan made payable to the clerk of court. Together the amounts seized will be given to Red Coral to satisfy the judgment.
IPI in settlement agreement with the CCC
As previously reported by Focus Gaming News, IPI has said it is close to reaching a settlement with the Commonwealth Casino Commission (CCC). The company’s lawyers have told the court that they have settled the terms of the agreement with CCC Executive Director Andrew Yeom and are in the process of finalising the documents.
Chief Judge Ramona V. Manglona had issued a temporary restraining order preventing the Commonwealth Casino Commission (CCC) from holding a hearing to decide the fate of the company’s exclusive casino licence, which remains suspended.
The two parties are scheduled to hold a status meeting on Friday, July 1.