seize money and goods<\/a><\/em><\/strong> to cover IPI\u2019s debts for unpaid work at its casino on Saipan. The developer has been allowed to seize funds from IPI bank accounts but claims the casino operator still owes US$5.5m plus interest, costs, and fees.\u00a0<\/p>\n\n\n\nThe former contractor this week asked for a court to order the sale of IPI\u2019s slot machines and vehicles.\u00a0<\/p>\n\n\n\n
IPI has appealed, saying the decision would cause the company \u201cirreparable harm\u201d and has proposed\u00a0that one of its investors, Pacific International Property Management make a local deposit of almost US$6m that could be transferred to Pacific Rim should its appeal fail.\u00a0\u00a0<\/p>\n\n\n\n
If IPI\u2019s appeal succeeds, the funds would be transferred back to the investor once more.\u00a0\u00a0<\/p>\n\n\n\n
IPI said the value of its vehicles is about US$6m but could be sold at auction for between US$1.5m and US$3m, costing the operator considerable expenses to replace them once the casino reopens.\u00a0\u00a0<\/p>\n\n\n\n
The gaming machines are valued at US$20m but the operator\u2019s\u00a0lawyer\u00a0argued that with casinos closed worldwide due to the pandemic, there is no market for them and an auction would raise about US$2m, while again the cost of replacing the assets would be much larger.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Pacific Rim has asked for the operator\u2019s assets to be sold to cover a US$5.5m debt, but the firm has presented another option.\u00a0\u00a0<\/p>\n","protected":false},"author":2,"featured_media":11061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Imperial Pacific International (IPI) has proposed an alternative to the court-ordered sale of its slot machines and vehicles to cover a US$5.5m debt owed to contractor Pacific Rim. IPI suggests an investor, Pacific International Property Management, make a nearly US$6m deposit to cover the debt if IPI's appeal fails, arguing an asset sale would cause \"irreparable harm\" and significantly undervalue its assets.","focusai_entities":"Imperial Pacific International (IPI), Pacific Rim, Pacific International Property Management","focusai_location":"Northern Mariana Islands, Saipan","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI's Financial Viability","query":"What is the long-term financial viability of Imperial Pacific International given its ongoing debt obligations and the proposed asset protection strategy?"},{"label":"Regulatory Precedent","query":"What regulatory precedent does this case set for asset seizure and debt resolution involving licensed gaming operators in the Northern Mariana Islands?"}],"footnotes":""},"categories":[16336,439],"tags":[22674,22675,20802],"class_list":["post-11059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-legal-news","tag-ipi","tag-northern-mariana-islands","tag-pacific-rim"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11059"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11059\/revisions"}],"predecessor-version":[{"id":11073,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11059\/revisions\/11073"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11061"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}