{"id":24835,"date":"2021-11-24T12:04:40","date_gmt":"2021-11-24T15:04:40","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=24835"},"modified":"2026-04-23T13:32:39","modified_gmt":"2026-04-23T16:32:39","slug":"ipi-seeks-to-avoid-auction-by-paying-usa-fanter-through-restricted-account","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ipi-seeks-to-avoid-auction-by-paying-usa-fanter-through-restricted-account","title":{"rendered":"IPI seeks to avoid auction by paying USA Fanter through restricted account"},"content":{"rendered":"\n

IPI is seeking to avoid the auction of its property in the Northern Mariana Islands.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.-\u00a0Imperial Pacific International has proposed to deposit more than $2m<\/strong>\u00a0in a restricted account controlled by the Federal Court to cover a judgment in favour of USA Fanter Corporation<\/a>,\u00a0which sued IPI for failing to pay its full contract for labour and materials.<\/p>\n\n\n\n

In August, Chief Judge Ramona V. Manglona of the District Court for the NMI <\/strong>conceded the solicitation of USA Fanter to select Hong Kong-based Clear Management Ltd<\/a> to regulate, gather, or sell any gaming property in which IPI has an interest.\u00a0As receiver, Clear Management has since announced the auction of IPI’s equipment.<\/p>\n\n\n\n

However,\u00a0IPI, through its lawyer Kevin T. Abikoff<\/strong>, has requested the court to revoke the decision and terminate the appointment of a receiver or stay the proceedings until the Ninth Circuit resolves IPI\u2019s appeal. Abikoff said IPI was willing and able to deposit the sum of the judgment in a restricted account\u00a0designated by US Fanter or the court within five days.<\/p>\n\n\n\n

Until IPI’s appeal to the Ninth Circuit is resolved, the funds would remain in the restricted account and would then be transferred to Fanter in the United States to satisfy the judgment or returned to IPI.<\/p>\n\n\n\n

Abikoff said the amount IPI would deposit exceeds even the most optimistic estimate of what the receiver believes could be collected from auction.<\/p>\n\n\n\n

He said: \u201cThe amount raised through the sale of this equipment by the receiver over the next six months, in the best-case scenario, is significantly less than $2m while IPI is proposing to deposit approximately $2.1m immediately.\u201d<\/p>\n\n\n\n

IPI’s request will be heard by the Federal Court on November 26.<\/p>\n","protected":false},"excerpt":{"rendered":"

IPI is seeking to avoid the auction of its property in the Northern Mariana Islands.<\/p>\n","protected":false},"author":176,"featured_media":24847,"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) is attempting to halt the auction of its Northern Mariana Islands assets by proposing a $2 million deposit into a court-controlled account to satisfy a judgment owed to USA Fanter Corporation. This action is pending the resolution of IPI's appeal to the Ninth Circuit, challenging the appointment of Clear Management Ltd as receiver. The company argues this immediate deposit offers a superior financial outcome compared to a protracted auction process.","focusai_entities":"Imperial Pacific International, USA Fanter Corporation, Clear Management Ltd, Kevin T. Abikoff, Ramona V. Manglona, Federal Court, District Court for the NMI, Ninth Circuit","focusai_location":"Northern Mariana Islands, Hong Kong, United States","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.95), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.75), journalist_researcher (0.85)","focusai_suggestions":[{"label":"IPI Licensing Impact","query":"Given the appointment of Clear Management Ltd as receiver and the potential auction of assets, what are the specific implications for Imperial Pacific International's B2C gaming license and its operational continuity within the Northern Mariana Islands regulatory framework?"},{"label":"Creditor Recovery Outlook","query":"Beyond USA Fanter Corporation, what precedent does this legal action and proposed settlement set for other B2B suppliers and creditors seeking to recover outstanding debts from Imperial Pacific International, particularly concerning asset disposition and judicial oversight?"}],"footnotes":""},"categories":[16336,157],"tags":[14213,22674],"class_list":["post-24835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-imperial-pacific","tag-ipi"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24835","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=24835"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24835\/revisions"}],"predecessor-version":[{"id":24856,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24835\/revisions\/24856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/24847"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=24835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=24835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=24835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}