{"id":25644,"date":"2021-12-16T10:51:33","date_gmt":"2021-12-16T13:51:33","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=25644"},"modified":"2026-04-23T12:51:44","modified_gmt":"2026-04-23T15:51:44","slug":"creditors-oppose-ipi-request-to-extend-stay-on-receivership","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/creditors-oppose-ipi-request-to-extend-stay-on-receivership","title":{"rendered":"Creditors oppose IPI request to extend stay on receivership"},"content":{"rendered":"\n

IPI’s creditors have filed motions opposing IPI’s request for a further stay of the receivership.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- IPI creditors have filed a motion to oppose IPI’s request for a further stay on its receivership. Creditors want the appointed receiver, Clear Management, to go ahead with an auction of IPI’s assets. The initial auction was postponed for 30 days<\/a>\u00a0after IPI gained a stay to give it more time.<\/p>\n\n\n\n

IPI\u00a0agreed to provide\u00a0$2.45m in replacement bonds<\/strong>\u00a0as a security for the judgment in\u00a0the lawsuit brought by USA Fanter Corp<\/a>\u00a0against the casino operator. However other creditors hope for an order to allow the receiver to sell sufficient assets\u00a0to satisfy judgments in their favour and allow any other creditors who are not sufficiently secured to effectively take over from Fanter’s position.<\/p>\n\n\n\n

The joint motion states: “The parties are working to reach agreements to adequately secure the other creditors\u2019 judgments.\u00a0If such agreements are reached,\u00a0IPI\u2019s opposition to the other creditors\u2019 motion will become moot and plaintiffs\u2019\u00a0<\/strong>opposition to IPI\u2019s motion to extend stay will become moot.”<\/p>\n\n\n\n

All parties, including IPI, agreed that no objection is required from either party before the status meeting currently scheduled for December 17.<\/p>\n\n\n\n

The Saipan Tribune reported that the parties said: “If the parties have not reached agreements to secure the other creditors\u2019 judgments by the time of the status conference, then the parties and the court shall discuss the proper way to proceed on the two motions<\/strong>, including whether the court would like any briefing on the motions.”<\/p>\n\n\n\n

IPI’s attorney Kevin T. Abikoff, stated that under the provisions of the parties’ motion to suspend the judgment during the appeal period, IPI now requires approval of its replacement bond of $2.45m. The lawyer argued that\u00a0because USA Fanter\u2019s judgment is now fully protected<\/strong>\u00a0during the appeal period, it will not be materially harmed by a stay on the limited receivership.<\/p>\n","protected":false},"excerpt":{"rendered":"

IPI’s creditors have filed motions opposing IPI’s request for a further stay of the receivership.<\/p>\n","protected":false},"author":176,"featured_media":25664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"IPI's creditors are opposing its request for a further stay on receivership, pushing for an auction of the casino operator's assets to satisfy outstanding judgments. While IPI has offered replacement bonds to secure USA Fanter Corp's judgment, other creditors seek an order to liquidate sufficient assets to cover their own claims. This highlights ongoing financial distress and legal complexities within the Northern Mariana Islands' gaming market.","focusai_entities":"IPI, Clear Management, USA Fanter Corp, Kevin T. Abikoff, Saipan Tribune","focusai_location":"Northern Mariana Islands, Saipan","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Creditor Recovery Outlook","query":"What is the estimated recovery rate for unsecured creditors if IPI's assets are liquidated via auction, and how might this impact future credit availability for distressed operators in the region?"},{"label":"Regulatory Precedent Impact","query":"How might the court's decision regarding the stay and asset auction establish a precedent for regulatory enforcement and the handling of financially distressed gaming licensees in other emerging jurisdictions?"}],"footnotes":""},"categories":[16336,157],"tags":[14213,22674],"class_list":["post-25644","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\/25644","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=25644"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25644\/revisions"}],"predecessor-version":[{"id":25652,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25644\/revisions\/25652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25664"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}