{"id":26097,"date":"2022-01-07T09:36:45","date_gmt":"2022-01-07T12:36:45","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=26097"},"modified":"2026-04-23T12:26:53","modified_gmt":"2026-04-23T15:26:53","slug":"usa-fanter-is-no-longer-interested-in-ipis-limited-receivership","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/usa-fanter-is-no-longer-interested-in-ipis-limited-receivership","title":{"rendered":"USA Fanter is no longer interested in IPI\u2019s limited receivership"},"content":{"rendered":"\n

Chief Judge Ramona V. Manglona stated that USA Fanter Corp. Ltd. has received sufficient bonds guaranteed by Imperial Pacific International LLC and is no longer interested in the company’s limited receivership.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- Chief Judge Ramona V. Manglona <\/strong>has recently revealed “IPI has fulfilled its promise to secure a bond totalling $2.45m<\/a>” for the judgement in the lawsuit filed by USA Fanter Corp.<\/p>\n\n\n\n

In her order, the judge also approved IPI’s motion to suspend the judgment during the appeal period; to approve the appeal deposit; to suspend the execution of the judgment during the appeal period, and to stay the receivership.<\/p>\n\n\n\n

According to Mariana’s Variety, Manglona said: \u201cThe court finds that IPI has fulfilled its obligation to satisfy the bond requirements under Rule 62(b) and Local Rule 62.1 and therefore a stay of USA Fanter\u2019s judgment pending appeal is appropriate.\u201d<\/p>\n\n\n\n

However, she stated her decision \u201cdoes not dissolve the receivership as it applies to other creditors just yet.\u201d<\/p>\n\n\n\n

USA Fanter<\/a> had sued IPI for its inability to pay the full amount under its construction contract for labour and materials provided for the improvement of IPI\u2019s property. <\/p>\n\n\n\n

According to Mariana\u2019s Variety, IPI paid USA Fanter US$300,000<\/strong> while the unpaid balance was around $2m.<\/p>\n\n\n\n

Other creditors<\/a> hope for an order to allow the receiver to sell sufficient assets to satisfy judgments in their favour and allow any other creditors who are not sufficiently secured to effectively take over from Fanter\u2019s position.<\/p>\n\n\n\n

The joint motion states: \u201cThe parties are working to reach agreements to adequately secure the other creditors\u2019 judgments. If such agreements are reached, IPI\u2019s opposition to the other creditors\u2019 motion will become moot and plaintiffs\u2019 <\/strong>opposition to IPI\u2019s motion to extend stay will become moot.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Chief Judge Ramona V. Manglona stated that USA Fanter Corp. Ltd. has received sufficient bonds guaranteed by Imperial Pacific International LLC and is no longer interested in the company’s limited receivership.<\/p>\n","protected":false},"author":176,"featured_media":19434,"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 LLC (IPI) has secured a $2.45 million bond for USA Fanter Corp. Ltd.'s judgment, leading to a stay of receivership specifically for USA Fanter and approval of IPI's appeal. However, the receivership remains active for other creditors, who are actively seeking orders to sell IPI assets to satisfy their outstanding judgments, highlighting IPI's ongoing financial distress.","focusai_entities":"USA Fanter Corp. Ltd., Imperial Pacific International LLC, IPI, Chief Judge Ramona V. Manglona, Mariana\u2019s Variety","focusai_location":"Northern Mariana Islands","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.95), operator_casino (0.85), investor_analyst (0.9), supplier_vendor (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI Licensing Impact","query":"What are the specific implications of IPI's ongoing financial distress and partial receivership on its B2C licensing status and regulatory compliance obligations within the Northern Mariana Islands jurisdiction?"},{"label":"Creditor Resolution Strategy","query":"Beyond USA Fanter, what specific mechanisms or asset liquidation strategies are being pursued to satisfy the judgments of IPI's other unsecured and secured creditors under the continuing receivership?"}],"footnotes":""},"categories":[16336,156,158],"tags":[14213,22674],"class_list":["post-26097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","category-slider-home","tag-imperial-pacific","tag-ipi"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26097","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=26097"}],"version-history":[{"count":1,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26097\/revisions"}],"predecessor-version":[{"id":26098,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26097\/revisions\/26098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19434"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}