{"id":777002308,"date":"2023-02-10T13:37:42","date_gmt":"2023-02-10T16:37:42","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777002308"},"modified":"2026-04-23T00:45:17","modified_gmt":"2026-04-23T03:45:17","slug":"cnmi-court-approves-second-and-third-auctions-of-ipi-gaming-equipment","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/cnmi-court-approves-second-and-third-auctions-of-ipi-gaming-equipment","title":{"rendered":"CNMI Court approves second and third auctions of IPI gaming equipment"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The proceeds from the auctions amounted to US$353,642.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Northern Mariana Islands.- The District Court for the NMI has approved the sales agreed in the&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/second-auction-of-ipi-gaming-equipment-to-take-place-on-december-9\" target=\"_blank\">second<\/a>&nbsp;and&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/court-to-rule-on-third-auction-of-ipi-gaming-equipment-next-week\" target=\"_blank\">third auctions<\/a>&nbsp;of Imperial Pacific International (CNMI) LLC\u2019s gaming equipment.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chief Judge&nbsp;<strong>Ramona V. Manglona&nbsp;<\/strong>has given the green light to the court-appointed receiver, Clear Management, to confirm the sales. Manglona also granted the receiver&#8217;s request for commission, expenses and attorney fees incurred up to December 2022. The combined sales from the second and third auctions amounted to US$353,642, according to Saipan Tribune.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Clear Management<\/strong>, through its attorney&nbsp;<strong>Michael White<\/strong>, had requested the court&#8217;s approval of the sales results and issuance of an order directing the receiver to<strong>&nbsp;collect the remaining 85 per cent of the successful bids<\/strong>, execute the bills of sale, and deliver the items to the successful bidders.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">White told the court that eight bidders participated in the second auction, with four being successful. Out of the four, two were successful bidders from the&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/part-of-ipi-inventory-to-be-repurchased-by-angel-playing-cards\" rel=\"noreferrer noopener\">first auction<\/a>, while the other two were new.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the third auction, White reported that bids were received from six bidders and were accepted for 14 lots from two bidders, two of which were successful bidders in previous auctions, and one a new bidder. The total value of the accepted bids was US$101,550.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The proceeds from the auctions amounted to US$353,642.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The District Court for the Northern Mariana Islands has approved the second and third auction sales of Imperial Pacific International (CNMI) LLC's gaming equipment, generating US$353,642. Chief Judge Ramona V. Manglona granted Clear Management, the court-appointed receiver, approval to confirm sales and collect remaining bids, along with commissions and fees. This marks a further step in the liquidation process of the distressed operator's assets.","focusai_entities":"Imperial Pacific International (CNMI) LLC, Clear Management, Ramona V. Manglona, Michael White","focusai_location":"Northern Mariana Islands, Saipan","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.9), operator_casino (0.75), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.85)","focusai_suggestions":[{"label":"Total Creditor Recovery?","query":"What is the total estimated recovery for creditors from all asset sales of Imperial Pacific International (CNMI) LLC, considering these auction proceeds?"},{"label":"Auction Proceeds vs. Liabilities?","query":"How do these auction proceeds compare to the outstanding liabilities of Imperial Pacific International (CNMI) LLC, and what are the implications for debt holders?"}],"footnotes":""},"categories":[16336,157],"tags":[24134,22674],"class_list":["post-777002308","post","type-post","status-publish","format-standard","hentry","category-australasia-news","category-business-news","tag-imperial-pacific-international","tag-ipi"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002308","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=777002308"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002308\/revisions"}],"predecessor-version":[{"id":777002326,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002308\/revisions\/777002326"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}