{"id":777012328,"date":"2024-01-10T09:57:44","date_gmt":"2024-01-10T12:57:44","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777012328"},"modified":"2026-04-22T14:09:22","modified_gmt":"2026-04-22T17:09:22","slug":"seventh-ipi-equipment-auction-raises-over-us25k","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/seventh-ipi-equipment-auction-raises-over-us25k","title":{"rendered":"Seventh IPI equipment auction raises over US$25K"},"content":{"rendered":"\n

Acceptable bids were received for 34 lots but no bids were received on the remaining 196 lots. An eighth auction is scheduled for February 23.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- Imperial Pacific International\u2019s (IPI) receiver Clear Management <\/strong>has announced that the seventh auction of the company\u2019s gaming equipment in the Northern Mariana Islands raised more than US$25,000. <\/p>\n\n\n\n

The auction concluded on December 1, 2023, with acceptable bids on 34 out of 230 lots. Due to this, an eighth auction was scheduled for February 23, pending court approval.<\/p>\n\n\n\n

Clear Management is now seeking reimbursement for the costs incurred during the auction, as outlined in a motion submitted by attorney Michael White.<\/p>\n\n\n\n

The motion details Clear Management’s request to the court for authorization to collect the outstanding 85 per cent of successful bids, considering that bidders are only obligated to pay 15 per cent to secure their purchases. <\/p>\n\n\n\n

Specifically, the motion seeks approval for the disbursement of US$18,819, held by the court to cover costs incurred in the auction.<\/p>\n\n\n\n

The breakdown of successful bids includes 12 lots sold to IPI for US$4,681, 11 lots to MP Holdings for US$13,700, and 11 lots to Gaming Supplies for US$6,761. <\/p>\n\n\n\n

Two weeks ago, the Commonwealth Casino Commission (CCC)<\/strong> announced that a hearing on the revocation of IPI’s casino licence<\/a> has been set for January 31. IPI\u2019s director How Yo Chi<\/strong>, however, disclosed plans to file a motion to stay the hearing.<\/p>\n\n\n\n

The request for an order to schedule a revocation hearing was made by the CCC executive director\u00a0Andrew Yeom<\/strong>\u00a0through their legal counsel, assistant attorney general\u00a0Keisha Blaise<\/strong>.\u00a0<\/p>\n\n\n\n

See also: <\/strong>Law firm sues IPI for unpaid legal bills<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Acceptable bids were received for 34 lots but no bids were received on the remaining 196 lots. An eighth auction is scheduled for February 23.<\/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":"The seventh auction of Imperial Pacific International's (IPI) gaming assets in the Northern Mariana Islands generated over US$25,000, with a significant portion of lots remaining unsold, necessitating an eighth auction. Concurrently, the Commonwealth Casino Commission has scheduled a license revocation hearing for IPI, which the operator intends to contest, highlighting ongoing regulatory and financial challenges for the distressed entity.","focusai_entities":"Imperial Pacific International, IPI, Clear Management, MP Holdings, Gaming Supplies, Commonwealth Casino Commission, CCC, Michael White, How Yo Chi, Andrew Yeom, Keisha Blaise","focusai_location":"Northern Mariana Islands","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"IPI License Revocation Impact","query":"What are the broader implications for other operators and potential new market entrants in the Northern Mariana Islands if IPI's casino license is formally revoked, particularly regarding regulatory precedent and market access?"},{"label":"Auction Asset Valuation","query":"Given the low bid acceptance rate and the scheduled eighth auction, what is the estimated residual value of IPI's remaining gaming assets, and how might this impact the receiver's ability to satisfy outstanding liabilities?"}],"footnotes":""},"categories":[16336,157],"tags":[24134],"class_list":["post-777012328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-imperial-pacific-international"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012328","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=777012328"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012328\/revisions"}],"predecessor-version":[{"id":777012330,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012328\/revisions\/777012330"}],"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=777012328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777012328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777012328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}