Loi Lam Sit’s attorney has said that the deposition notice and subpoenas should be found invalid.<\/p>\n\n\n\n\n\n\n\n
Northern Mariana Islands.- <\/strong>The lawyer representing Loi Lam Sit<\/strong>, a bidder for IPI’s casino assets, has submitted a motion to the US District Court for the Northern Mariana Island, asking it to declare a subpoena and deposition notices requested by the CNMI government and creditor Joshua Gray as invalid due to the short notice period and the failure to notify other parties. <\/p>\n\n\n\n Joey San Nicolas<\/strong> said the deposition notices were issued with only two days’ notice, imposing an undue burden on Sit. He also said the notice did not comply with Federal Rules of Procedure 45(d)(1) and that this failure prejudiced Sit and the IPI estate.<\/p>\n\n\n\n The CNMI government and Gray had served a notice and subpoena demanding Loi Lam Sit’s presence for a deposition and the submission of specific documents on September 13. However, Sit allegedly did not comply, so the parties requested an order to appear and produce requested documents. They have proposed a daily fine of US$2,000 until Sit complies. <\/p>\n\n\n\n IPI filed for Chapter 11 bankruptcy in April<\/a>, citing debts of over US$165.8m. Among the company\u2019s largest unsecured creditors are the CNMI Treasury, MCC International, the Commonwealth Casino Commission (CCC), the law offices of Hughes Hubbard & Reed, Century Estate Investment, CNMI Division of Revenue and Taxation, and Joshua Gray<\/a> with claims ranging from US$5.68m to US$62m.<\/p>\n","protected":false},"excerpt":{"rendered":" Loi Lam Sit’s attorney has said that the deposition notice and subpoenas should be found invalid.<\/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":"A bidder for IPI's casino assets, Loi Lam Sit, is challenging the validity of a subpoena and deposition notice from the CNMI government and creditor Joshua Gray, citing insufficient notice and procedural non-compliance. This legal dispute unfolds as IPI navigates Chapter 11 bankruptcy with over US$165.8m in debts, impacting its asset disposition process.","focusai_entities":"Loi Lam Sit, IPI, Joey San Nicolas, Joshua Gray, CNMI Treasury, MCC International, Commonwealth Casino Commission, Hughes Hubbard & Reed, Century Estate Investment, CNMI Division of Revenue and Taxation","focusai_location":"Northern Mariana Islands","focusai_target_profile":"ceo_executive (0.8), regulator (0.9), compliance_legal (0.95), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.75), journalist_researcher (0.85)","focusai_suggestions":[{"label":"Impact on IPI Asset Sale?","query":"How might this legal challenge regarding deposition validity impact the timeline and valuation of IPI's casino asset disposition under Chapter 11 bankruptcy?"},{"label":"Regulatory Precedent?","query":"What precedent could this ruling on procedural compliance set for future regulatory enforcement actions and information requests within the CNMI's gaming jurisdiction?"}],"footnotes":""},"categories":[16336,157],"tags":[24134],"class_list":["post-777019213","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\/777019213","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=777019213"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777019213\/revisions"}],"predecessor-version":[{"id":777019227,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777019213\/revisions\/777019227"}],"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=777019213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777019213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777019213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}