{"id":777019703,"date":"2024-10-08T09:39:50","date_gmt":"2024-10-08T12:39:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777019703"},"modified":"2026-04-22T05:24:39","modified_gmt":"2026-04-22T08:24:39","slug":"court-rejects-ipi-assets-sale-plan","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/court-rejects-ipi-assets-sale-plan","title":{"rendered":"Court rejects IPI assets sale plan"},"content":{"rendered":"\n

The court has approved creditors’ request to engage Intrepid Investment Bankers to market IPI\u2019s properties as a holistic business.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- Chief judge\u00a0Ramona V. Manglona<\/strong>\u00a0of the District Court for the NMI\u00a0has denied Imperial Pacific International (IPI)’s bid to\u00a0sell its unfinished Garapan hotel casino and real estate assets<\/a>. Manglona also turned down IPI’s request to employ Keen-Summit Capital Partners to promote IPI’s property. <\/p>\n\n\n\n

Instead, the judge granted IPI creditors’ request to engage Intrepid Investment Bankers to\u00a0<\/strong>market IPI\u2019s properties as a holistic business<\/a>\u00a0rather than real estate property. The committee had said Intrepid could be able to identify potential buyers that the previous limited marketing process had overlooked.<\/p>\n\n\n\n

According to The Saipan Tribune, creditors said that if the approach does not succeed, IPI can proceed with a real estate sale using the proposed real estate broker.<\/p>\n\n\n\n

IPI’s main real estate assets include a hotel building that is currently under construction with a casino, a leasehold interest in around 19,204 square meters of land leased from the Department of Public Lands (DPL) under Lease Agreement No. LA-15-002S, and IPI’s ownership interest in Imperial Pacific Properties, which holds a leasehold interest in eight lots adjacent to the leasehold property.<\/p>\n\n\n\n

Earlier this month, The Commonwealth Casino Commission (CCC)<\/strong> board chair Edward DeLeon Guerrero <\/strong>said the regulator was waiting for the approval of Thomas A. Manglona<\/a> <\/strong>as a new member to go ahead with revocation proceedings against IPI.<\/p>\n\n\n\n

Deleon Guerrero gave an update on IPI\u2019s debt to the CNMI government. As of October 1, he stated that the casino operator owes the CNMI US$77.5m for Annual Licence Fees from August 2020 and US$17.6m for Casino Regulatory Fees from October 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

The court has approved creditors’ request to engage Intrepid Investment Bankers to market IPI\u2019s properties as a holistic business.<\/p>\n","protected":false},"author":176,"featured_media":26602,"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 court in the Northern Mariana Islands has approved creditors' request to engage Intrepid Investment Bankers to market Imperial Pacific International's (IPI) properties as a holistic business, denying IPI's own bid to sell assets via Keen-Summit. This development occurs amidst IPI's significant outstanding debt to the CNMI government for annual license and regulatory fees, with the Commonwealth Casino Commission awaiting a new member to proceed with license revocation.","focusai_entities":"Imperial Pacific International (IPI), Intrepid Investment Bankers, Keen-Summit Capital Partners, Ramona V. Manglona, The Saipan Tribune, Department of Public Lands (DPL), Imperial Pacific Properties, Commonwealth Casino Commission (CCC), Edward DeLeon Guerrero, Thomas A. Manglona","focusai_location":"Northern Mariana Islands, Garapan, CNMI","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI Asset Valuation Impact?","query":"What are the projected valuation implications of marketing IPI's assets as a 'holistic business' versus a real estate sale, particularly given the unfinished casino and leasehold interests?"},{"label":"Regulatory Revocation Timeline?","query":"How will the Commonwealth Casino Commission's impending license revocation proceedings against IPI intersect with the court-approved asset marketing timeline, and what are the potential impacts on buyer interest and asset value?"}],"footnotes":""},"categories":[439,16333],"tags":[24134],"class_list":["post-777019703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-news","category-south-east-asia-news","tag-imperial-pacific-international"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777019703","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=777019703"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777019703\/revisions"}],"predecessor-version":[{"id":777019706,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777019703\/revisions\/777019706"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26602"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777019703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777019703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777019703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}