{"id":777024359,"date":"2025-03-21T10:08:22","date_gmt":"2025-03-21T13:08:22","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777024359"},"modified":"2026-04-22T00:35:51","modified_gmt":"2026-04-22T03:35:51","slug":"saipan-stevedore-seeks-court-order-over-ipi-containers","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/saipan-stevedore-seeks-court-order-over-ipi-containers","title":{"rendered":"Saipan Stevedore seeks court order over IPI containers"},"content":{"rendered":"\n

Saipan Stevedore claims IPI owes US$189,390 in storage fees.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- Saipan Stevedore <\/strong>has asked the federal bankruptcy court to lift the automatic stay currently in place and to require Imperial Pacific International (IPI)<\/strong> to deal with containers stored at its facility. Attorney Vince Seman<\/strong> said that like secured creditors, Saipan Stevedore, an administrative creditor, does not have enough protection if the value of the containers decreases.<\/p>\n\n\n\n

Since April 19, 2024, 28 containers have been accumulating US$590 in daily storage fees: 19 40-foot containers at a daily rate of US$23 and nine 20-foot containers at US$17. By February 5, IPI had accrued US$189,390 in storage fees. <\/p>\n\n\n\n

According to Mariana’s Variety. Seman said IPI has not explained why the containers cannot be moved before any sale. He said IPI continues to run up administrative costs by not looking for cheaper storage options. Seman noted that there was no certainty the court would grant Saipan Stevedore the full amount of expenses even if a sale of IPI’s assets is approved. He said that in the meantime, Saipan Stevedore is losing money because it cannot use the space occupied by IPI’s containers.<\/p>\n\n\n

\n
\"Saipan
Imperial Pacific International\u2019s unfinished Garapan hotel casino.<\/figcaption><\/figure>\n<\/div>\n\n\n

IPI filed for Chapter 11 bankruptcy last 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\n\n\n

Team King Investment<\/a>\u00a0has been named the winning bidder of an auction of IPI’s <\/strong>casino assets. However, the Northern Mariana Islands government and the committee of IPI\u2019s unsecured creditors have expressed opposition against the sale<\/a>. They claim that the auction winner is an insider. A hearing is scheduled before bankruptcy judge Robert J. Faris on April 15.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saipan Stevedore claims IPI owes US$189,390 in storage fees.<\/p>\n","protected":false},"author":176,"featured_media":777009863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Saipan Stevedore is seeking federal bankruptcy court intervention to compel Imperial Pacific International (IPI) to address US$189,390 in accrued storage fees for 28 containers, which continue to incur US$590 daily. This action highlights escalating administrative costs within IPI's Chapter 11 bankruptcy proceedings, further complicated by creditor disputes over the proposed sale of IPI's casino assets to an alleged insider.","focusai_entities":"Saipan Stevedore, Imperial Pacific International (IPI), Vince Seman, MCC International, Commonwealth Casino Commission (CCC), Hughes Hubbard & Reed, Century Estate Investment, CNMI Division of Revenue and Taxation, Joshua Gray, Team King Investment","focusai_location":"Northern Mariana Islands, Saipan, Garapan","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.9), operator_casino (0.7), investor_analyst (0.95), supplier_vendor (0.9), journalist_researcher (0.85)","focusai_suggestions":[{"label":"IPI Creditor Recovery Outlook?","query":"What is the projected recovery rate for unsecured creditors in IPI's Chapter 11, considering the ongoing administrative costs and the contested asset sale to Team King Investment?"},{"label":"Insider Bid Regulatory Impact?","query":"How might the alleged 'insider' nature of Team King Investment's winning bid impact the regulatory approval process for the asset sale and future B2C licensing in the Northern Mariana Islands?"}],"footnotes":""},"categories":[16336,439],"tags":[24134],"class_list":["post-777024359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-legal-news","tag-imperial-pacific-international"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024359","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=777024359"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024359\/revisions"}],"predecessor-version":[{"id":777024389,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024359\/revisions\/777024389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777009863"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777024359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777024359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777024359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}