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Pacific Rim presses seizure of IPI assets
Pacific Rim Land Development LLC once again asked the federal court to order the U.S. Marshals Service to seize some assets owned by Imperial Pacific International (CNMI) LLC
In its latest writ of execution request, Pacific Rim asked the federal court to seize vehicles and gaming machines and to issue an order in aid of judgement by directing the sale of these equipment.
This arises from the civil judgment the District Court for the NMI entered in favor of Pacific Rim in its lawsuit against IPI for breach of contract and breach of promissory note. On May 2, 2020, the court entered an amended in favor of Pacific Rim in the amount of $6.8 million, including the principal amount and attorney’s fees and costs.
The court later granted Pacific Rim’s application for a writ of execution to seize money owned or controlled by IPI from the Bank of Saipan, City Trust Bank, Bank of Guam, and First Hawaiian Bank; and two escrow accounts believed to be owned by IPI at Security Title, Inc. and Pacific American Title, Inc.
Pacific Rim attorney Colin Thompson said the judgment remains unsatisfied in the amount of $5,525,463.98 plus interest, costs, and fees that have yet to be addressed. Pacific Rim wants to have the IPI-owned vehicles and gaming machines sold in an auction to satisfy the judgement.
So far, District Court for the NMI Chief Judge Ramona V. Manglona has authorized the U.S. Marshals Service to release seized IPI funds from Bank of Saipan in the amount of $1,383,869.45, and $100 from Pacific American Title.
The contractor sued IPI for refusing to pay for services in the amount of $5.65 million involving the agreed-upon construction work for the IPI casino-resort project on Sept. 30, 2018.
