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Court OK’s sale of more IPI assets to settle debts
The U.S District Court for the NMI has approved the auction of more Imperial Pacific International (CNMI) LLC assets to settle debts in two other lawsuits worth over $5 million.
In the span of one week, the U.S District Court for the NMI has ordered the issuance of a writ of execution in favor of three plaintiffs for three different lawsuits. The writ of execution allows the plaintiffs in each case to auction off IPI assets, including vehicles and casino gaming machines owned by IPI, to satisfy their respective judgments.
Yesterday, District Court for the NMI Chief Judge Ramona V. Manglona ordered the court clerk to issue a writ of execution in favor of the seven construction workers who are suing IPI for labor violations, in the full amount of $5.4 million as stated in the amended judgment.
Meanwhile, last Tuesday Manglona also ordered the issuance of a writ of execution in favor of Ping Shun Corp. to allow the sale of IPI assets in the amount of $ 443,900.50.
Prior to that, on July 9, Manglona also ordered the court clerk to issue a writ of execution in favor of USA Fanter to satisfy the remaining judgment of $2,198,405.56.
In the case of the seven workers, the plaintiffs, through New York-based lawyer Aaron Halegua, filed an application for writ of execution on IPI’s personal property in the amount of 5,430,595.58 earlier this month.
In the application, Halegua listed assets that the workers could auction to satisfy the judgment, including computer hardware, furniture and equipment, motor vehicles, casino gaming machines, and two of IPI’s crystal dragons. In addition, the plaintiffs also want to auction off any other non-exempt personal property.
In a declaration by Frances Mafnas, former IPI treasury director for IPI, dated Dec. 9, 2020, IPI’s computer hardware is estimated to be worth $692,404.47, its furniture and equipment is estimated to be worth $2,348,230.40, IPI’s motor vehicles combined hold a value of $1,347,547.03, and its casino gaming machines are estimated to be worth$7,042,321.91.
Back on May 26, Manglona entered a default judgment in favor of the seven workers in the amount of $5,430,595.58 plus post-judgment interest and attorneys’ fees against IPI.
To date, IPI has yet to make a single payment to the plaintiffs.
