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Possible receivership for apartment investor
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Posted on Jul 23 2021
A contracting company has requested the U.S District Court to appoint a receiver to collect payments due under a judgment against apartment investor Fairyland Investment LCC.
A contracting company called Peace and Order Trading Corp. has asked the U.S District Court to appoint a receiver for the apartment investor to help the plaintiff collect judgment in the amount of $767,697.50.
Peace and Order, through lawyer Colin Thompson, said in its motion that they want the receiver to administer, collect, or sell any real or personal property in which Fairyland Investment LLC has an interest, specifically two lots on Navy Hill.
Thompson also asked for an order directing Fairyland to turn over to the receiver the title to its assets in an amount sufficient to satisfy the judgment, plus post-judgment interest; and to award Peace & Order attorney’s fees and costs in accordance with the terms of the agreement between the parties.
“This is an appropriate remedy that is needed to satisfy Peace & Order’s interest in Fairyland’s assets, as well as to prevent the potential diminishment in value of those assets,” Thompson said.
Peace & Order also wants the court to issue an order appointing a receiver without the requirement of posting a bond.
According to court documents, back on April 13, U.S District Court for the NMI Chief Judge Ramona V. Manglona instructed the clerk of court to enter a default judgment against Fairyland in the principal amount of $767,697.50 plus attorney’s fees and costs, including applicable federal interest rate for post-judgment interest.
Manglona said in her order that the defendant failed to answer to plead its case.
Peace and Order sued Fairyland Investment, which is owned by Zhi Qi Shen, for breach of construction contract and unjust enrichment.
Peace and Order was the contractor hired by Fairyland to remodel and build an apartment building on Navy Hill on Saipan. Peace and Order said it stopped work on the project after Fairyland refused to pay the amount owed for work completed under the construction contract.
