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Court releases funds from IPI accounts to Red Coral
The U.S. District Court for the NMI has ordered the release of the funds seized from Imperial Pacific International (CNMI) LLC’s Bank of Saipan accounts to Red Coral Corp., an apartment owner who sued the casino investor for breaching their lease agreement.
In an order last Friday, Chief Judge Ramona Manglona said the U.S. Treasury has completed the processing of the funds seized from IPI’s Bank of Saipan accounts and is now ordering the release of those funds to the apartment owner.
Manglona explained that during a hearing last March 28 to discuss the funds, no objections were made against its release, prompting the court to issue an order to release the funds to Red Coral in the amount of $9,386.66 from the court’s Treasury Registry fund.
Despite the release of these funds, IPI must still satisfy the remaining $140,000-plus judgment.
Back on Feb. 12, 2021, the court issued a judgment in favor of Red Coral Corp. in the amount of $150,000 plus post-judgment interest at a rate of 9% per annum, along with costs.
After the appeal period expired, Red Coral filed its second application for writ of execution directed at the Bank of Saipan for money owned or controlled by IPI in the amount not to exceed $163,500.
This amount included post-judgment interest at 9% per annum accrued to date of no less than $13,500.
The court granted Red Coral’s second application for writ of execution, directing the seizure of IPI’s money at the Bank of Saipan.
Pursuant to the court’s order, the clerk issued the writ on March 4, and a notice of writ of execution informing IPI that it must demand a prompt hearing to claim any exemptions or assert any other rights to protect its property.
On March 8, the U.S. Marshal executed the writ and the Bank of Saipan tendered a check to the court in the amount of $9,386.66.
