Receiver launches 3rd IPI auction

The receiver appointed by the U.S. District Court for the NMI to carry out six auctions to sell off Imperial Pacific International (CNMI) LLC’s assets to satisfy pending court judgments has recently launched the third auction.

Clear Management Ltd. officially launched the third auction of IPI’s gaming equipment last Dec. 10 at www.gamingequipmentauction.com and it is set to close on Jan. 6.

Clear Management closed the second auction of IPI gaming equipment last Dec. 9.

As of press time, Clear Management, through its attorney, Michael White, had yet to file a report with the District Court on the items that have been auctioned off, and how many bidders participated in the second auction, and how much was raised from the Dec. 9 auction.

According to details posted online about the auctions, the first auction focused mainly on card shufflers and chip sorters. The second auction, which concluded last Dec. 9, focused on gaming tables, chairs, and slot machine stools, which is expected to net more than the first auction.

IPI has since been trying to, again, halt the proceedings, but so far their efforts have been repeatedly shut down by the court.

Last Nov. 17, U.S. District Court for the NMI Chief Judge Ramon Manglona confirmed the first sale of IPI’s gaming equipment, which netted over $400,000.

According to Saipan Tribune archives, following the conclusion of the first series of auctions last Oct. 7, Clear Management received bids from all over the world totaling $410,000.

All World Consulting submitted bids on 116 card shufflers. It was the successful bidder on 78 card shufflers. The total amount of its successful bids was $270,000.

MP Holdings LLC submitted bids on 60 card shufflers but none of its bids were successful.

IPG International submitted bids on 48 card shufflers and three Chipstars. It was the high bidder on 20 card shufflers. The total amount of its successful bids was $50,000.

Gaming Supplies, LLC, submitted bids on 116 card shufflers and three Chipstars. It was the high bidder on four shufflers and three Chipstars. The total amount of its successful bids was $91,000.

Grand Hyatt Jeju submitted bids on 14 card shufflers. It was the high bidder on all 14. The total amount of its successful bids was $65,300.