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4th IPI auction nets over $225K
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Posted on Apr 19 2023
The fourth auction in a series of six that’s mandated pursuant to the receivership granted in favor of USA Fanter Corp. against Imperial Pacific International (CNMI) LLC netted over $225,000.
Michael White, who represents Clear Management Ltd.—the court-appointed receiver in this case—informed the U.S. District Court for the NMI last Monday that the fourth auction of IPI’s gaming equipment netted $225,812. The fourth auction concluded last March 31.
“…Clear Management conducted a fourth auction covering a portion of the equipment. Thirty-one lots were on offer, and acceptable bids were received for 22 lots. No bids were received on the remaining nine lots, and these items will be re-auctioned at the next auction. Bids were received from 11 parties, seven of which were successful. The total value of the successful bids received was $225.812. Each of the successful bidders has paid 15% of the total successful bids into The Law Offices of Michael A. White, LLC Escrow Trust Account. Clear Management believes that the successful bids indicated in the table are reasonable, and should be accepted by the court,” White stated.
In addition, White has reported that Clear Management incurred $11,554.26 in expenses from March 1 to March 30, as a result of the auction. White has also asked that the court disburse funds for these expenses.
“Clear Management hereby respectfully moves that this court enter an order approving the report and account of the fourth auction filed herewith, and authorizing and directing Clear Management to collect the remaining 85% of the successful bids and to execute appropriate bills of sale and to deliver the items sold to the successful bidders. Clear Management further respectfully moves that the court authorize and direct disbursement of funds held in the Escrow Trust Account, to Clear Management for expenses incurred from March I through March 31, in the amount of $11,554.26,” said White.
White also informed the court that the fifth auction of IPI’s gaming property is set to close on June 9.
