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Sales in 4th IPI auction OK’d
The U.S. District Court for the NMI has approved the sales made during the fourth auction of Imperial Pacific International (CNMI) LLC’s gaming equipment last March 31.
Chief Judge Ramona V. Manglona approved last Monday the sales made during the fourth auction of IPI’s gaming equipment pursuant to the receivership granted in favor of USA Fanter Corp.
Michael White, who represents the court-appointed receiver in this case—Clear Management Ltd.—previously informed the U.S. District Court for the NMI that the fourth auction of IPI’s gaming equipment netted $225,812. The fourth auction concluded last March 31.
“The court approves the report and account of the fourth auction and authorizes and directs Clear Management, Ltd., to collect the remaining 85% of the successful bids, to execute appropriate bills of sale, and to deliver the items sold to the successful bidders. All proceeds of sale will be maintained in The Law Offices of Michael A. White, LLC Escrow Trust Account, pending the further orders of the court,” Manglona’s court order states.
Manglona also approved the receiver’s previous request for disbursement of funds for expenses incurred from March 1 through March 31, in the amount of $11,554.26.
“Clear Management, Ltd.’s motion that the court authorize and direct disbursement from funds held in the Escrow Trust Account to Clear Management, Ltd. for expenses incurred from March 1 through March 31, 2023, in the amount of $11,554.26, is hereby granted. This sum may be disbursed from funds held in the Escrow Trust Account,” said Manglona.
The fifth auction of IPI’s gaming property is set to close on June 9.
