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Ayuyu backs out from Gardenia receivership
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Posted on Nov 30 2004
Businessman Joe Ayuyu has withdrawn his nomination to become the receiver for the financially beleaguered Pacific Gardenia Hotel.
However, the Commonwealth Development Authority expressed optimism that a receiver would be appointed by the Superior Court on Thursday during a scheduled hearing.
Ayuyu’s withdrawal of his nomination by the CDA prompted the agency to come up with a new list of prospective candidates for receiver.
CDA lawyer F. Matthew Smith said Ayuyu withdrew his nomination because the businessman has “other projects” to focus on.
The Superior Court has scheduled a continuation of yesterday morning’s hearing on the request for receivership on Thursday, during which the CDA expects the court to select the receiver from a list of candidates.
Smith said the list includes former Rotary Club president Edward Salas, Saipan Chamber of Commerce treasurer-elect Mike Johnson of Deloitte Touch & Tahmatsu, Rex Palacios, David Jones, Roger Slater, and Larry Cabrera. He said he would consult with CDA officials regarding the list.
The receivership proceeding at the Superior Court resumed after the U.S. District Court junked the bankruptcy petition initiated by Ronald Sablan, president of Sy’s Corp. that operates the hotel.
Superior Court presiding judge Robert Naraja ordered the appointment of a receiver to take control of the corporation’s assets and business last Sept. 9 and scheduled a hearing to decide on the identity of the receiver from nominees on Sept. 13. The bankruptcy petition in federal court, however, temporarily halted the receivership proceeding.
