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CCC monitoring IPI’s gaming assets that will be auctioned
Commonwealth Casino Commission executive director Andrew Yeom said yesterday that they are monitoring the movements involving Imperial Pacific International (CNMI) LLC’s gaming assets that will soon be auctioned.
In his report during the CCC board’s meeting at the Springs Plaza Building in Gualo Rai, Yeom said he, the Information Technology team, together with the Enforcement and Investigations team, have been communicating with Clear Management Ltd. to collectively manage the movement of these IPI assets as carefully as possible leading up to the auctions.
Clear Management Ltd. was appointed as receiver by the U.S. District Court for the NMI last month after IPI was ordered to pay $2.1 million to USA Fanter Corp. for construction work at IPI’s casino/resort project in Garapan, Saipan.
Clear Management’s first of six auctions to sell IPI’s gaming equipment will be held this Tuesday, Nov. 30.
Yeom said they will be tracking all of the IPI items that are sold through these auctions to identify to whom they are sold to by acquiring copies of all of the bill of sales.
“By doing so, we can mitigate some of the unlicensed business applications in this jurisdiction as much as possible,” Yeom said.
He said, though, that they just recently learned that IPI has asked the District Court to vacate the receivership. Apparently, Yeom said, IPI has come up with the $2 million it owes USA Fanter Corp. Ltd. and wants the court to set aside/cancel this receivership/writ of execution.
Yeom is referring to IPI’s filing of a motion before the federal court to vacate the receivership decision and terminate the limited receiver.
In the alternative, IPI asked the court to stay or suspend the proceedings until the U.S. Court of Appeals for the Ninth Circuit resolves IPI’s appeal.
IPI proposed, instead of auctions, to place more than $2 million in a restricted account controlled by the court to secure USA Fanter’s judgment amount of $2,089,345.
The court set to hear IPI’s motion tomorrow, Friday.
