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Court OKs sale of defunct Ladera school
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Posted on Dec 01 2011
Group of investors purchased property for $505,000
By Ferdie de la Torre
Reporter
Reporter
The Superior Court has approved the sale of the defunct Ladera International School of Saipan to a group of investors for $505,000.
Associate Judge David A. Wiseman confirmed the sale of the Ladera property, a 20,207-square meter piece of lot located along side of Tun Joaquin Doi Road in Finasisu.
Wen Jun Kang and Valley of Glory Investment (USA) Corp. prevailed in the public auction attended by about 25 persons on Oct. 28. Attorney S. Joshua Berger served as auctioneer for Bank of Saipan Inc.
Ladera shut down in August 2010 after more than four years of operation.
In February 2011, Ladera’s former owners-brothers Yong Nam Park and Yong Sung Park and their parent, Pil Hwan Park-filed a $1-million lawsuit against the school’s operator, Sung Yun Kim, for allegedly mismanaging the school and embezzling its funds.
In May 2011, Bank of Saipan, Inc. sued Ladera’s former owner, Yong Nam Park, and the school’s former operator, Sung Yun Kim, for allegedly failing to pay $300,822 in loan and damages.
On July 25, 2011, the Superior Court granted a default judgment in favor of Bank of Saipan. The court then granted the bank’s request to appoint Berger as auctioneer for the sale of the property.
In his report filed in court on Nov. 18, Berger said that bids were made by three serious bidders during the Oct. 28 public auction.
Berger said he started the auction at $330,000 but ultimately sold it to Wen Jun Kang and Valley of Glory Investment (USA) Corp. for $505,000.
Berger said the successful purchaser paid all $505,000.
“As of Nov. 18, 2011, the judgment sits at $344,347.75. Add to that the costs incurred of $7,044 and this leaves a surplusage of $153,608.25,” the lawyer said.
Wiseman ordered Berger to deposit the surplusage of $153,608.25 minus $5,000 to cover future Bank of Saipan costs and fees, into the Registry of the Superior Court.
Wiseman said the surplusage shall be deposited in an interest bearing account pending resolution of all claims to this money.
