First IPI auction awaits sale confirmation

The first official auction of Imperial Pacific International (CNMI) LLC’s gaming equipment came to a close over a week ago and sales are currently pending confirmation by the U.S. District Court for the NMI.

In a brief statement from attorney Michael White, the lawyer representing court-appointed receiver, Clear Management Ltd., the first auction was a success as it received a number of bids and deposits on IPI’s gaming equipment.

“We’ve received bids from a number of the items and we’ve received deposits from the successful bidders as required by the court’s order,” he said.

White declined to disclose specifics about the bidding when asked how many entities participated, the kind of gaming equipment that were auctioned, and how much in total the auction netted.

“These will all be included in a public filing,” White said.

White said Clear Management is set to ask for the court’s approval of these sales soon. “We will be asking the court shortly to approve the sales. We’re going to try and get this motion out by the weekend,” the lawyer said.

About the most recent auction, Saipan Tribune learned from a credible source who requested anonymity that, since the sales are not final and are pending court confirmation, IPI is considering other options.

In a previous motion from IPI, the casino investor, through its lawyer, Samuel Slayer, asked the court to again stay the limited receivership as it has satisfied its outstanding judgments against the creditors who assumed the receivership.

Unfortunately, the court denied the request and allowed Clear Management to move forward with its scheduled auctions.

Meanwhile, Clear Management recently informed the U.S. District Court for the NMI that it officially received over $300,000 for selling back 201 Super Angel Eye dealing shoes to Angel Playing Cards U.S.A. or APC.

On Oct. 12, 2022, Clear Management received a payment of $301,500 from APC for the dealing shoes, White told the court.

The transaction was signed by White, who represented Clear Management, and attorney Richard Miller, who represents APC.

Chief Judge Ramona V. Manglona previously granted the stipulation of Clear Management Group and APC for the repurchase of 201 Super Angel Eye dealing shoes at the unit price of $1,500 each, for a total of $301,500; and the repurchase of all Angel playing cards in Clear Management’s possession at the unit price of $0.10 per deck. 

Manglona also granted the request of White to have the funds transferred and held in an escrow trust account.  

According to the stipulation, APC previously sold a series of products to IPI, including dealing shoes and playing cards.