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IPI-CCC settlement accord expected by week’s end
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Posted on Jul 12 2022
The Imperial Pacific Resort in Garapan, Saipan. (CHRYSTAL MARINO)
Best Sunshine International Ltd., Imperial Pacific International (CNMI), LLC, and the Commonwealth Casino Commission expect to sign the settlement agreement that has been in the works for the past month that would keep the CCC from revoking IPI’s casino license.
According to a joint report on the status of negotiations, the parties informed the U.S. District Court for the NMI that they are currently in material agreement regarding the terms of the settlement agreement and have been continuing to negotiate a few final terms.
The parties expect to come to a final agreement regarding terms in the next 24 to 48 hours.
Sister companies Best Sunshine and IPI informed the court that they expect to receive sufficient investment to assure their ability to make the financial commitment required by the settlement agreement.
In addition, the plaintiffs stated that upon receiving such investment, IPI and Best Sunshine plan to sign the settlement agreement (pending agreement on the final terms under negotiation) before the end of this week.
The parties are set to appear before the court at the status conference scheduled for today at 8:30am where they will discuss setting a briefing schedule in the event the settlement agreement is not finalized and executed by a certain date.
According to court documents, on July 1, the court held a status conference on this matter, at which the court set a status conference for July 12.
The court ordered the parties to provide a report regarding the status of the negotiations of a settlement agreement by July 11.
