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IPI, CCC settlement by July 18
Sister companies Best Sunshine International Ltd. and Imperial Pacific International (CNMI) LLC and the Commonwealth Casino Commission appeared before the U.S. District Court for the NMI to report that their long-awaited settlement agreement is expected to be finalized and executed by July 18.
On Tuesday, IPI lawyers Kevin Abikoff, Samuel Salyer, and Joey San Nicolas; CCC lawyer Alison Nelson, IPI representative Tao Xing, and CCC representative Ian Morrell came before Chief Judge Ramona Manglona for a status conference regarding the parties’ progress in negotiating a final settlement agreement.
The parties reported that their negotiations are well-advanced and that they expect to finalize and execute a settlement agreement by July 18. Manglona ordered the parties to notify the court once that happens.
Upon receipt of the notice, Manglona said the court will extend the stay on the revocation of IPI’s license to provide the parties with time to obtain necessary approvals of the settlement agreement. In such event, Manglona directed the parties to file a status report no later than Aug. 26, regarding approval of the settlement agreement.
However, should the parties fail to finalize and execute a settlement agreement by July 18, Manglona ordered the defendants to file an opposition to IPI and BSI’s motion for preliminary injunction by July 22.
IPI, for its part, must file any reply by July 29.
In addition, Manglona said in the event a settlement agreement does not pull through by July 18, a hearing on the plaintiff’s motion is set for Thursday, Aug. 18, at 8:30am.
Also, during the hearing Tuesday, IPI’s financier, IH Group representative Kyu Nam Kim, was present in court and introduced by Abikoff.
She confirmed that a sufficient investment is underway to assure IPI’s ability to make the financial commitment required by the settlement agreement.
She did not specify the amount IPI is expecting to receive.
However, in a previous court document, IPI informed the court that they were expecting a $150 million investment from IH Group.
Saipan Tribune learned from a credible source that IPI anticipates to receive the first $10 million of the investment by the end of June.
