IPI emergency motion for stay denied; sale of assets confirmed

Imperial Pacific International (CNMI) LLC suffered twin setbacks yesterday, with the U.S. Court of Appeals for the Ninth Circuit denying its emergency motion for a stay in its receivership and the U.S. District Court for the NMI officially approving the sale of IPI’s assets that were auctioned off last Oct. 7.

Appellate court circuit judges Mary Margaret McKeown and William Fletcher issued a decision yesterday denying IPI’s emergency motion to stay the District Court-ordered receivership.

“The emergency motion for a stay pending appeal (Docket Entry No. 2) is denied,” the justices ordered without further explanation.

Meanwhile, U.S. District Court for the NMI Chief Judge Ramona V. Manglona confirmed yesterday the auction of IPI’s gaming equipment pursuant to the receivership.

During the hearing, Manglona granted receiver Clear Management Ltd.’s motion for an order approving report and account sale, essentially confirming the sale of over $400,000 worth of IPI assets to the highest bidders.

IPI’s lawyer Samuel Salyer, during the hearing, requested for a report for outstanding amounts of unsatisfied judgments against IPI before sales are confirmed, further asking the court to refrain from confirming the sale until appeal has been decided.

The court did not oblige with holding off on the confirmation. However, the court did order that the receiver file an interim report to show the list of creditors known to the receiver.

In addition, the court addressed the Commonwealth’s motion to participate in the receivership.

Salyer did not oppose the CNMI’s motion to participate but requested to reserve the right to object.

According to Saipan Tribune archives, following the conclusion of the Oct. 7 auction, Clear Management received bids from all over the world, including the U.S.A., Europe, India, Australia, South Korea, and Saipan.

The total of the high bids realized from the sale was $410,000.

Each of the successful bidders has executed a memorandum of sale, and provided evidence of the transfer of an amount equal to 15% of its successful bids to The Law Offices of Michael A. White, LLC, Escrow Trust Account.

All World Consulting submitted bids on 116 card shufflers. It was the successful bidder on 78 card shufflers. The total amount of its successful bids was $270,000.

MP Holdings LLC submitted bids on 60 card shufflers but none of its bids were successful.

IPG International submitted bids on 48 card shufflers and three Chipstars. It was the high bidder on 20 card shufflers. The total amount of its successful bids was $50,000.

Gaming Supplies, LLC, submitted bids on 116 card shufflers and three Chipstars. It was the high bidder on four shufflers and three Chipstars. The total amount of its successful bids was $91,000.

Grand Hyatt Jeju submitted bids on 14 card shufflers. It was the high bidder on all 14. The total amount of its successful bids was $65,300.

The second auction of IPI’s assets is set to close on Dec. 9.