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IPI not opposed to Tang as receiver
Imperial Pacific International (CNMI), LLC does not oppose the U.S. Department of Labor’s nomination of Joyce Tang as receiver if ever the Saipan casino licensee goes into receivership.
IPI, through counsel Michael W. Dotts, said in a filing with the U.S. District Court for the NMI last Friday that it doesn’t oppose the nomination of Tang to serve as the receiver for IPI and the proposed terms of the receivership.
A receivership, in law, means that the court will appoint a person, a “receiver,” to gather assets. In this case, with IPI, the receiver will gather and liquidate assets to satisfy the consent judgment against them that was filed by USDOL.
According to Saipan Tribune archives, USDOL attorney Charles Song, following the court’s Jan. 28 order to nominate a receiver, submitted Tang as the proposed receiver and proposed that the receivership be limited to the liquidation of assets sufficient to remove contempt and pay the receiver’s fees and costs.
The receivership is needed because IPI was anticipating that the crane funds will satisfy the judgment. However, the crane funds are not available. IPI informed the U.S. District Court for the NMI that the crane funds they were dependent on will not be released by today’s deadline, March 1.
In a status report filed by Dotts, the removal of the crane has been completed. However, Finance Secretary David Atalig declared the CNMI’s claim on all of the funds on deposit related to the crane and advised that he will be moving to intervene.
