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IPI receivership extended again
The receivership proceedings of Imperial Pacific International Holdings, Ltd. and Imperial Pacific International (CNMI) LLC was given another extension, this time for another four days.
In an order last March 12, U.S. District Court for the NMI Chief Judge Ramona Manglona first allowed IPIH and IPI’s receivership to be extended to March 19 at 1:30pm but this was again extended last Friday to March 23.
Manglona gave IPI and IPIH’s receiver, Joyce Tang, another four days to not take action on the sale of IPI’s assets until tomorrow, March 23, at 1:30pm.
Manglona said the order appointing the receiver and setting the terms of the receivership have been modified so that the receiver won’t take action in the sale of assets until this Tuesday. Tang also agreed that she would not take action until then.
IPIH chair Cui Li Jie had until last March 12 to pay the U.S. Department of Labor a total that was said to exceed $10 million owed from a consent judgment issued two years ago. All parties—IPIH, IPI, and USDOL— have been communicating with each other about the extension of the receivership.
According to court documents, USDOL Wage and Hour investigators have been examining the payroll documents provided by IPI but required more time to determine the amount of wages due, but the parties also needed more time to complete their negotiations.
Charles Song, counsel for USDOL, said that USDOL has been communicating with Tang, who agreed to not take any action until March 23. Song said this will allow the parties more time to reach an agreement to purge contempt.
According to Saipan Tribune archives, the U.S District Court for NMI appointed Tang last March 5 as receiver of IPI in a potential settlement to pay off the balance that IPI owes the USDOL in the consent judgment.
