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IPI receivership gets more time
The receivership proceedings of Imperial Pacific International Holdings, Ltd. and Imperial Pacific International (CNMI), LLC was given a weeklong extension.
In an order last Friday, March 12, U.S. District Court for the NMI Chief Judge Ramona Manglona allowed IPIH and IPI’s receivership to be extended until March 19 at 1:30pm.
Manglona said the order appointing receiver and the setting terms of receivership have been modified so that the receiver won’t take action in the sale of assets until this coming Friday.
IPIH chair Cui Li Jie had until last Friday 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 number 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 the appointed receiver, Joyce Tang, who agreed to not take any action until March 19. 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 ordered last March 5 the appointment of Joyce Tang as receiver of IPI in a potential settlement to pay off the balance that IPI owes the USDOL in a consent judgment.
