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Over $9K seized from IPI’s BOS accounts
The U.S Marshal Service has seized over $9,000 from Imperial Pacific International (CNMI) LLC’s Bank of Saipan accounts to satisfy a judgment in favor of an apartment leasing company, Red Coral Corp.
At around 3:15pm yesterday, Bank of Saipan was served the writ of execution issued by the District Court for the NMI Clerk of Courts ordering the seizure of all IPI’s monies stored in their Bank of Saipan accounts, including but not limited to, checking account funds, savings account funds, private reserve account funds, CDs, cash, and currency in safety deposit boxes.
After being served the writ, Bank of Saipan issued a cashier’s check to the U.S. Marshals in the amount of $9,386.66 payable to the U.S District Court for the NMI Clerk of Courts.
However, the amount seized from IPI’s local account was not enough to satisfy the judgement granted in favor of Red Coral in the amount of $163,500.
Last week, the U.S. District Court for the NMI issued a writ of execution in favor of Red Coral, allowing the seizure of IPI’s monies at the Bank of Saipan to satisfy the $163,500 judgment against the casino investment.
Last Friday, Heather Kennedy, District Court for the NMI magistrate judge and clerk of court, informed IPI that the court has issued the writ of execution that would allow the U.S. Marshal Service to seize its money held at the Bank of Saipan to satisfy the $163,500 judgment.
According to Saipan Tribune archives, Red Coral, an apartment owner, sued IPI because the casino investor allegedly breached their lease agreement by failing to pay any rent for 20 apartment units, and destroying or taking furniture, fixtures, and other property belonging to the corporation when it vacated the premises.
Colin Thompson, representing Red Coral, said IPI and Red Coral entered into a lease agreement that contains an arbitration clause requiring either party to arbitrate their disputes arising from the lease.
Thompson said that Red Coral sent several demand letters as well as a demand to arbitrate but IPI had not responded to any of those demands. Without cooperation from IPI, Red Coral could not arbitrate its dispute as required under the lease agreement.
