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Receiver wants commission paid
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Posted on Jun 14 2023
The court-appointed company that’s handling the receivership of Imperial Pacific International (CNMI) LLC has asked the federal court to authorize the payment of its commission for the most recent auction of the casino investor’s gaming equipment.
Michael White, the lawyer for Clear Management Ltd., has filed a motion with the U.S. District Court for the NMI, asking the court to authorize the payment of $21,056.20 in commissions following the conclusion of the fourth auction of IPI’s gaming equipment last May.
White noted in his motion that the court approved the receiver’s report and account of fourth auction in an order last May 1. The total value of the successful bids received at the fourth auction was $225,812.
“A total of $184,062 has been received. [However] one of the bidders, David Albanese, still has not paid $41,750 of his purchases amounting to $70,975,” he said.
In addition, White said the receiver also sold playing cards to Angel Playing Card company and APC has since paid a deposit of $26,500.
Adding the $184,062 in actual sales receipts from the fourth auction to the $26,500 received from Angel Playing Cards, the total amount upon which a sales commission is requested is $210,562, White said.
This means that, because Clear Management is entitled to 10% of this sum, the receiver is asking the disbursement of $21, 056.20 in commissions.
The receivership arose from the lawsuit filed by USA Fanter Corp. Ltd. against IPI for its failure to pay the full amount due to the plaintiff under their construction contract for labor and materials provided for the improvement of IPI’s real property in Garapan.
The judge issued a final judgment in favor of USA Fanter.
