By Bernadette H. Carreon
Horizon news staff

The Trial Division of the Supreme Court yesterday issued an order leaving unchanged the date of the judicial sale of the Palau Marine Industries Corporation assets.
In a press statement from PMIC Attorney Johnson Toribiong it said that the order said that any potential bidder may inspect the items listed as PMIC’s assets from 7:30 a.m. to 6:30 p.m. daily upon advance notice to PMIC and the sale will be held at the company’s premises in Malakal.
The statement said that the court held that the leasehold interest of the PMIC from its lease of the premises from Koror State Public Lands Authority is not to be included as an asset of PMIC subject to the judicial sale.
The ruling stemmed from the KSPLA’s motion to intervene which indicated that the KSPLA-PMIC is subject to termination due to PMIC’s default on its rental payments.
The statement added that the lease also has a provision which empowers KSPLA to terminate the lease in the event PMIC becomes insolvent where its assets become subject of levy of execution.
According to the motion, the PMIC owes KSPLA for back rent in the amount of $44,000.
The statement also said that according to order, the priority judgments between the creditors and the PMIC, Tai Chin Long’s three promissory notes which has the current value of approximately $118,660 must be paid first, followed by the more than $4 million judgment of Pacific Call Investments Inc. and finally by the balance of Long’s balance of his judgment in the amount of $500,000.
The statement added that without the lease, PMIC’s assets available for the judicial sale consist of only chattels and has an estimated value of around $67,000.