PEACE and Order Trading Corp. has asked the federal court to appoint a receiver for an apartment investor, Fairyland Investment LCC, to help the plaintiff collect judgment in the amount of $767,697.50.
Peace and Order, through attorney Colin Thompson, wants the receiver to administer, collect, or sell any real or personal property in which Fairyland Investment LLC has an interest, specifically Lot 019 D 61 and Lot 019 D 83 on Navy Hill.
Thompson also asked for an order directing Fairyland to turn over to the receiver the title to its assets in an amount sufficient to satisfy the judgment, plus post-judgment interest; and to award Peace & Order attorney’s fees and costs in accordance with the terms of the agreement between the parties.
Both CNMI and federal laws clearly permit the court to appoint a receiver in aid of execution, Thompson said.
This is an appropriate remedy that is needed to satisfy Peace & Order’s interest in Fairyland’s assets, as well as to prevent the potential diminishment in value of those assets, he added.
Peace & Order also wants the court to issue an order appointing a receiver without the requirement of posting a bond.
On April 13, 2021, Chief Judge Ramona V. Manglona of the District Court for the NMI instructed the clerk of court to enter default judgment against Fairyland in the principal amount of $767,697.50 plus attorney’s fees and costs, including applicable federal interest rate for post-judgment interest.
The judge noted that the defendant had failed to answer or otherwise plead its case.
Peace and Order sued Fairyland Investment, which is owned by Zhi Qi Shen, for breach of construction contract and unjust enrichment.
Peace & Order was the contractor hired by Fairyland to remodel and build an apartment building on Navy Hill, Saipan.
Peace & Order said it stopped work on the project after Fairyland refused to pay the amount owed for work completed under the construction contract.
