CHIEF Judge Ramona V. Manglona of the District Court for the NMI has granted the stipulation of Imperial Pacific International and USA Fanter Corp. Ltd. to release the $2.45 million supersedeas or appeal bond to USA Fanter.
IPI provided the bond as surety for the judgment in the lawsuit filed by USA Fanter against the Saipan casino investor pending IPI’s appeal.
The U.S. Court of Appeals for the Ninth Circuit recently affirmed the District Court’s ruling in favor of the plaintiff.
In her order, Judge Manglona said, “Based on the stipulation of the parties, the record, and for good cause shown, the court orders Suretec Insurance Company to transfer the entire amount of the supersedeas bond of $2,450,000 to the Thompson Law, LLC client trust account immediately, to be held in trust subject to further orders of this court.”
The judge added, “Upon receipt of the supersedeas bond funds, Thompson Law is ordered to promptly transfer to USA Fanter, the judgment amount of $2,089,345.28.”
On Feb. 12, 2021, the District Court entered a judgment in favor of USA Fanter in the amount of $2,089,345.28.
USA Fanter sued IPI for failing to pay the full contract amount due for labor and materials that the plaintiff provided for the improvement of IPI’s real property in Garapan.
The lawsuit stated that IPI had paid USA Fanter $300,000 only, and that the unpaid balance due was not less than $2,089,345.28.
