CLEAR Management, the court-appointed receiver, through attorney Michael White, has requested the District Court for the NMI to authorize the disbursement of funds held in an escrow account for expenses incurred from Dec. 8, 2022, through Feb. 28, 2023, in the amount of $43,533.
In his memorandum, White noted that the court’s decision on Oct. 26, 2021, stated that the receiver would be entitled to reimbursement of its reasonable expenses incurred in connection with the sale of Imperial Pacific International LLC’s gaming equipment.
He said the court previously approved Clear Management’s expenses incurred through Dec. 2022.
White submitted two exhibits that detailed the receiver’s expenses from Dec. 8 to Jan. 31, 2022, and from Feb. 1, 2023, to Feb. 28, 2023.
“Clear Management has back-up documentation to substantiate all of these expenses, and would be happy to provide the same, together with such other and further information, as the court may require,” White added.
The federal court has yet to issue an order regarding Clear Management’s earlier request to release its commission from IPI’s second and third auction sales.
White said the total sales on which the commission is due are $354,249.20.
“Clear Management’s…10% commission is $35,424.92,” he added.
The court has scheduled a hearing on the disbursement of funds for April 6 at 10 a.m.
Clear Management’s limited receivership was established in USA Fanter Corporation v. Imperial Pacific International (CNMI), LLC, Case No. 1:20-cv-00003.
USA Fanter sued IPI for its failure to pay the full amount due under their construction contract for labor and materials provided for the improvement of the Saipan casino investor’s real property in Garapan.
According to that lawsuit, IPI had paid USA Fanter $300,000 only and the unpaid balance due was not less than $2,089,345.28.
Judge Manglona has issued a final judgment in favor of USA Fanter.
