CHIEF Judge Ramona V. Manglona of the District Court for the NMI has approved the request of the court-appointed receiver, Clear Management Ltd., for the disbursement of funds in an escrow trust account.
The funds are the commission on the sales at the second and third auctions of Imperial Pacific International LLC’s gaming equipment, and the commission on the sales of additional playing cards to Angel Playing Cards, in the total amount of $35,424.92.
The judge also approved the receiver’s payment request for expenses incurred from Dec. 8, 2022, through and including Feb. 28, 2023, in the amount of $43,533.
In appointing Clear Management as receiver, the court provided that Clear Management would be entitled to a commission of 10% on all sale proceeds.
On Feb. 14, 2023, the court approved the receiver’s report of the sales made at the 2nd and 3rd auctions amounting to $252,092 and $101,550.
Clear Management, which is represented by local attorney Michael White, said it also received $607.20 from Angel Playing Cards for the sale of additional playing cards, and that the total sales on which the commission is due amount to $354,249.20.
Of this amount, Clear Management’s 10% commission is $35,424.92.
Clear Management, as a receiver, is authorized to sell IPI’s casino gaming equipment pursuant to the court’s Oct. 26, 2021, memorandum decision based on an outstanding judgment owed by IPI to USA Fanter Corp.
