$1.38M in seized IPI funds released to Pacific Rim

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DISTRICT Court for the NMI Chief Judge Ramona V. Manglona has authorized the U.S. Marshals to release $1.38 million to Pacific Rim Land Development LLC. The funds were seized from Imperial Pacific International’s account with the Bank of Saipan.

But the judge denied, without prejudice, Pacific Rim’s request to release seized funds from IPI’s two escrow accounts.

In her order on Wednesday, the judge stated that on June 9, 2020, the clerk of court issued a writ of execution on the Bank of Saipan with the U.S. Marshals executing the writ and the bank tendering a check to the court.

According to the judge, the U.S. Treasury has completed the processing of those funds, and “to date, IPI has not requested a hearing or filed any other request regarding this writ.” She then directed the clerk of court to release the funds received from the Bank of Saipan to Pacific Rim .

Pacific Rim, through attorney Colin Thompson, also requested an order authorizing the U.S. Marshals to release funds through the writs of execution issued on Pacific American Title Inc. and Security Title Inc. IPI has not requested a hearing or filed any other requests regarding the writs for these two escrow accounts, the court noted.

It stated that Pacific American Title tendered $100 (one hundred dollars) to the court, but the U.S. Treasury has not yet completed the processing of these funds while Security Title has not tendered any funds to the court.

The judge therefore denied without prejudice Pacific Rim’s motion authorizing release of funds from the two escrow accounts, saying that it was premature.

She likewise noted that Security Title filed an interpleader in CNMI Superior Court regarding IPI’s funds that will determine who should be entitled to the $2.48 million escrow account of the casino investor.

On April 27, 2020, the federal court entered a judgment in favor of Pacific Rim in its lawsuit against IPI which the contractor accused of breach of contract and breach of promissory note.
Pacific Rim said IPI refused to pay for services in the amount of $5.65 million for the construction work performed by the plaintiff for IPI’s casino-resort project in Garapan.


On May 2, 2020, the federal court entered an amended civil judgment in favor of Pacific Rim in the amount of $6.8 million including the principal amount and attorney’s fees and costs.

The court likewise granted Pacific Rim’s application for a writ of execution to seize money owned or controlled by IPI from the Bank of Saipan, City Trust Bank, Bank of Guam, and First Hawaiian Bank; and two escrow accounts at Security Title Inc., and Pacific American Title Inc.

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