CHIEF Judge Ramona V. Manglona of the District Court for the NMI has taken under advisement the request of Imperial Pacific International LLC for an order compelling arbitration in its dispute with the Commonwealth Casino Commission regarding their casino license agreement or CLA.
After hearing from the parties, Judge Manglona said she will issue a decision by Wednesday, Aug. 24.
She set a status conference for the same date at 8:30 a.m.
The judge also extended the temporary restraining order she issued on May 23, 2022, preventing the CCC from holding a hearing on May 24-25, 2022, to revoke IPI’s exclusive casino license for its failure to pay the required fees among other alleged violations.
Judge Manglona extended the TRO until Aug. 24 at 8:30 a.m.
At the hearing, attorney Kevin Abikoff, who represents IPI, said the CLA arbitration provision compels arbitration of the claims in enforcement actions. Also representing IPI and Best Sunshine were attorneys Joey San Nicolas and Samuel Salyer.
For their part, Assistant Attorneys General Keisha Blaise and Alison Nelson, who appeared for the commission, told the court that, because a “nonbinding arbitration” is now available, IPI’s motion for compelling arbitration issue is mooted.
The CCC and IPI earlier informed the federal court that they were in material agreement regarding the terms of a settlement agreement and had been continuing to negotiate a few final terms.
IPI also told the court that at the end of May 2022, IPI “anticipates that it will begin receiving an infusion of $150 million of capital that will allow it to meet its obligations to its creditors, resume operations, and restart construction.”
IPI said it had signed a memorandum of understanding with the South Korean IH Group to provide that capital.
As of Aug. 21, 2022, no final settlement agreement between IPI and the commission had been submitted to the court.
There was also no update about the IH Group’s “infusion” of $150 million.
