AFTER a status conference on Tuesday morning at the District Court for the NMI, Kyunam Kim of IH Group, through an interpreter, told Variety, “We are processing [the IPI funding] right now. So, it will happen.”
Kim declined to elaborate.
Kyunam Kim, left, of the IH Group and his interpreter and other companion exit the United States Courthouse on Tuesday after a hearing on the negotiations between Imperial Pacific International and the Commonwealth Casino Commission.
The IH Group official, accompanied by an interpreter and other individuals, attended the hearing on the status of the negotiations between the Commonwealth Casino Commission and Imperial Pacific International LLC.
IPI attorney Kevin Abikoff introduced the investor to the court and told Chief Judge Ramona V. Manglona that IPI and CCC “are on the final road to reaching an agreement.”
“I think the draft [agreement] that we are exchanging is reflecting increasing agreement. I don’t think there’s key point left at this point,” the lawyer said.
As for the infusion of capital from the IH Group, Abikoff said, “I understand it’s been authorized, and we are waiting for the intricacies of the international wire system to allow the money to actually find its way to where it needs to be.”
“I understand it’s already been happening,” he said. “The initiation of the transfer happened… and to try to show the court our good faith and our sincerity, Mr. Kim has agreed to join and show his face, as the face of IH Group, which like I said at the outset is the financier here.”
IPI previously 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 recently signed a Memorandum of Understanding with the IH Group to provide capital.
On May 23, 2022, the federal court granted the motion of Best Sunshine and IPI and issued a temporary restraining order preventing the Commonwealth Casino Commission 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.
In a joint report regarding the status of negotiations on Monday, the casino commission and IPI said they were in material agreement regarding the terms of the settlement agreement and had been continuing to negotiate a few final terms.
Attorneys Joey San Nicolas and Samuel Salyer, through videoconference, joined Abikoff at the hearing on Tuesday. Tao Xing, IPI representative, was also present.
Assistant Attorney General Alison Nelson appeared for CCC. Ian Morell, CCC’s acting executive director, was also at the hearing.
After hearing from the parties, Judge Manglona set a briefing schedule in the event the settlement agreement is not finalized no later than Monday, July 18, 2022.
“Defense to file opposition to the motion for preliminary injunction by Friday, July 22, 2022. Plaintiffs reply due Friday, July 29, 2022,” the judge said.
She also scheduled a motion hearing for Aug. 18, 2022, at 8:30 a.m.
Judge Manglona likewise granted the request that upon the execution of the settlement agreement, the matter will be stayed until final approval is received by the casino commission.
She directed the parties to file a status report no later than Aug. 26, 2022, regarding finalization of the settlement agreement.
“Plaintiff [IPI will] draft a proposed order to submit to the court,” Judge Manglona said.
