THE Commonwealth Casino Commission and Imperial Pacific International LLC, through their respective attorneys, informed the court on Monday that they expected to reach a final agreement “in the next 24-48 hours.”
In a joint report regarding the status of their negotiations, CCC and IPI said, “The parties are in material agreement regarding the terms of the Settlement Agreement and have been continuing to negotiate a few final terms.”
IPI reiterated that it expects to receive sufficient investment to assure its ability to make the financial commitment required by the Settlement Agreement.
“Plaintiffs [IPI] further represent that upon receiving such investment, plaintiffs plan to sign the Settlement Agreement (pending agreement on the final terms under negotiation) before the end of this week,” the joint report stated.
Chief Judge Ramona V. Manglona of the District Court for the NMI has scheduled a status conference for Tuesday, July 12, at 8:30 a.m.
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.
Attorneys Samuel Salyer and Kevin Abikoff represented Best Sunshine and IPI while the casino commission was represented by Assistant Attorneys General Alison Nelson and Keisha Blaise.
In its emergency motion, Best Sunshine and IPI stated 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 IH Group to provide that capital.
Based on a joint stipulated motion, Judge Manglona extended the expiration of the temporary restraining order, which was set to expire on June 8, 2022, for 30 days or until July 8, 2022 at 12 p.m.
