ROBERT Faris, U.S. bankruptcy judge for the District of Hawaii, has been appointed to preside over Imperial Pacific International’s bankruptcy case following the recusal of Chief Judge Ramona V. Manglona of the District Court for the NMI.
In her order of self-recusal on Oct. 19, Judge Manglona said one of her relatives within a third-degree relationship was recently confirmed to be a board member of the Commonwealth Casino Commission, a major creditor in the bankruptcy case.
Last week, the CNMI Senate confirmed Thomas A. Manglona of Rota as a new member of the CCC. He is the brother-in-law of Judge Manglona.
Judge Faris was designated to handle IPI’s bankruptcy case by Ninth Circuit Court of Appeals Chief Judge Mary Murguia.
Recently, the NMI federal bankruptcy court rejected IPI’s proposed bidding and sale procedures for its hotel casino and other real estate assets. The court, at the same time, granted the request of the committee of unsecured IPI creditors to hire Intrepid Investment Bankers LLC to market IPI’s properties for a higher sale price.
IPI filed for Chapter 11 bankruptcy in the District Court for the NMI on April 19, 2024, saying it owed creditors over $165.8 million.
IPI operated a casino on Saipan for four years until the Covid-19 pandemic forced its closure in March 2020.
Chapter 11 bankruptcy allows a business corporation to restructure its debts and continue operating.
