CLEAR Management, through attorney Michael White, has asked the District Court for the NMI to approve the third auction sale of Imperial Pacific International LLC’s gaming equipment.
White also requested the court to issue an order directing the receiver to collect the remaining 85% of the successful bids, to execute the appropriate bills of sale, and to deliver the items sold to the successful bidders.
Clear Management held a third auction on Jan. 6, 2023.
“Bids were received from six bidders,” White informed the court. “Bids were accepted for 14 lots from two different bidders, two of which were successful bidders in previous auctions, and one a new bidder.”
White said the total value of the bids accepted was $101,550.
“Each of the successful bidders has paid 15% of the bid. Those funds are being held in the Law Offices of Michael A. White LLC Escrow Trust Account pending the further orders of the court,” White added.
He said “two lots of gaming trips were withdrawn.”
“These lots will be placed in subsequent auctions,” he added. “The reserve price was not met on two other lots. These items will also be offered at a future auction.”
The total sales for the first and second auctions to date amount to $711,600.
Clear Management Limited, as a receiver, is authorized to sell IPI’s casino gaming equipment pursuant to the court’s Oct. 26, 2021, memorandum decision based on an outstanding judgment owed by IPI to plaintiff USA Fanter Corp.
