THE court-appointed receiver, Clear Management, through attorney Michael White, has asked the District Court for the NMI to authorize the disbursement of funds held in the escrow account for the commission in the sales of Imperial Pacific International LLC’s gaming equipment.
In appointing Clear Management as receiver, the court also provided that Clear Management would be entitled to a commission of 10% on all sale proceeds, White said.
To date, and with court approval, Clear Management has received the sum of $301,500 from Angel Playing Cards, for the sale of dealing shoes, and $410,100 from the first auction on Nov. 16, White added.
The total sales to date are $711,600 which means that Clear Management’s commission is $71,160, White said.
He added that the receiver is also entitled to a reimbursement of reasonable expenses incurred in connection with the sale of IPI’s gaming equipment.
White said Clear Management’s total expenses to date are $37,867.81.
As for legal fees and expenses, White said he is owed $6,824.90.
White also asked the court for an order approving the report and account of the second auction held on Dec. 8, 2022.
In addition, the lawyer asked the court to authorize Clear Management to collect the remaining 85% of the successful bids, execute appropriate bills of sale, and deliver the items sold to successful bidders.
According to White, the total amount of the acceptable bids in the second auction was $252,092.
He said several lots were unsold, because no qualified bids were received or because the bids fell below the reserve price established by the receiver. “The unsold lots will be offered at a future sale,” White added.
Chief Judge Ramona V. Manglona scheduled a hearing for Feb. 9, 2023, regarding the disbursement of funds and the approval of the second auction sales.
Clear Management, 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 USA Fanter Corp.
