CLEAR Management Limited, the court-appointed receiver, is seeking the federal court’s approval of the sale of Imperial Pacific International LLC’s gaming equipment in the total amount of $410,000.
The receiver, represented by attorney Michael White, is requesting the District Court for the NMI to issue an order approving the report and account of sale.
White likewise requested the court to authorize and direct Clear Management to collect the remaining 85% of the successful bids and to execute appropriate bills of sale to the successful bidders.
White said all proceeds of the sale will be maintained in an escrow trust account.
In its report, Clear Management stated that it promoted the auction through online gaming magazines and daily briefings.
In addition, Clear Management principal Tim Sheppard gave a number of interviews which were aired globally.
Clear Management said it used its extensive networks of sellers and buyers worldwide to attract more interest.
Clear Management also contacted all previous bidders at a previous sale canceled by the court.
According to Clear Management:
• All World Consulting was the successful bidder for 78 card shufflers in the total amount of $270,000.
• IPG International was the successful bidder for 20 card shufflers in the total amount of $50,000.
• Gaming Supplies LLC was the successful bidder for four shufflers and three ChipStar machines in the total amount of $91,000.
• Grand Hyatt Jeju was the successful bidder for 14 card shufflers in the total amount of $65,300.
The total of the high bids realized from the sale was $410,000, the report added.
It stated that the successful bidders have executed a memorandum of sale and provided evidence of the transfer of an amount equal to 15% of their successful bids to the Law Offices of Michael A. White, LLC, Escrow Trust Account.
Clear Management said it believes that the high bids are reasonable and should be accepted by the court.
As a receiver, Clear Management 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.
USA Fanter sued IPI for its failure to pay the full amount due to the plaintiff under their construction contract for labor and materials provided for the improvement of the Saipan casino investor’s real property in Garapan.
According to that lawsuit, IPI had paid USA Fanter $300,000 only and the unpaid balance due was not less than $2,089,345.28.
Judge Manglona has issued a final judgment in favor of USA Fanter.
