DISTRICT Court for the NMI Chief Judge Ramona V. Manglona has ordered Imperial Pacific International LLC and IPI chairwoman Cui Li Jie to purge their contempt of court by Friday,
March 9, 2021
In the Commonwealth of the Northern Mariana Islands and beleaguered casino operator Imperial Pacific International Holdings Limited has reportedly been told that it will be placed into receivership if it does not pay off a $1.2 million debt by Friday.
According to a report from Inside Asian Gaming, the Hong Kong-headquartered firm is responsible for the American territory’s under-construction Imperial Palace Saipan but has been facing financial collapse owing to a dearth in overseas gamblers caused by the coronavirus pandemic. The source detailed that the operator is moreover facing the imminent loss of its casino license due to its inability to fulfil a multitude of financial obligations including one to former contractor Pacific Rim Land Development said to be worth in the region of $6.8 million.
IMPERIAL Pacific International LLC receiver Joyce Tang wants to know whether the two crystal dragons in the IPI hotel-casino lobby are among IPI’s assets.
Joyce Tang OK'd as IPI receiver; NMI tax claim subordinate to USDOL's judgment claim | News mvariety.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mvariety.com Daily Mail and Mail on Sunday newspapers.
THE amount of Imperial Pacific International LLC assets that need to be sold could exceed $10 million, IPI attorney Michael Dotts told the federal court on Wednesday.
Because IPI CNMI is facing multiple lawsuits, he said the court-ordered receivership âcould also develop into the full liquidation of the company to satisfy other judgments or provide the framework for a liquidation process.â
According to an online business dictionary, âthe term liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants.â
Dotts said the baseline amount that the receiver needs to raise to purge IPI, IPI Holdings Ltd., and IPI chairwoman Cui Li Jie of contempt is $1,982,793.