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Pacific Rim files another application for writ of execution

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PACIFIC Rim Land Development LLC has applied for another writ of execution, this time to direct the U.S. Marshals Service to seize $6.8 million from two escrow accounts of Imperial Pacific International.

Pacific Rim, which is represented by attorney Colin Thompson, believes that IPI maintains cash accounts in Security Title Inc. and Pacific American Title Inc.

On April 27, the District Court for the NMI entered a judgment in favor of Pacific Rim in its lawsuit against IPI for breach of contract and breach of promissory note.

On May 28, the court entered a civil judgment in favor of Pacific Rim in the amount of $6.8 million, including the principal amount and attorney’s fees and costs.

Thompson wants the writ of execution to take effect Wednesday, June 10.

Chief Judge Ramona V. Manglona recently denied the motions of IPI for stay pending an appeal of her decision that found the casino developer in breach of promissory note.

Thompson, for his part, said the automatic stay operates only for 30 days from the date of the judgment. “The automatic stay expired on May 27,” he said, adding that the judgment remains unsatisfied in its entirety. IPI has not paid any sum against the judgment, Thompson said.

He also requested a hearing on the return of the writ to provide IPI with the opportunity to advance any applicable exemptions.

On Monday, the federal court granted the application for a writ of execution that allows Pacific Rim to seize money owned or controlled by IPI from Bank of Saipan, City Trust Bank, Bank of Guam, and First Hawaiian Bank.

Pacific Rim sued IPI for breach of contract for refusing to pay for services in the amount of $5.65 million.

IPI, for its part, filed counterclaims against Pacific Rim for promissory fraud, fraud in the inducement as to the promissory note, violation of the Consumer Protection Act, and breach of contract. IPI counterclaims demand payment of damages.

 

 

 

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