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Pacific Rim asks court to enforce $6.8M judgment against IPI; files fourth application for writ of execution

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PACIFIC Rim Land Development LLC is requesting the federal court to examine the ability of Imperial Pacific International to pay or to determine the fastest practical manner in which IPI can pay the unpaid balance of the judgment, and to establish a payment schedule.

Pacific Rim also filed a fourth application for a writ of execution regarding funds at Bank of Saipan owned or controlled by IPI.

Pacific Rim asked the court to transfer the money of IPI from the bank and to hold it in the court registry or account until after a hearing on exemptions.

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 federal court entered an amended civil judgment in favor of Pacific Rim in the amount of $6.8 million including the principal amount and attorney’s fees and costs.

Pacific Rim, represented by attorney Colin Thompson, has requested the court for a hearing and order in aid of judgment.

Thompson said as of the date of the motion the unpaid balance of the judgment was $6,909,333.43 including interest.

“Pacific Rim is the original judgment creditor and applies for an order requiring IPI to appear to furnish information to aid in enforcement of the money judgment,” Thompson said.

District Court for the NMI Chief Judge Ramona V. Manglona  previously granted the application of Pacific Rim for a writ of execution to seize money owned or controlled by IPI from Bank of Saipan, City Trust Bank, Bank of Guam, and First Hawaiian Bank; and two escrow accounts believed to be owned by IPI at Security Title Inc. and Pacific American Title Inc.

In its third application for a writ of execution, Pacific Rim requested “to collect or identify for preservation and judicial sale, the personal property belonging to IPI including, but not limited to, the furniture, fixtures, equipment, cash, and vehicles located in the Imperial Pacific Resort & Casino in Garapan.”

Thompson requested the court to have all such personal property be either removed by Pacific Rim for safekeeping pending judicial sale or identified and preserved in place pending judicial sale all under the authority of the district court and U.S. Marshals Service.

The federal court has not issued any order on the third application of Pacific Rim for a writ of execution.

Pacific Rim sued IPI for breach of contract for refusing to pay for services in the amount of $5.65 million after the plaintiff substantially completed or completed the agreed-upon construction work for IPI’s casino-resort project on Sept. 30, 2018.

 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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