Pacific Rim wants to seize $688K in IPI’s casino cage

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PACIFIC Rim Land Development LLC has applied for another writ of execution to collect US and foreign currency possessed by Imperial Pacific International LLC in its casino cage.

The total amount of currency in the casino cage is $688,408.90, Pacific Rim attorney Colin Thompson said.

He said on July 27, the parties with their lawyers, inspected the IPI casino cage and identified $46,201.90 in U.S. currency and $642,207 in foreign currency:

59,700 Chinese renminbi

508,100 Hong Kong dollars

63,065,000 Japanese yen; and

44,910,000 Korean won

On April 27, 2020, 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 2, the 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.

 The  court previously granted the application for a writ of execution of Pacific Rim to seize money owned or controlled by IPI from the 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.

District Court for the NMI Chief Judge Ramona V. Manglona  also authorized U.S. Marshals to release seized IPI funds in the amount of $1,383,869.45 from the Bank of Saipan, and $100 from Pacific American Title.

Because the judgement against IPI has not been satisfied and IPI has not posted a supersedeas or appeal bond, Pacific Rim has asked the court to issue another writ of execution.

On Monday, Magistrate Judge Heather Kennedy held a telephonic conference at the request of the parties to resolve a dispute regarding the court-ordered inspection of IPI premises.

She ordered that the inspection would not be limited to counsel only.

Last week, Judge Manglona granted the request of Pacific Rim to prohibit IPI from selling or transferring assets.

She also granted the request of Pacific Rim to gain access to the [casino] “cage” subject to Commonwealth Casino Commission restrictions. But she denied without prejudice the request for an order regarding the removal of the crane. She likewise ordered that IPI vehicles be maintained and insured.

In addition, she granted the motion of Pacific Rim to compel and order IPI “to identify a person or persons with sufficient information to respond," and that “sanctions will be imposed should the information not be tendered.”

She  ordered IPI to designate a person who has sufficient information to respond to matters relating to the assets and financial situation of the casino developer.

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