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IPI: Cash in casino cage belongs to players

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THE cash in the casino cage is restricted,  attorney Michael Dotts stated in response to the request of Pacific Rim Land Development LLC to the court for another writ of execution to collect U.S. and foreign currency possessed by Imperial Pacific International LLC in its casino cage.

Dotts said IPI objects to the latest writ because the currency in the cage does not belong to the casino investor.

“This currency is subject to the payment of players who hold markers or chips or who have deposits in the cage,”  Dotts said.

“There are outstanding chips in the amount of $536,277.50. There is also one player with verified winnings of $845,470 deposited into the cage,” said Dotts adding that “the cash in the cage account are restricted and should not be subject to the writ.”

According to Dotts, the cage is monitored by the Commonwealth Casino Commission and IPI must report daily to the CCC the amount of deposit in the cage.

He said the player who has $850,000 in verified winnings tried to  withdraw the money on July 7.

But Dotts said CCC prevented the withdrawal because of insufficient funds in the cage.

There is only $691,288.90 in the cage, he added.

“CCC required notice to be given to the others holding chips or [want to make withdrawals so that the limited funds in the cage could be released equitably,” Dotts said.

In short, the money in the cage belongs to these players and not IPI, he added. “As the money does not belong to IPI, it would not be proper to execute upon it to pay a judgment that IPI owes.”

Dotts said IPI has a wide variety of assets that can be sold under the direction of the court to satisfy the judgment of Pacific Rim.

On April 27, 2020, the US 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 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.

The federal court has previously granted the application of Pacific Rim for a writ of execution 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 authorized the U.S. Marshals to release seized IPI funds from Bank of Saipan in the amount of $1,383,869.45 and $100 from Pacific American Title.

 

 

 

 

 

 

 

November 2020 pssnewsletter

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