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Pacific International Property Management to provide IPI with financial help

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PACIFIC International Property Management LLC will provide financial assistance to Imperial Pacific International LLC, according to Wenqiang Zou, PIPM managing member.

Zou said PIPM is in the construction business and has been doing construction work for IPI.

Zou said PIPM and IPI entered into an agreement on Oct. 14, 2020 for PIPM to assist IPI with certain financial needs.

Recently, IPI requested the federal court to allow its investor to deposit $5,599,975 in a CNMI bank to secure the payment of judgment issued by the court in favor of Pacific Rim Land Development LLC.

As part of the agreement, Zou said, PIPM will assist IPI by paying the summary judgment if IPI does not prevail in its pending appeal.

In his declaration in support of the IPI motion to approve deposit to secure judgment, Zou stated that he is aware that the total amount of the judgment owed to Pacific Rim was about $6,909,333.43.

“I am also aware that about $1,383,869.45 has been applied toward this judgment as a result of a writ of execution served on Bank of Saipan. I am aware that an additional $100 was recovered to pay Pacific Rim. My understanding is that about $5,525,363.98 is needed to satisfy the judgment that Pacific Rim holds. PIPM agrees to pay this amount to Pacific Rim if Pacific Rim prevails on the appeal of the grant of summary judgment entered in this case,” Zou said.

Zou attached a true copy of the resolution executed by himself as managing member of PIPM, approving the payment of the judgment if Pacific Rim prevails on appeal.

Zou said PIPM has set aside $5,599,975 in an account with First Hawaiian Bank.

To secure payment to Pacific Rim and to prevent the sale of the assets of IPI, PIPM agrees to transfer the funds to an account to be designated by the court, Zou said.

Among the conditions Zou asked for is that “Pacific Rim shall not seek to collect on its judgment until after the appeal is decided and shall first apply the funds that came from [the] account to any balance owed Pacific Rim before seeking to execute on the assets of IPI to the extent that there could be deficiency.”

Pacific Rim has moved the court for an order for the turnover, assignment, and judicial sale of IPI gaming machines, heavy equipment and vehicles for the purpose of reducing the previous judgment amount entered against the casino investor.

Pacific Rim attorney Colin Thompson stated that under the CNMI statute, IPI gaming machines, heavy equipment and vehicles identified in a discovery may now be sold at auction with the sale proceeds applied in satisfaction of the judgment.

Pacific Rim said the balance due on the judgment is not less than $5,525,363.98.

District Court for the NMI Chief Judge Ramona V. Manglona will hold a hearing on the Pacific Rim motion on Thursday, Oct. 22 at 9 a.m.

She will also hear the IPI motion to approve the deposit to secure judgment on the same day.

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

 

 

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