Slider
Slider

|

Slider

Judge grants conditional approval of IPI motion to deposit investor’s funds

Local
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

DISTRICT Court for the NMI Chief Judge Ramona V. Manglona on Thursday granted a conditional approval of the Imperial Pacific International LLC motion to deposit its investor’s funds.

Judge Manglona also ordered the parties to stipulate restrictions.

In addition, she ordered IPI to transfer the full amount authorized by the investor, Pacific International Property Management LLC, to attorney Colin Thompson’s law office trust account pending further order from the court.

She said the funds should be deposited no later than Tuesday, Oct. 27.

Thompson represents Pacific Rim Land Development LLC, which sued IPI for breach of contract and breach of promissory note.

Pacific Rim said IPI refused to pay for services in the amount of $5.65 million for substantially completed or completed agreed-upon construction work for the IPI casino-resort project on Sept. 30, 2018.

On April 27, 2020, the federal court entered a judgment in favor of Pacific Rim.

On May 2, 2020, the court entered an amended civil judgment in favor of Pacific Rim in the amount of $6.8 million including the principal amount owed by IPI and attorney’s fees and costs.

On June 22, 2020, the court granted the motion of Pacific Rim to release to the plaintiff over $1.38 million of IPI funds deposited at Bank of Saipan.

On July 23, 2020, the court authorized another release of IPI funds to the plaintiff in the amount of $100.

According to Pacific Rim, the unpaid balance due on the judgment is now not less than $5.52 million.

IPI, for its part, has asked the court to allow an investor to deposit $5.59 million in a CNMI bank to secure the payment of judgment in favor of Pacific Rim.

Represented by attorney Michael Dotts, IPI has also asked the court to reject Pacific Rim’s motion for an order authorizing the auction of IPI’s gaming machines and vehicles to satisfy judgement.

Pacific Rim’s motion remains pending.

 

 

 

 

 

 

previous arrow
next arrow
Shadow
Slider

Read more articles

Visit our Facebook Page

previous arrow
next arrow
Shadow
Slider