THE amount of Imperial Pacific International LLC assets that need to be sold could exceed $10 million, IPI attorney Michael Dotts told the federal court on Wednesday.
Because IPI CNMI is facing multiple lawsuits, he said the court-ordered receivership âcould also develop into the full liquidation of the company to satisfy other judgments or provide the framework for a liquidation process.â
According to an online business dictionary, âthe term liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants.â
Dotts said the baseline amount that the receiver needs to raise to purge IPI, IPI Holdings Ltd., and IPI chairwoman Cui Li Jie of contempt is $1,982,793.
The order violations include failure to:
Pay its 2020 annual regulatory fee of $3.1 million
Comply to an order to settle vendor debts
Fulfill its minimum capital requirements
Pay the 2020 $15.5 million casino license fee
Contribute $20 million to the community benefit fund in both 2018 and 2019
Attorneys representing the Commission and Imperial must now file proposed orders that show the fines and penalties that will be issued to the Saipan operator. It is expected that this will include a
license suspension.
Commission Executive Chairman Andrew Yeom is represented by Assistant Attorney General Mike Ernst who has said he will seek a license suspension until the company fully complies with the violated orders.
ANDREW Yeom, the executive director of the Commonwealth Casino Commission, on Tuesday asked the commissioners to suspend the exclusive casino license of Imperial Pacific International for its failure to comply with the  commissionâs orders.
The commissioners served as the appellate court in the evidentiary hearing for Commission Complaints 2020-003 to -005 which seek to compel IPI to maintain a three-month payroll; to fully pay its outstanding obligations to private entities as ordered by the court; and to pay last yearâs $3.15 million annual regulatory fee.
Assistant Attorney General Mike Ernest represented Casino Commission Executive Director Andrew Yeom while attorney Tiberius Mocanu represented IPI.
CHIEF Judge Ramona V. Manglona of the District Court for the NMI has disclosed a familial relationship with an associate attorney at Joyce Tang’s Guam law firm, Civille & Tang
China s crackdown on overseas gambling likely to affect IPI | News mvariety.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mvariety.com Daily Mail and Mail on Sunday newspapers.