The recent lifting of the stay on the limited receivership against Imperial Pacific International (IPI) by the District Court for the Northern Mariana Islands (a U.S. Commonwealth) does not automatically mean that the troubled gaming company’s assets will be auctioned off. That will still require an action by District Court Ramona Manglona.
However, the Saipan Tribune reports that the seven former employees who sued IPI were told they could prepare for the sales. Reportedly a status conference will be scheduled sometime this month.
Previously, Clear Management was given authority to conduct the auction for IPI’s casino gaming machines from its now shuttered Saipan casino.
It was given the go-ahead to conduct the auction after August 30 but the stay by the court on August 16 delayed that.
