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The AmericaImperial Pacific International Auctions: Asset Liquidation Amid License Revocation Hearings

Imperial Pacific International Auctions: Asset Liquidation Amid License Revocation Hearings

Imperial Pacific International (CNMI) LLC, facing license revocation proceedings from the Commonwealth Casino Commission (CCC), continues its asset liquidation efforts. The receiver overseeing the auction of the embattled Saipan casino operator’s assets recently sold two Rolls Royce vehicles in an online auction for a total of US$333,000. This sale marks another step in the ongoing process of disposing of Imperial Pacific’s assets.

Auction Details
In a live online auction conducted by Clear Management Ltd, two Rolls Royce vehicles owned by IPI were successfully sold for US$163,000 and US$170,000, respectively. With this transaction, the tally of vehicles auctioned off from IPI reaches 11. It is reported that over 100 vehicles remain, and another vehicle auction is scheduled for June.

Additionally, Clear Management recently managed the sale of a significant quantity of high-end liquor previously held by IPI. Currently, attention is drawn to the impending sale of two Crystal Dragons, prominent decorative pieces from the lobby of IPI’s casino, Imperial Palace • Saipan. The Crystal Dragon auction is set to conclude on 22 August.

Unique Assets: Crystal Dragons
Danny Ewing, Operations Director of Clear Management and a former IPI employee, highlighted the uniqueness of the Crystal Dragons, emphasizing that these art pieces deserve a prestigious setting. Notably, discussions regarding their sale have centered on potential buyers in the Middle East, underscoring the global reach of these auctions.

License Revocation Hearings
The backdrop of these auctions is the ongoing license revocation hearings involving the Commonwealth Casino Commission and Imperial Pacific International. Since April 2021, IPI’s license has been under suspension due to alleged non-compliance with licensing requirements. The CCC is poised to deliver its final decision on IPI’s license status on 22 April.

Imperial Pacific International’s efforts to address its operational and regulatory challenges continue through asset liquidation overseen by Clear Management Ltd. The recent sale of Rolls Royce vehicles underscores the scale of this endeavor, with further auctions on the horizon. As the license revocation decision looms, the fate of IPI’s operations remains uncertain, set against the backdrop of ongoing legal proceedings and asset divestitures.

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