Imperial Pacific International (CNMI), LLC has between $10 million and $50 million in assets available to distribution to its unsecured creditors if a bankruptcy court grants its petition for Chapter 11 bankruptcy, which the company filed in the U.S. District Court of the CNMI today.
According to the petition, those creditors number between 1,000 to 5,000, and IPI estimates its liabilities to them between $100 million to $500 million.
Interestingly, in the portion of the petition where the government asks, “Does the debtor own or have possession of any real property or personal property that needs immediate attention?” IPI checked the box marked “No.” Passersby can see in plain view the tens of thousands of square feet of unfinished construction at the behemoth Garapan casino IPI owns and used to operate.
The petition does not state the type of assets IPI owns, just that the estimated value of the assets is between $10 million and $50 million. The petition also does not state who the creditors are, however among the claimants of money owed by IPI is the Commonwealth government, which has pressed the company for close to $100 million in allegedly overdue taxes and fees.
The Commonwealth Casino Commission has stalled on deciding whether to revoke IPI’s exclusive casino license for the company’s alleged breach of multiple parts of the casino license agreement. The CCC has entertained numerous overtures from IPI, with the company claiming to be able to settle its debt to the government for a small fraction of the amount the government claims IPI owes it.
“A Chapter 11 bankruptcy allows a company to stay in business and restructure its finances and operations,” according to information on Investopedia. “If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors. If the debtor does not put forth a plan, the creditors may propose one instead.”
According to the United States Courts: A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.
According to the petition, no such plan was filed with the petition.
The courts further state that, unless the court orders otherwise, the debtor filing the (voluntary, in this case) petition, must also file:
- schedules of assets and liabilities;
- a schedule of current income and expenditures;
- a schedule of executory contracts and unexpired leases; and
- a statement of financial affairs.
No public record of those attachments can be found in the federal court system’s records system for this bankruptcy case.
IPI did file Official Form 204, which contains the list of the creditors with the 20 largest unsecured claims “and are not insiders.”
The biggest creditor is the Treasurer of the CNMI (the people of the CNMI), whose contingent disputed claim is more than $62 million. Other government entities are listed, including the CCC at $17.6 million, the CNMI Department of Finance at nearly $8 million (for BGRT), the Internal Revenue Service at $4 million, and the U.S. Department of Justice at close to $1 million.
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They Call Me Joe
04/20/2024 at 12:49 AM
Breaking News? For those who followed past postings by a certain “Joe” moniker in the Marianas Variety, none of this should come as a revelation (shaking my head). A certain “dementia Joe” posted commentary and links to past Hong Kong court proceedings months ago and tried to warn everyone what was coming. Just ask my nemesis “CNMI Lawyer” to verify my postings (I do believe he is still keeping archives of my past comments?) And how many times did the Marianas Variety quote the CCC and tell everyone a settlement was expected by such and such a date? (constantly extended by the way?). Insert laughing and eye rolling here [screw you Variety].
If anyone had bothered to follow Chinese gossip media in Hong Kong, you would know the writing was on the wall with IPI a long time ago – yet, in the Marianas (as Trump would say) FAKE NEWS? (my opinion).
Keep drinking the Koolaid (list to follow)
1. IPI settlements (rolling my eyes).
2. Garapan tourism district renovations consisting of some street paving and sewer lines? (stand by for millions of new tourist to come and see your “street pavings & sewer lines”) Size 13 shitkicker will be on site giving out his autograph and issuing more baloney press releases.
3.Government transparency (as determined by those who are threatened by transparency). Good luck with that?
4. Congressional Delegate announcements, yet only one of them is even remotely qualified (someone who has a legal background). But best wishes in the Joe Biden world, because if you get to Washington D.C. it will be a miracle if you are not mugged or carjacked? Think I’m kidding? Do a simple google search for “Congressman carjacked”.
5. And good luck with your Japanese tourism returning dreams? I guess you don’t follow what’s going on in Japan ? Like the fact they are experiencing a possible pandemic of flesh eating bacteria? (do a recent google search?) Oh, and those earthquakes? War on the horizon (thanks to dementia Joe) – so I’m sure every Japanese citizen is concentrating on taking a trip to Saipan because, you know, that’s a priority?
6. But don’t worry CNMI, “cable boy” Palacios recently announced google is going to make the CNMI a digital hub and everyone is going to be able to start a remote massage parlor business with some digital happy endings (sarcasm alert). The tax revenue from the undersea cable is going to exceed CNMI cannabis, so be prepared to appoint a new Cable Czar at 200K a year (and don’t forget to throw in a car from one of the local car leasing brown noses?).
7. That Zaji character? What’s up with that? Fly in the ointment or a legitimate litigant? Just remember one thing on a federal level – this is “dementia Joe world” where anything goes?
8. Mabel Doge? Nice play on your moniker, but are you willing to do a wet t-shirt contest at Godfathers? Oh Mabel, you so turn me on, so much so that I’m willing to spend a pirates fortune on what they charge for bottle of piss water at the local watering hole, just so I can meet you.
Meanwhile, all I have is my Fredricks of Hollywood catalog……………………………….