Imperial Pacific International Resolves Debts by Transferring Imperial Palace Liquor Ownership

Posted on: November 2, 2023, 10:51h.

Last updated on: November 2, 2023, 10:51h.

Former Imperial Pacific International (IPI) manager Joshua Gray, who is owed over $5.6 million by the company, is set to take matters into his own hands. With a judge’s permission, Gray plans to raid the liquor cabinet at the failed Imperial Palace casino in Saipan.

The front of the Imperial Palace casino in Saipan from the street
The front of the Imperial Palace casino in Saipan from the street. The casino’s liquor vault has become the latest asset seized to cover outstanding debts. (Image: Pacific Island Times)

Gray previously won a lawsuit against IPI and was awarded a seven-figure settlement for discrimination. However, the company has failed to pay him and has made no effort to settle the suit.

As a result, Gray’s case has been included in the receivership controlled by Clear Management Ltd, which oversees the collection of IPI’s outstanding debts. The judge has given approval for the liquor vault at the Imperial Palace casino to be seized as part of these efforts.

Everything, Including the Kitchen Sink

Gray’s lawyers approached the Commonwealth of Northern Mariana Islands (CNMI) courts to request access to the liquor vault. Chief Judge Ramona V. Manglona swiftly approved the request, as the CNMI courts possess the key to the vault.

The liquor vault is currently locked. With Manglona’s approval, Clear Management and its senior partner and director, Tim Shepherd, will gain possession of the key and inventory the contents.

The specific items contained within the liquor vault are unknown. However, it is expected to contain a wide selection of high-end wines, champagnes, whiskeys, and more, typical of casino establishments.

The liquor vault is just one of the assets that Clear Management can use to settle IPI’s debt with Gray. Most of the other assets from the Imperial Palace casino can also be seized and used to cover outstanding claims with the CNMI and other creditors.

IPI To Remove Precarious Cranes

Among the various equipment left behind by IPI when it closed the Imperial Palace property in 2020 are construction cranes on the building’s rooftop. The deteriorated cranes pose a safety risk in the area.

The CNMI has ordered IPI to remove the cranes to prevent the Department of Public Works from bearing the expense, as previously planned. Despite its financial difficulties, the company has found the funds to address this issue.

Marianas Variety reports that IPI has agreed to hire Ocean B LLC, a construction company, to handle the crane removal. The cost of the job is set at $150,000.

No specific timeline has been provided for when Ocean B will remove the cranes. The company is currently working with local officials to coordinate the process and obtain final approval.

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