Mariana Islands Governor’s Office files declaration opposing IPI asset sale

The governor’s office filed a declaration in support of the government’s opposition to the sale of IPI’s casino assets.

Northern Mariana Islands.- The CNMI Governor’s Office, represented by Brendan Layde, has joined the opposition to the sale of IPI’s assets to Team King Investment. It’s filed a declaration with the bankruptcy division of the District Court of the NMI claiming that Team King’s principal is “closely related to Imperial Pacific International (IPI).”

Layde said he had been tracking connections between people and companies linked to IPI for several years and had gathered documents from the CNMI, the British Virgin Islands, Hong Kong, and other locations. According to Mariana’s Variety, Layde said he had proof that the only two potential buyers of IPI’s casino assets, Loi Lam Sit and Team King, had strong ties to IPI and its leaders that were not revealed during the auction process.

Layde said Loi Lam Sit had agreed to be a stalking horse bidder because he was approached by a personal friend to help Xiaobo Ji with financing IPI’s Chapter 11 case and to fund a potential settlement with the Commonwealth Casino Commission. Ji is the son of Lijie Cui, the controlling shareholder of Imperial Pacific International Holdings (IPIH), the parent company of IPI.

As for Team King, Layde said the limited liability company was only formed on January 17 and registered with the Registrar of Corporations of the CNMI on February 4. He said documents show connections between Team King’s principals and Ji, Cui and IPI, dating back to at least 2023.

Joshua Gray, a former director of operations who won a discrimination lawsuit against IPI, through his lawyer, Aaron Halegua, have also expressed opposition against the sale of IPI’s casino assets to Team King Investment. He claims that a restrictive confidentiality agreement with Intrepid Investment Bankers, the bank selected to conduct the auction, prevented other companies from bidding.

A hearing to evaluate Team King’s bid is scheduled before bankruptcy judge Robert J. Faris on March 25.

The governor’s office filed a declaration in support of the government’s opposition to the sale of IPI’s casino assets. Northern Mariana Islands.- The CNMI Governor’s Office, represented by Brendan Layde, has…

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