Former IPI Manager Granted Access to Imperial Palace Casino’s Liquor Vault to Settle Outstanding Debt

Former IPI manager granted access to Palace Casino's liquor vault to settle outstanding debt

Joshua Gray, a former executive at Imperial Pacific International (IPI), a company that owes him more than $5.6 million, is going to do what many want to do. With court approval, he will search the company's liquor cabinet at the defunct Palace Casino in Saipan.

A few months ago, Gray won a seven-figure discrimination lawsuit. IPI, saddled with tens of millions of dollars in debt, never paid and made no attempt to resolve the lawsuit with him.

This led to the court agreeing to add Gray's case to the widening administration controlling Clear Management Ltd. A judge cleared the way for the casino's liquor vault to be included after adding most of the palace's assets to a list of items that could be seized to pay off IPI's mounting debt.

Everything, including the kitchen sink

Gray's lawyers addressed the Commonwealth of the Northern Mariana Islands (CNMI) court on Tuesday, seeking permission to enter the alcohol depot. The media "Marianas Variety" reported that Chief Justice Ramona V. Manglona immediately approved the request.

The liquor safe appears to have a lock and the CNMI Courthouse has the key. Subject to Manglona's approval, the keys will now be handed over to Clear Management and its senior partner and director, Tim Shepherd.

Details of what was hidden in the wine vault were unclear. However, as with most casinos, unless the coffers are emptied first, there will most likely be plenty of fine wine, champagne, whiskey, etc. available.

The vault is just one of the items Clear Management can use to repay IPI's debt to Gray. Nearly all of the other Palace assets are available for claim, as well as to resolve other outstanding claims with the Commonwealth of the Northern Mariana Islands and creditors.

IPI Demolition of Unstable Crane

Countless pieces of equipment and hardware left behind when IPI closed the Forbidden City site in 2020 included a construction crane on the roof of the building. Since then, the situation has only gotten worse as time has passed, posing a security risk to the region.

CNMI recently ordered IPI to remove the crane to prevent the Department of Public Works from shouldering the cost as previously planned. The company may not be able to pay most of its bills, but it appears to have found the money it needs to get the job done.

Marianas Variety reported this week that IPI had agreed to remove the crane. The company retained the services of construction firm Ocean B LLC, which will charge a fee of $150,000.

There is no information yet on when Ocean B will remove the crane. The company is working in coordination with local authorities and obtaining final approvals.