TERMS AND CONDITIONS OF SALE OF CASINO GAMING EQUIPMENT BY CLEAR MANAGEMENT LIMITED
- By order of the United States District Court for the Northern Marianna Islands, and with effect from 26th October 2021, Clear Management Limited (“CML”) has been appointed as Limited Receiver (“Receiver”) to auction off the gaming equipment (“Property”) owned by Imperial Pacific International (CNMI), LLC (“IPI”) in order to recover amounts due from IPI to certain plaintiffs (“Plaintiff”). This notice sets out the terms and conditions by which the Property will be sold.
- Online Auctions. There will be up to 6 (six) online auctions commencing with the first auction to be held at 12pm Saipan time on 7th October 2022. Each auction date will be clearly stated on this web site (www.gamingequipmentauction.com).
- Each item of Property to be offered at each auction will be listed on this web site (www.gamingequipmentauction.com) no less than 5 (five) days prior to the date of the auction.
- The sale of each item of Property will be held with a Reserve Price which shall be set at the sole discretion of the Receiver, and which will not be disclosed to bidders.
- Bid Process. Bids must be submitted in advance of the auction for any or all of the Property listed in each Auction Notice. Bids must be submitted in writing by sending an email to firstname.lastname@example.org. The Receivers will provide a written acknowledgment of receipt of all bids by return e-mail, and if a bidder has not received such an acknowledgement before the auction is due to take place they should contact the Receiver. Only bids that have been formally acknowledged by the Receiver in advance of the time of the Auction will deemed to be valid bids. The highest of all bids received for each item of Property will automatically be considered to be the winning bid for that item.
- Only qualified individuals or companies may bid for the Property. The Receivers reserve the right to carry out whatever procedures they deem appropriate in order to qualify a bidder and their decision in this regard is final.
- In accordance with the laws, customs, and usages of the Commonwealth of the Northern Mariana Islands governing auctions sales, the Receivers shall have the following rights and duties in conducting the auction sale:
(i) to withdraw the Property listed for sale in the Auction Notice before sale or before a bid for such Property is accepted; and
(ii) to adjourn the sale without notice at any time before any specific Property is struck off, without incurring any liability whatsoever thereby; and
(iii) to reject, on behalf of the Plaintiff, any or all bids, for any reason, and not to disclose those reasons to the bidders.
- Successful Bids. The Receiver will notify each successful bidder in writing within 5 (five) days of the auction date. The successful bidder shall confirm their bid by completing a Memorandum of Sale, and submitting a deposit of 15% (fifteen percent) of the total bid price within 5 (five) days of being notified of their winning bid. Payment shall be in cash, certified check or wire transfer, and shall be sent to the following bank account (the “Trust Account”):
THE LAW OFFICES OF MICHAEL A. WHITE, LLC
ESCROW TRUST ACCOUNT.
Bank of Hawaii
Account no. 0032-054781
Routing no. 121405018
All bank charges incurred in remitting funds to the Trust Account shall be borne by the bidder.
- Court Approval Required. Every sale is subject to approval by the Court. Following the completion of each auction and the receipt of deposits for winning bids, the Receiver will promptly apply to the Court to approve the sale of the items concerned. The Receiver, however, makes no warranties or promises, express or implied, with respect to court approval of the sale, including but not limited to the time in which such approval may be granted. No delay in the granting of court approval shall be grounds for any claim, adjustment, or rescission by any successful bidder. The successful bidder will be promptly notified if and when court approval is either granted or denied.
- All deposits received in the Trust Account will remain in place until the sale is either approved or rejected by the Court. If the bid is accepted by the Court, the buyer must remit the balance of the total bid price to the Trust Account within 5 (five) days of being notified by the Receiver. If the balance is not so paid, the item of Property will be withdrawn from sale, the Plaintiff will retain the deposit as liquidated damages, and the item of Property will again be offered for sale in subsequent auctions. If the bid is not accepted by the Court, the deposit will be returned to the buyer within 15 (fifteen) days of the date of the Court’s decision. All bank charges incurred in remitting funds to the Trust Account shall be borne by the bidder.
- Inspection of Property. In addition to viewing the photographs and videos provided online by the Receiver, the Property may also be viewed and inspected in person at any time prior to the sale by prior arrangement with the Receiver. Where possible, and if so requested by qualified bidders, the Receivers may arrange online demonstrations and viewing of the Property via Social Media, but no liability shall be incurred by the Receivers if such online demonstrations and viewings cannot be arranged. Failure to inspect the Property in person or any portion thereof will not constitute grounds for any claim, adjustment, or rescission by any buyer.
- Warranties and Covenants. All Property offered for sale will be sold in its current condition, and at its current location in Saipan. The sale will be made without any warranties or covenants whatsoever, whether express or implied, including but not limited to warranties of title, merchantability, and/or fitness for any purpose whatsoever, all of which warranties and covenants are hereby expressly disclaimed. Neither the Receiver nor the Plaintiff may give any warranty or covenant, express or implied, with respect to any of the Property items listed for sale on this website. Neither the Receiver nor the Plaintiff shall be liable for the quality of the Property listed for sale on this website, or for any fault or defect in the description thereof. Buyers shall not be entitled to rescission, damages, or any other remedy on account thereof.
- Shipping Terms. All items of Property are offered for sale on an ex-works basis at its existing location in Saipan. The buyer assumes all responsibility for shipping and packing of the products from Saipan. The successful bidder must remove any Property purchased from the place of sale as soon as reasonably possible at its own risk and expense. To the best of the Receiver’s knowledge there are no export duties or other taxes involved in exporting the Property out of Saipan, though the Receiver makes no warranty or claim in this regard.
- Disputes. The Receiver, in its absolute discretion, may resubmit any Property listed in any Auction Notice if a dispute arises as to any bid thereon.