News & Analysis as of

Standing Limited Partnerships

Winstead PC

Texas Supreme Court Dismisses Claims By Co-Trustee And Beneficiary Due To Statute Of Limitations And Clarifies That An Unnamed...

Winstead PC on

In Berry v. Berry, one brother sued his other three brothers regarding the leasing of a family ranch. No. 20-0687, 2022 Tex. LEXIS 405 (Tex. May 13, 2022)....more

Patton Sullivan Brodehl LLP

Portrait of a Mangled Business Divorce

Business divorce can be messy, as reflected by many of the cases covered here at The LLC Jungle. Two issues that frequently arise during the dissolution of an LLC are: 1. the statutory buyout procedure, and 2. claims for...more

Winstead PC

Court Addresses Claims Against A Trustee Arising From The Management Of A Limited Partnership Interest

Winstead PC on

In Benge v. Thomas, a settlor created a trust and appointed her daughter, Missi, as the trustee. No. 13-18-00619-CV, 2020 Tex. App. LEXIS 6888 (Tex. App.—Corpus Christi August 27, 2020, no pet.)....more

Patterson Belknap Webb & Tyler LLP

Commercial Division Holds that Representatives of a Deceased Limited Partner’s Estate Do Not Have Standing to Maintain a...

A recent Commercial Division decision demonstrates the ability of partnership agreement provisions to limit the executors of the plaintiff-limited-partner from continuing a derivative lawsuit after that partner’s death. ...more

Morris James LLP

Chancery Finds Former Limited Partner Lacks Standing to Seek Books and Records

Morris James LLP on

Greenhouse v. Polychain Fund I LP, C.A. No. 2018-0214-JRS (Del. Ch. May 29, 2019). Seeking to inspect an entity’s books and records to value an investment typically is a proper purpose. But a plaintiff must have standing...more

Kramer Levin Naftalis & Frankel LLP

Creditors of a Limited Partnership or a Limited Liability Company Lack Standing to Sue Derivatively Under Certain State Laws

In Gavin/Solmonese LLC, Liquidation Trustee for the Citadel Creditors’ Grantor Trust, successor to Citadel Watford City Disposal Partners, L.P., et al. v. Citadel Energy Partners, LLC, et al., Ch. 11 Case No. 15-11323; Adv....more

Skadden, Arps, Slate, Meagher & Flom LLP

Delaware Court Precludes Creditors of Limited Partnership From Pursuing Derivative Claims

In several cases since the seminal 2011 Delaware Supreme Court decision CML V LLC v. Bax, which held that creditors of Delaware LLCs lack standing to pursue derivative claims, the U.S. Bankruptcy Court for the District of...more

Allen Matkins

Two Partners, Three Lawyers, What Would King Solomon Do?

Allen Matkins on

Jarvis Properties is a limited partnership with two general partners. As fate would have it, the two general partners are brothers and each brother holds a 50% interest in the partnership. When one brother, James, sued for...more

WilmerHale

Insolvency at Its Limits: What Management and Creditors of Insolvent LLCs and LPs Should Know About Fiduciary Duties Waivers and...

WilmerHale on

Delaware law allows members and partners of limited liability companies (LLCs) and limited partnerships (LPs) to waive the fiduciary duties of their management in their LLC or LP agreements. When an LLC or LP is insolvent,...more

Faegre Drinker Biddle & Reath LLP

Companies Can Claim Discrimination

In EAD Solicitors LLP v Abrams UKEAT/0054/15/DM, the Employment Appeal Tribunal (EAT) considered whether an age discrimination claim could be brought by a company rather than an individual....more

10 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide