Court Of Chancery Illustrates Possible Waiver Of LP Agreement
Posted In LP Agreements
Wimbledon Fund LP Absolute Return Fund Series v. SV Special Situation Fund LP, C.A. 4780-VCS (February 4, 2011)
May the provisions of a limited partnership agreement governing withdrawal be waived? This decision says that is possible. That result is not particularly remarkable.
What is more interesting is the rest of the opinion. For while the plaintiff's conduct in presenting its case was outrageous, the Court nonetheless stood fast in applying its rules on summary judgment to hold the plaintiff may have a trial on its claims. While the case is more complicated than that [involving issues of what the Supreme Court meant in its remand to the trial court], the intellectual honesty of the Court of Chancery is heartening, as usual.
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