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Summaries and analysis of recent Delaware court decisions concerning business-related litigation.
Morris James Blogs
Court Of Chancery Upholds LLP Dissolution Procedures
In this case the limited partnership agreement had a detailed method for dissolving the entity and paying the proceeds to the limited partners, including how to set the sale price if its assets were sold to a related party. The General Partner approved such a sale and followed the prescribed method. When the plaintiff argued the result was less than optimal, the Court held that was too bad when the partnership agreement was followed. In short, the "contract" among the partners was again enforced.