Legal Opinion
In Re the Dissolution of Midnight Star Enterprises, L.P.
South Dakota Supreme Court
Decided November 8, 2006No. 24091PublishedCited by 23 opinions
1Opinion of the Court
SABERS, Justice.
[¶ 1.] Petition for dissolution of a partnership was brought by the general partner. The circuit court found the fair market value of the partnership was $6.2 million and ordered the majority partners to buy the business for that price within ten days or it would be sold on the open market. The general partner sought intermediate appeal raising two issues. Since the circuit court failed to use the hypothetical transaction standard to assess the fair market value of the partnership and ordered a forced sale, we reverse and remand.
FACTS
[¶ 2.] Midnight Star Enterprises, L.P.…
2Cases cited18 opinions
- Hartig Drug Co. v. HartigSupreme Court of Iowa · 1999
- Fortugno v. Hudson Manure Co.New Jersey Superior Court Appellate Division · 1958
- Pauley v. SimonsonSouth Dakota Supreme Court · 2006
- Estate of Helen Bolton Jameson, Deceased, Northern Trust Bank of Texas, N.A., Independent v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 2001
- Nelson v. SchellpfefferSouth Dakota Supreme Court · 2003
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3Cited by23 opinions
- Tri-City Assocsiates, LP v. Belmont, Inc.South Dakota Supreme Court · 2014
- Coffey v. CoffeySouth Dakota Supreme Court · 2016
- Jackson v. Canyon Place Homeowner's Ass'nSouth Dakota Supreme Court · 2007
- Lillibridge v. Meade School District 46-1South Dakota Supreme Court · 2008
- Bailey v. DulingSouth Dakota Supreme Court · 2013
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