Fedder v. McClennen

MEMORANDUM AND ORDER

GERTNER, District Judge.

I. INTRODUCTION

On January 2, 1985, plaintiff Richard I. Fedder paid $24,000 to purchase a 9.8% limited partner interest in a Florida limited partnership known as Gulfstar Partners (“Gulfstar”). Gulfstar’s sole purpose was to own a yacht known as ‘Wequassett.”

At the time of plaintiffs purchase, the two general partners of Gulfstar were defendant James McClennen and his brother-in-law, Tanfield C. Miller. In October of 1985, Fed-der executed a general power of attorney which gave Miller authority to manage his assets. In particular, Fedder gave Miller…