Conant v. Armada Key West Ltd. Partnership

BARKDULL, Judge.

The appellant and appellee, as general partners, formed Armada Key West Limited Partnership in 1987, to own, sell, rent and manage the Gallion Marina in Key West, Florida, and to acquire, own, rent, manage and sell a time share unit under construction on property adjacent to the Marina. To this end the partnership borrowed 3.5 million dollars. Each of the general partners personally guaranteed the loan. Conant was the managing partner. He allegedly practiced poor business tactics by writing several bad checks and allowed the note to go into default. As a result, Smith, at a…