Legal Opinion
In Re Nantucket Island Associates Ltd. Partnership Unitholders Litigation
Court of Chancery of Delaware
Decided October 8, 2002No. 17379PublishedCited by 13 opinions
1Opinion of the Court
OPINION
STRINE, Vice Chancellor.
This opinion resolves cross-motions for partial summary judgment in a case involving a limited partnership. The multiple issues raised defy easy summarization, but one bears emphasis.
The parties here cross swords over whether the general partner had the unilateral authority to: i) issue a new class of preferred units having superior claims to capital and income distributions and ii) amend the partnership agreement to subordinate the contractual distribution rights of the existing limited partners to those new claims. The general partner supports its argument…
2Cases cited16 opinions
- TSC Industries, Inc. v. Northway, Inc.Supreme Court of the United States · 1976
- Malpiede v. TownsonSupreme Court of Delaware · 2001
- Eagle Industries, Inc. v. DeVilbiss Health Care, Inc.Supreme Court of Delaware · 1997
- Rosenblatt v. Getty Oil Co.Supreme Court of Delaware · 1985
- Arnold v. Society for Savings Bancorp, Inc.Supreme Court of Delaware · 1994
11 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Allied Capital Corp. v. GC-Sun Holdings, L.P.Court of Chancery of Delaware · 2006
- Norton v. K-Sea Transportation Partners L.P.Supreme Court of Delaware · 2013
- Allen v. Encore Energy Partners, L.P.Supreme Court of Delaware · 2013
- Werner v. Miller Technology Management, L.P.Court of Chancery of Delaware · 2003
- In Re LJM2 Co-Investment, L.P.Superior Court of Delaware · 2004
8 more not listed; retrieve them via the Exa API.