Whitley v. Klauber

Most respectfully, I suggest the result reached by the majority brooks legal and economic realty. In my view, it is premised on an unsound definition of what is a “return of capital”. Remove that erroneous assumption and the argument it advances collapses like a house of cards.

A few simple principles will point up my position. Essentially, the capital of a limited partnership, like that of a corporation, consists of the contributions subscribed or paid in, in the one case by its partners and in the other by its shareholders. The amounts for which either of these classes *579of investors is…