Court of Chancery of Delaware

A motion brought by limited partners and the new general partner of a limited partnership to dismiss a complaint filed by the former general partner who sought to maintain an interest in the partnership, is granted where: 1) by the plain terms of a limited partnership agreement, plaintiff was deprived of any option to become a limited partner upon his removal as general partner; and 2) since he was no longer a partner of any kind, he lacked standing to complain of actions taken by the new general partner and the limited partners after his removal. Nonetheless, plaintiff is found to be entitled to the fair value of his partnership interest at the time of his removal.

Appellate Information

• Decided 11/16/2006
• Published 11/30/2006

Judges

Court

• Court of Chancery of Delaware

Counsel