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HOTEL PRINCE GEORGE AFFILIATES v. MAROULIS

98 A.D.2d 652 (1983)

Hotel Prince George Affiliates, Respondent, v. Norah Maroulis, Individually and as Executrix of Rose Rabey, Deceased, et al., Appellants, et al., Defendant

Appellate Division of the Supreme Court of the State of New York, First Department.

December 15, 1983

Plaintiff-respondent Hotel Prince George Affiliates is a general partnership that was formed in 1960 to operate the Hotel Prince George on 28th Street in Manhattan. In the early 1970's, the partnership was in dire financial straits. According to the balance sheet for the partnership for 1975, liabilities more than doubled assets. Pursuant to the terms of an amended partnership agreement dated December 1, 1969, the partnership, beginning in 1974, sent out a series of "call...

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