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TOWBOAT PARTNERS, LTD. v. DONELAN

No. 86-1381.

802 F.2d 1069 (1986)

TOWBOAT PARTNERS, LTD.; Gladders Barge Line, Inc.; Frontier Boats, Inc.; Donelan Phelps & Co. Joseph E. Heintz; Maryle J. Heintz; N. John Schaedler; Raymond T. Olsen; John A. Wander; Robert Ball; Wayne I. Chertow; Anthony M. Mandolini; William B. Mitchell; Dennis P. Van Miechem; Thomas E. Vincus; George Drakey; John E. Easton; Paul K. Richey; The A. John Robertson, Jr., revocable trust; Ronald L. Varley; Peter Edler; S.F. Associates; Neil Glenn; Thomas Holton; Len How Associates; Robert G. McGregor; Dudley C. Mecum, II; Donald R. Sloan; Galaxy Partners; William Simon, Appellees, G.W. Gladders Towing Co., Inc.; G-F Investment Corporation, v. Patrick DONELAN; Thomas Phelps; Donelan Phelps & Co., Appellants.

United States Court of Appeals, Eighth Circuit.

Decided October 8, 1986.

Attorney(s) appearing for the Case

Edwin D. Akers, Jr., St. Louis, Mo., for appellants.

James V. O'Brien, St. Louis, Mo., for appellees.

Before ARNOLD, JOHN R. GIBSON and FAGG, Circuit Judges.

OPINION

FAGG, Circuit Judge.

Donelan Phelps & Co. and Donelan's two individual partners (Donelan) appeal from a judgment requiring them as general partners to indemnify the limited partners of Towboat Partners, Ltd. (Towboat) for losses incurred by the limited partners due to default on a partnership mortgage loan. We affirm.

The Towboat limited partnership agreement specifically requires the general partners to make sufficient cash contributions...

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