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SONET v. TIMBER CO., L.P.

No. 16639.

722 A.2d 319 (1998)

Jerrold M. SONET, Plaintiff, v. TIMBER COMPANY, L.P., Plum Creek Management Company, L.P., and P.C. Advisory Corporation I, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: December 16, 1998.

Attorney(s) appearing for the Case

Joseph A. Rosenthal, and Kevin Gross, of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware; of Counsel: Sidney B. Silverman, of Silverman, Harnes, Harnes, Prussin & Keller, New York City, for Plaintiff.

Edward P. Welch, Andrew J. Turezyn, and Stephen D. Dargitz, of Skadden, Arps, Slate, Meagher & Flom, L.L.P., Wilmington, Delaware, for Defendant Timber Co., L.P.

Jesse A. Finkelstein, and Srinivas M. Raju, of Richards, Layton & Finger, P.A., Wilmington, Delaware; of Counsel: Robert A. Sacks, of Sullivan & Cromwell, Los Angeles, California, for Defendants Plum Creek Management Company, L.P., and P.C. Advisory Corporation I.

MEMORANDUM OPINION

CHANDLER, Chancellor.

This dispute arises out of a transaction in which a limited partnership organized under Delaware law seeks to convert itself into a real estate investment trust ("REIT"). The issue presented is this: Where a limited partnership agreement unambiguously provides that the general partner has sole discretion over setting and approving the terms of a transaction, and where unit holders of the limited partnership...

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