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VORNADO PS v. PRIMESTONE INV. PARTNERS

C.A. No. 19264.

821 A.2d 296 (2002)

VORNADO PS, L.L.C., a Delaware limited liability company, Plaintiff, v. PRIMESTONE INVESTMENT PARTNERS, L.P., a Delaware limited partnership, Defendant.

Court of Chancery of Delaware, New Castle County.

Decided December 19, 2002.

Attorney(s) appearing for the Case

Stephen E. Herrmann, Jesse A. Finkelstein, J. Travis Laster, Peter B. Ladig, Richards, Layton & Finger, Wilmington, Delaware, and Robinson B. Lacy, Michael A. Cheah, Sullivan & Cromwell, New York, New York, for Plaintiff.

William M. Lafferty, James G. McMillan, III, Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware, and Theodore R. Tetzlaff, Rodney D. Joslin, Brent D. Stratton, Jeffrey C. Torres, McGuirewoods, LLP, Chicago, Illinois, John K. Crossman, Jeffrey L. Friesen, Dreier & Baritz, LLP, New York, New York, for Defendant.

OPINION AND ORDER

LAMB, Vice Chancellor.

I.

This action arises out of two loans advanced to the defendant, a Delaware limited partnership engaged in the business of commercial real estate development, by the plaintiff, a Delaware limited liability company also engaged in the business of commercial real estate development. The loans were secured by units in a limited partnership. The borrower eventually defaulted on the loans, and the lender...

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