IN RE NANTUCKET ISLAND ASSOCIATES LTD.

No. 17379.

810 A.2d 351 (2002)

In re NANTUCKET ISLAND ASSOCIATES LIMITED PARTNERSHIP UNITHOLDERS LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: October 8, 2002.


Attorney(s) appearing for the Case

Norman M. Monhait, Esquire, Rosenthal Monhait Gross & Goddess, P.A., Wilmington, Delaware; Pamela S. Tikellis, Esquire, Chimicles & Tikellis LLP, Wilmington, Delaware; Lawrence A. Sucharow, Esquire, Goodkind Labaton Rudoff & Sucharow LLP, New York, New York; George W. Croner, Esquire, Kohn Swift & Graf, P.C., Philadelphia, Pennsylvania, Attorneys for Plaintiffs and the Class.

Gregory P. Williams, Esquire, Raymond J. DiCamillo, Esquire, Becky A. Hartshorn, Esquire, Richards, Layton & Finger, Wilmington, Delaware; Barbara L. Moore, Esquire, John J. Tumilty, Esquire, Edwards & Angell, LLP, Boston, Massachusetts, Attorneys for Defendants.


OPINION

STRINE, Vice Chancellor.

This opinion resolves cross-motions for partial summary judgment in a case involving a limited partnership. The multiple issues raised defy easy summarization, but one bears emphasis.

The parties here cross swords over whether the general partner had the unilateral authority to: i) issue a new class of preferred units having superior claims to capital and income distributions and ii) amend the partnership agreement...

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