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MADISON AVE. v. AMERICA FIRST REAL ESTATE

C.A. No. 19059.

806 A.2d 165 (2002)

MADISON AVENUE INVESTMENT PARTNERS, LLC, and Madison Liquidity Investors 104, LLC, Plaintiffs, v. AMERICA FIRST REAL ESTATE INVESTMENT PARTNERS, L.P., America First Tax Exempt Investors, L.P., America First Apartment Investors, L.P., America First Capital Source I, L.L.C., America First Capital Associates Limited Partnership Two, and America First Capital Partnership Four, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: July 25, 2002.

Attorney(s) appearing for the Case

Richard D. Heins, Philip Trainer, Jr., and Tiffany L. Geyer, Ashby & Geddes, Wilmington, Delaware, for Plaintiff.

David A. Jenkins, Smith, Katzenstein & Furlow, LLP, Wilmington, Delaware, and David L. Stein, and Robert P. Haney, Covington & Burling, New York, New York, for Defendants.

OPINION

LAMB, Vice Chancellor.

This is a books and records action brought by two limited partners against three Delaware limited partnerships and their general partners. For the reasons that follow, I will grant in part and deny in part plaintiffs' requests.

I.

Plaintiffs Madison Avenue Investment Partners, LLC ("Madison Avenue") and Madison Partnership Liquidity Investors 104, LLC ("MLI 104")(collectively "Madison" or "Plaintiffs"), are...

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