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MATTER OF LIPPER HOLDINGS v. TRIDENT HOLDINGS

1 A.D.3d 170 (2003)

766 N.Y.S.2d 561

In the Matter of LIPPER HOLDINGS, LLC, Respondent-Appellant, v. TRIDENT HOLDINGS, LLC, et al., Appellants-Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

November 13, 2003.

We agree with Supreme Court's cogent analysis of the limited partnership agreements. Reading the agreements as a whole (Rentways, Inc. v O'Neill Milk & Cream Co., 308 N.Y. 342, 347 [1955]), the reasonable discretion accorded to the general partner to revalue the limited partners' capital accounts at the end of an accounting period is appropriately construed to encompass the correction of erroneous historical values. Restricting the...

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