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SUTTER OPPORTUNITY FUND 2 LLC v. CEDE & CO.

C.A. No. 20130.

838 A.2d 1123 (2003)

SUTTER OPPORTUNITY FUND 2 LLC, MacKenzie Patterson Value Fund 7, LLC, and MacKenzie Real Estate Securities Fund 1983, L.P., Plaintiffs, v. CEDE & CO., Nominal Plaintiff, v. FFP Real Estate Trust, Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: December 10, 2003.

Attorney(s) appearing for the Case

Craig B. Smith, Smith, Katzenstein & Furlow LLP, Wilmington, Delaware, for the Plaintiffs.

Elizabeth M. McGeever, Prickett, Jones & Elliott, Wilmington, Delaware, for the Defendant.

MEMORANDUM OPINION AND ORDER

LAMB, Vice Chancellor.

I.

Several investment funds that, in total, hold 11.6% of the interest partnership in a Delaware limited partnership are acting as a group to propose an amendment to the partnership agreement. That agreement allows limited partners holding 10% or more of the ownership interest in the partnership to propose amendments but also imposes a 4.9% cap on the ownership interest of any single person...

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