PAMI-LEMB I INC. v. EMB-NHC, L.L.C.

Civ. A. No. 259-N.

857 A.2d 998 (2004)

PAMI-LEMB I INC., PAMI-LEMB II Inc., PAMI-LEMB III Inc., PAMI-LEMB VI Inc., PAMI-CA3 Inc., PAMI-CA4 Inc., PAMI-FL1 Inc., PAMI-FL2 Inc., PAMI-FL4 Inc., PAMI-FL5 Inc., PAMI-FL6 Inc., PAMI-FL8 Inc., PAMI-FL10 Inc., PAMI-FL11 Inc., PAMI-FL13 Inc., PAMI-FL15 Inc., PAMI-FL18 Inc., PAMI-FL16 Inc., PAMI-FL17 Inc., PAMI-FL9 Inc., PAMI-FL-LEMB V Inc., Plaintiffs/Counterclaim-Defendants, v. EMB-NHC, L.L.C., Defendant/Counterclaim-Plaintiff, v. Lehman Brothers Holdings Inc., Property Asset Management, Inc., PAMI-CA5 Inc., PAMI-CA6 Inc., PAMI-FL7 Inc., Additional Counterclaim-Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: June 21, 2004.

Revised: June 22, 2004.


Attorney(s) appearing for the Case

Samuel A. Nolen, Chad M. Shandler, Becky A. Allen, Richards, Layton & Finger, P.A., Wilmington, DE; Jonathan A. Abram, Audrey E. Moog, Lisa M. Cylus, Martin Alexander Price, Hogan & Hartson, L.L.P., Washington, DC, for Plaintiffs/ Counterclaim-Defendants and Additional Counterclaim-Defendants.

Michael Hanrahan, Gary F. Traynor, Tanya P. Jefferis, Prickett, Jones & Elliott, P.A., Wilmington, DE, David J. Bradford, Terri L. Mascherin, Steven McMahon Zeller, Bradley P. Yusim, Jenner & Block, L.L.P., Chicago, IL, for Defendant/Counterclaim-Plaintiff, EMB-NHC, L.L.C.


OPINION

LAMB, Vice Chancellor.

I.

This is the court's opinion following an expedited trial held on April 15 and 16, 2004. The issues presented at trial relate both to the amended complaint and to the amended counterclaims in this matter.

This action arises out of a dispute between partners over the interpretation and enforcement of identical buy/sell provisions and related "waterfall" calculations governing the distribution of partnership...

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