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DAY v. STASCAVAGE

No. 09CA2488.

251 P.3d 1225 (2010)

Judith DAY and Bryan Barnes, individually and derivatively on behalf of HMC, Ltd., Third-Party Plaintiffs-Appellants, and Parachute Investment Holdings, LLC; Parachute Development Corporation; and Hayden C.W. Rader, Plaintiffs-Appellees, v. Michael P. STASCAVAGE and Chalmers I. Morse, Third-Party Defendants-Appellees.

Colorado Court of Appeals, Div. VI.

November 10, 2010.

Attorney(s) appearing for the Case

Hoskin, Farina & Kampf, P.C., Michael J. Russell , Barbara R. Butler , Andrew H. Teske , Grand Junction, CO, for Third-Party Plaintiffs-Appellants.

Garfield & Hecht, P.C., David H. McConaughy , Eric D. Musselman , Matthew L. Trinidad , Glenwood Springs, CO, for Plaintiffs-Appellees and Third-Party Defendants-Appellees.

Opinion by Judge CONNELLY.

This appeal involves a derivative lawsuit by limited partners challenging the sale of partnership property to a general partner at a price allegedly far below fair market value. Derivative lawsuits, whether filed by limited partners (as here) or by corporate shareholders, are two suits in one: the first against controlling officials to assert the entity's rights and the second on behalf of the entity. The entity may try to defeat the first...

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