[Download] "State Missouri v. William Donnell" by Supreme Court of Missouri Division 2 # eBook PDF Kindle ePub Free

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eBook details

• Title: State Missouri v. William Donnell
• Author : Supreme Court of Missouri Division 2
• Release Date : January 08, 1965
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 65 KB

Description

The business of Harvester Limited Partnership is the ownership and management of Harvester Plaza Shopping Center in St. Charles County, Missouri. This suit involves a dispute between plaintiffs who are Class "B" limited partners and defendants who are the general partners and also the Class "A" limited partners of HLP. Plaintiffs assert that defendants breached their fiduciary duty as general partners by personally buying at a substantial discount purchase money obligations of the partnership which served to deny the partnership the benefit of a right of first refusal and the value of the discount. Plaintiff limited partners do not contest the evidence which supports the Conclusion that during the time of ownership the general partners have successfully managed the operation of the shopping center and converted annual losses to annual profits. In round figures the general partners purchased in their own names the HLP obligation of approximately $570,000 in exchange for approximately $300,000. For this reason only plaintiffs sued for an accounting, a dissolution of the partnership, the appointment of a receiver and damages. The circuit court in a court tried case found no breach of fiduciary duty and denied the related relief. Plaintiffs as individuals also sued in a separate count for tortious interference with their contract to personally purchase the partnership obligation at a discount. The trial court entered judgment for defendants on this claim. However, the court ordered defendant general partners to transfer individual ownership of promissory notes owed by HLP (the subject of this litigation) to the partnership in exchange for compensation equal to the sums paid by defendants to acquire the notes. Plaintiffs, as Class "B" limited partners, and individually on the tort claim, appeal the judgment for the general partners; defendant general partners cross-appeal the order to transfer the promissory notes to the partnership from their personalty.

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