More Cases … Removal of Partner: Wilmington Leasing

Business Valuation UpdateVol. 3 No. 2
Legal and Court Case Update
February 1997
6719 Offices of Holding Companies, NEC
551112 Offices of Other Holding Companies
breach of fiduciary duty

Wilmington Leasing v. Parrish Leasing
1996 Del. Ch. LEXIS 155
December 23, 1996
State Court
Court of Chancery


In determining whether the limited partners had sufficient cause under the terms of the partnership agreement to remove the general partner, the court looked at the high value the general partner placed on the partnership's underlying assets.

See Also

Wilmington Leasing v. Parrish Leasing

At issue is whether the limited partners' determination that the general partner had failed to perform satisfactorily, reasonable and was made in good faith.