The Delaware Supreme Court ruled March 10 that a former general partner did not convert to a limited partner when forced out of a limited partnership, and was only entitled to a fraction of the compensation it sought from the company in a buyback of its interest.
In a two-page order, the state high court upheld the Delaware Court of Chancery’s 2013 ruling that nothing in a limited partnership agreement between Chicago-based real estate investment partnership DV Urban Realty Partners I and DV Realty Advisors LLC indicated that the parties intended to convert DV Realty’s interests after its removal in early 2012.
