Did a limited partnership act in good faith when it removed a general partner for failing to produce audited financial statements within 120 days after the end of each fiscal year? That’s the issue the Delaware Supreme Court wrestled with last week when attorneys for both sides argued whether the Delaware Court of Chancery erred when it found that the limited partnership acted in good faith when it removed the general partner.
The attorneys argued in Dover last week before a three-judge panel composed of Justices Randy J. Holland, Jack B. Jacobs and Henry duPont Ridgely in Policemen’s Annuity and Benefit Fund of Chicago v. DV Realty Advisors.
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