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ESTATE OF MERCER, Deceased

ESTATE OF MERCER, Deceased. (08/P/211P) — Before the court is an application for limited letters of trusteeship. Upon the submission of responsive pleadings, counsel for the parties have agreed to submit the matter to the court for a determination.

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ESTATE OF MERCER, Deceased. (08/P/211P) — Before the court is an application for limited letters of trusteeship. Upon the submission of responsive pleadings, counsel for the parties have agreed to submit the matter to the court for a determination.

The underlying petition seeks limited letters of trusteeship, apparently pursuant to SCPA 702(9), for the purposes of pursuing a claim against Gil Seton, Jr., UMIC GP LLC, SP Investment Fund LLC, UMIC Merger LLC and UMIC — Upstate Associates — 78, L.P. It appears from the submissions before the court that a federal lawsuit, currently pending in the U.S. District Court for the Northern District of Delaware, was commenced by a limited partner of UMIC Upstate Associates-78, L.P. (“UMIC”) some time after the trustees of the captioned trusts accepted a buyout of the trusts’ limited partnership interests in UMIC. According to the attorney representing the plaintiffs in the federal action, if successful under Delaware law, plaintiffs could receive twice the proceeds paid to them for the purchase of their minority interests as merger consideration.

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