Partner Tamara Seelman prevailed in a court trial in Pueblo County Court where she represented a partnership and general partner against allegations of theft, conversion, embezzlement, breach of contract, and breach of fiduciary duty.
The plaintiff, a limited partner, alleged the general partner failed to disburse and improperly used proceeds realized from a tenant in common ("TIC") investment entered into as part of the partnership’s reorganization plan to emerge from bankruptcy. The general partner asserted a counterclaim seeking a declaratory judgment that a buy-out provision in the partnership agreement allowing a general partner to buy the units of a limited partner who files a legal action against the partnership or general partner is enforceable.
After a multi-day trial held over several months, the court entered judgment in favor of the defendants on all eight of the plaintiff’s claims and further granted the defendants’ counterclaim declaring the buy-out provision enforceable.
GRSM’s clients were very pleased with this outcome after more than three years of hard-fought litigation.