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Business Assoctiations Keyed to Gabalson, 3rd Ed.
Labovitz v. Dolan
Citation:
189 Ill. App.3d 403, 545 N.E.2d 304 (1989)Facts
In 1980, Cablevision Programming Investments (CPI) was organized as a limited partnership for investing in cable television programming. Dolan and his controlled entity were the general partners, while plaintiffs purchased 73% of the limited partnership units for approximately $12.5 million. The partnership agreement granted Dolan “full responsibility and exclusive and complete discretion” in managing the partnership and “sole discretion” to determine cash flow distributions. In 1985 and 1986, the partnership reported substantial earnings ($34 million and $18 million respectively), but Dolan distributed only nominal amounts to limited partners, who were required to pay taxes on their proportional share of partnership income. In late 1986, Dolan’s affiliate offered to purchase the limited partners’ interests for approximately two-thirds of book value. Over 90% of limited partners accepted the offer but subsequently filed suit claiming Dolan’s withholding of distributions was a calculated effort to force them to sell at an unfair price.
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