Meinhard v' Salmon

1
Meinhard v. Salmon
Fifth
42nd
22nd
2
Lawrence
Aron group divided equally per settlement
Sylvan (30 gp)
Sole gp
Lawrence (30 gp)
Lawrence estate (30 lp)
Aron group (40 lp)
95 Wall Street Company
Paragraph 8(b) limited partners and then general
partner have first refusal rights if bona fide
(outside) offer to limited partner
3
Duty of Loyalty
Outside business
Partnership
4
Labovitz
Dolan and CMC (general partners)
CPI
Limited partners
Articles (1) Dolans sole discretion re
distributions (2) entire understanding
(excluding PPM) PPM Rights governed by articles
intent to distribute cash.
5
Triple 5
MOAC LP
MOAC (Mall)
TIAA (55 100 income option)
owns
MOAA (45)
SI-Minn (50 owner, 80 manager)
Triple 5 (50 owner, 20 manager)
27.5
SPGLP (Simons)
GP SI-Minn, Inc. LPs Simon family
MSA
SI-MINN L.P.
6
Problem, p. 237
Ad agency (A, B, C)
Building A and B
7
Exxon The agreement

• Section 3.02 Reasonable discretion
• Section 4.02(b) No right to confidential
  information
• Section 8.03 General partner discretion re
  confidential information
• Section 9.02(b) General partner shall negotiate
  in good faith if acquires interest.

8
Exxon
Exxon (general partner)
Limited partners Burglin, Hamel, Miklausch,
Weldtest, CFM