In re Asian Yard Partners
United States Bankruptcy Court for the District of Delaware
1995 WL 1781675 (1995)
- Written by Robert Cane, JD
Facts
CAP Partnership, LP (CAP) comprised NESK Corporation (NESK) and Asian Oceanic Corporation (AOC) as general partners and comprised Competrol Real Estate Limited (CREL), NESK, and Asian Yard Partners (AYP) as limited partners. The partnership agreement for CAP prohibited the direct or indirect transfer of any of the partners’ interests in CAP without the prior written consent of all other partners. AYP owned 100 percent of the stock of AOC, so AYP indirectly controlled AOC’s 1 percent general-partner interest in CAP. CAP filed for chapter 11 bankruptcy. During the bankruptcy process, AYP moved to transfer 100 percent of its ownership interest in AOC’s stock, without the consent of the other partners in CAP. CREL objected to the sale of AYP’s interest in AOC as a violation of the partnership agreement’s anti-transfer clause. The matter is before the United States Bankruptcy Court for the District of Delaware.
Rule of Law
Issue
Holding and Reasoning (Walsh, J.)
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