Kahn v. Icahn
Delaware Chancery Court
1998 WL 832629 (1998)
Amanda Kahn and Kimberly Kahn (plaintiffs) owned limited-partnership interests in American Real Estate Partners, L.P. (AREP), a Delaware partnership that acquired and managed real estate. The Kahns brought a derivative action on behalf of AREP against AREP’s general partner, American Property Investors, Inc. (API); API’s sole shareholder and chief executive officer, Carl Icahn; Bayswater Realty and Capital Corporation (Bayswater), a corporation affiliated with Icahn; and API’s other directors (defendants). The Kahns alleged that Icahn had breached his fiduciary duties to AREP and usurped corporate opportunities by keeping profits for API, Bayswater, and other affiliates. The partnership agreement for AREP provided that API could compete directly or indirectly with AREP, and thereby modified the traditional default rules of partnerships. The defendants moved to dismiss the Kahns’ complaint, arguing that the language of the AREP partnership agreement precluded the action.
Rule of Law
Holding and Reasoning (Chandler, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 177,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.