KE Property Management Inc. v. 275 Madison Management Corp.
Court of Chancery of Delaware
1993 WL 285900 (1993)
275 Madison Associates L.P. was a Delaware limited partnership. KE Property Management Inc. (KE) (plaintiff) was one of its general partners, and KJ Capital Management, Inc. (KJ), an affiliate of KE Property, was a limited partner. 275 Madison Management Corp. (275 Madison) (defendant) was the limited partnership’s managing general partner. Harry Skydell, 275 Madison’s president, misappropriated $2 million of the limited partnership’s funds. 275 Madison’s partnership agreement provided that the limited partners could expel any general partner that injured the partnership by fraud or willful misconduct, if at least 25 percent of the units outstanding were in favor. KJ, with 25 percent of the units outstanding in favor, sent a letter to 275 Madison removing it as managing general partner, claiming that Skydell’s misappropriation constituted fraud or willful misconduct on 275 Madison’s part. 275 Madison then filed a bankruptcy petition on behalf of the limited partnership. KE Property brought suit, seeking a declaratory judgment that the removal of 275 Madison was effective, and seeking to enjoin 275 Madison from purporting to act as the managing general partner. KE moved for summary judgment.
Rule of Law
Holding and Reasoning (Hartnett, V.C.)
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 169,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 13,800 briefs, keyed to 187 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.