When Real Estate Partners Collide

A general partner in a real estate partnership sought our help. His limited partners obtained a restraining order to temporarily stop the sale of partnership condominiums to raise funds to pay $2.5 million in partnership debts, some of which were owed to the general partner. The limited partners then sought a preliminary injunction to prevent the sale of the condominiums, arguing that the agreement and the law forbade the sales and that the sales were irregular. We prepared a thorough analysis of the partnership contract, the Illinois Partnership Act, and a full explanation of the transactions from the relevant witnesses during three days of trial, after which the Court refused to prohibit the sales.

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