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The only significant assets of the FC Partnership consist
of the Partnership Properties.
As of 1981, investors owned a total of 48 general
partnership units (ownership units) in the FC Partnership.
Decedent owned one ownership unit in the FC Partnership.
Under the terms of the partnership agreement, ownership
units could not be sold or transferred without consent of a
majority of the partners. In order to sell or mortgage the
Partnership Properties, consent of two-thirds of the partners was
required.
Loans or mortgages obtained on the Partnership Properties
were to be nonrecourse as to the general partners. The general
partners, however, could be required to contribute to the FC
Partnership additional capital for any purpose approved by a
majority of the partners.
Since organization of the FC Partnership in 1954 until the
date of trial, the FC Partnership and the Partnership Properties
have been managed by Orda Management Corp. (Orda Management).
Orda Management was responsible for making improvements to and
repairs on the Partnership Properties, for negotiating leases of
the Partnership Properties, for hiring brokers, attorneys, and
accountants, for obtaining casualty and liability insurance on
the properties, and for managing the general business affairs of
the FC Partnership.
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Last modified: May 25, 2011