- 9 -
contribution to the Partnership consisting of the Portfolio. The
General Partners shall have no obligation to make any
contribution to the capital of the Partnership.”
Although “the Portfolio” is not defined in the Agreement,
there appears to be no dispute between the parties that it
consisted of: (1) Securities held in a brokerage account at M.L.
Stern & Co., Inc., (2) securities held in a Putnam Investments
account, (3) securities held in two Franklin Fund accounts, (4)
2,500 shares of Rockefeller Center Properties, Inc., and (5) a
$450,000 note receivable from Jack P. Marsh. The parties value
these assets at between $1.6 and $1.7 million (rounded), an
amount representing approximately 94 percent of decedent’s total
assets. The Trust’s capital account in HFLP was credited with 99
percent of the value of the property contributed. Decedent
retained, personally or through the Trust, his personal effects,
a checking account, an automobile, and his Palm Springs
condominium.
As regards distributions, Paragraph 11.1 of the Agreement
states: “Subject to all of the provisions of this Agreement,
funds of the Partnership from any source shall be distributed to
the Partners at such times and in such amounts as are determined
in the sole and absolute discretion of the Managing General
Partner.” Paragraph 11.2 then goes on to recite:
Funds of the Partnership shall be distributed as
follows:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011