- 14 -
(6) sell or otherwise dispose of all or substantially all of the
partnership’s property attributable to any investment; (7) permit
any agreement between the partnership and any general partner or
any person controlled by or controlling or under common control
with a general partner; and (8) permit the transfer or
assignment, in whole or in part, by a partner of his interest in
the partnership.
The terms of the agreement of limited partnership provided
that the general partners of PKVI LP were under no obligation to
make any additional capital contributions to the partnership in
response to any capital calls made on behalf of the partnership
by PK Ventures. A general partner’s participating percentage
could not be decreased as a result of not making any additional
capital contributions to PKVI LP, but it could be increased as a
result of making such a contribution. A limited partner’s
participating percentage could be adjusted upward or remain the
same if that partner did make an additional capital contribution
to PKVI LP in response to a capital call, or it could be adjusted
downward if that partner did not make an additional capital
contribution in response to a capital call.
Patrick, Rose, and PK Ventures were the general partners of
PKVI LP from September 15, 1986, until sometime in 1989. During
that time, PK Ventures owned a 1-percent interest, Rose owned a
30-percent interest, and Patrick owned a 40-percent interest.
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011