-14-
same day, Feldman informed decedent’s daughter of the amount that
each partner was to contribute to the capital of the LRFLP.
Under the LRFLP agreement, each of decedent’s children
(decedent’s daughter acting as trustee of the Ilene Field Trust)
was named a general partner of the LRFLP, with a .5-percent
interest. The Lillie Investment Trust was named the sole limited
partner, with a 99-percent interest. According to the LRFLP
agreement, the LRFLP was to terminate on December 31, 2016, but
it could terminate (1) earlier with the consent of all partners
or (2) later with the consent of all general partners plus the
limited partners holding a majority in interest of the
partnership percentages as of a certain date. The LRFLP
agreement stated that the principal place of business of the
LRFLP was the residence of decedent’s son and that the purpose of
the LRFLP
shall be the business of making, protecting, enhancing,
and otherwise dealing with purchasing, trading,
acquiring, disposing or otherwise investing, on margin
or otherwise, domestically or otherwise, in any type of
security, whether common stock, preferred stock, debt
securities and rights, options and warrants thereto, or
otherwise, and all other activities incidental thereto,
(b) lending, advancing, arranging, or providing
financing to, or entering into joint ventures with,
individuals, partnerships, corporations, or other
Persons, and all other activities incidental thereto,
and (c) any other purpose allowed by applicable law;
provided, however, that nothing in this Agreement shall
allow the Partnership to make any investments, or do
any other things, which shall not be permitted by the
Act [defined in the LRFLP agreement as “the Revised
Uniform Limited Partnership Act of the State of Florida
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