Estate of Lillie Rosen, Deceased, Ilene Field and Herbert Silver, Co-Personal Representatives - Page 14

                                        -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                






Page:  Previous  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  Next

Last modified: May 25, 2011