-16-
effects belonging to or owing to or by the Partnership,
or paid, received, sold, or purchased in the course of
the Partnership’s business, and all of such other
transactions, matters, and things relating to the said
business of the Partnership as are usually entered in
books of account kept by persons engaged in a business
of like kind and character. Such books of account
shall be kept at the principal office of the
Partnership, and each Partner and the accountants,
attorneys, and other designated agents of each Partner
shall at all reasonable times have free access to and
the right to inspect the same.
The LRFLP agreement stated that a partner in the LRFLP needed the
prior written consent of the general partners to transfer his or
her interest in the LRFLP unless the transfer was to (or in trust
for) one of decedent’s descendants, or to a charitable
organization. None of the partners negotiated any of the
relevant terms of the LRFLP agreement; those terms were set by
Feldman without consulting any of the partners.
On August 5, 1996, a certificate of limited partnership for
the LRFLP was filed with the State of Florida.
On October 11, 1996, decedent’s daughter, acting as
attorney-in-fact for decedent and as co-trustee of the Lillie
Investment Trust, caused $2,404,781 in cash and marketable
securities to be transferred from the Lillie Investment Trust to
the LRFLP as consideration for the Lillie Investment Trust’s
99-percent limited partnership interest. Those funds had been
held at Merrill, Lynch, Pierce, Fenner & Smith, Inc. (Merrill
Lynch), in the Lillie Investment Trust’s account No. 695-18X99
(Merrill Lynch trust account). On September 12, 1996, decedent’s
Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NextLast modified: May 25, 2011