-8-
in multiple capacities. She signed in her personal capacity as
well as co-trustee of the credit trust and as attorney-in-fact
for Mrs. Erickson.
The limited partnership agreement provided that Mrs.
Erickson would contribute securities plus a Florida condominium
she owned in exchange for an 86.25-percent interest in the
Partnership. The parties stipulated that the fair market value
of these assets Mrs. Erickson contributed was approximately $2.1
million.
The limited partnership agreement also provided that Karen
would contribute two partial interests in a Colorado investment
condominium she and Chad owned in exchange for a general
partnership interest and a limited partnership interest,
representing 1.4 percent of the Partnership in the aggregate.
Sigrid would contribute two partial interests in a Colorado
investment condominium she owned in exchange for a general
partnership interest and a limited partnership interest,
representing 2.8 percent of the Partnership in the aggregate.
Chad would contribute a partial interest in the Colorado
condominium he and Karen owned in exchange for a 1.4-percent
limited partnership interest. The total of Chad and Karen’s
contributions equaled a 100-percent interest in the Colorado
condominium they jointly owned.
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Last modified: November 10, 2007