Q: I am a limited partner. I suspect that the general partner converted funds belonging to the limited partnership. How do I sue on behalf of other limited partners?
A: A general partner is a fiduciary to limited partners, much as a director is to shareholders in a corporation. This means that the gp account for his actions to the limited partners and at all times conduct itself with the utmost good faith. If those rules were not observed then the proper remedy is a derivative suit – so named because the complaining party must sue in the name of the limited partnership. Before filing suit however certain questions must be answered and you may need to hire a forensic accountant to fully investigate. Finally, keep in mind that if the limited partnership or the general partner need(s) to file bankruptcy then a post-filing adversary complaint is your route.
Categories: 523 · Q&A · adversary · business · business filings · conversion · creditor · fraud · fraudulent transfers · limited partnership · partnership
Can’t say too many good things about this diagram; honest, to the point, great use of Web 2.0 techniques to tell a complex story.
America's Love Affair with Credit
Categories: FDCPA · article · bailout · bank · bankruptcy · bubble · ch 13 · ch 7 · consumer · credit · credit cards · credit counseling · creditor · crisis · current affairs · current-events · data · debt · disposable · economy · fair credit reporting act
Tagged: credit cards
Bankruptcy's Back
From MSN Money By Liz Pulliam Weston
It looks as if last year’s reform law did not really stem the enormous flood of bankruptcies after all. Here are the states with the highest bankruptcy rates. advertisement By Liz Pulliam Weston The lull in bankruptcy filings may already be a thing of the past. Consumer bankruptcy cases plunged to a 20-year low in the first three months of 2006, reflecting the passage of a tough new bankruptcy law last year. But the pace of new filings is already on the rise. Courts now see an average of 2,000 new filings a day — four times the number that were filed in November 2005 after the bankruptcy law went into effect, according to Chris Lundquist, founder of Lundquist Consulting, which tracks bankruptcy trends. If filings continue to rise at anything like this rate — which is not a given, but certainly a possibility — we could see close to 1 million filings by the end of the year. That would still be significantly less than the record filing levels that drove passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. But it would be a pretty clear indication that the bankruptcy juggernaut was just stalled, not cured, by the new law. [read the full piece]
Categories: BAPCPA · Middle class · article · bailout · bankruptcy · blogging · blogs · bubble · business filings · ch 11 · ch 13 · ch 7 · consumer · credit cards · credit counseling · creditor · crisis · current affairs · current-events · data · debt · disposable · economy · elderly · empty-nest · filings · foreclosure · fraud · income · individual · investments · jobs · lists · means test · median income · mortgage · real property · research · short sale
O'Bama - the fix is in
From CNN.com
Obama foreclosure fix open for business The Obama administration’s foreclosure prevention program is open for business. The multipronged fix calls for companies to help struggling borrowers by modifying loans so monthly payments are no more than 31% of monthly gross income. Under the program, homeowners who haven’t missed a payment can refinance into lower-cost loans even if they have little or no equity. The $75 billion plan will provide incentives to borrowers and loan servicers and investors to spur mortgage modifications. The government will also subsidize interest rate reductions to get borrowers to affordable monthly payments. “This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans,” said Housing Secretary Shaun Donovan. Borrowers can now contact their servicers to see whether they are eligible for assistance. Federal officials will promote the program at homeownership events nationwide.
Categories: CA · bubble · ch 13 · chapter 7 · consumer · cramdown · credit · creditor · crisis · current-events · data · debt · depreciation · discharge · foreclosure · fraud · income · individual · investments · legislation · mortgage · property · real property · research · sale · short sale
