Legal Question in Business Law in California

limited partnership

In April of 1997, I invested 7,500 dollars in a limited partnership, which provides atm services throughout the houston area. In the business perspectus, high returns of up to 50 percent were projected. As of the now, I haven't seen any coorespondence, much less any cash disbursements. Early on, back in July and August, I requested to sell back my portion of the partnership. My requested was denied, however, I was given assurances that monies would be distributed soon. In December, 1997, again I was assured that checks to the limited partners would be coming.

Can I sue the General Partner for a refund? (Based on their business plan, even though fifty percent returns may be excessive, one would expect at least some return, especially in one of the top growing industries.)

Can you help. I feel I am being taken?


Asked on 1/26/98, 2:32 pm

2 Answers from Attorneys
Mark D. Gershenson Mark D. Gershenson, Attorney at Law

$7500 LP investment

You may have claims against the general partner for fraud and securities law violations. You should consult an attorney who handles securities fraud litigation. Be sure to show the attorney the prospectus and all correspondence sent to or received from the general partner or the partnerhship.

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Answered on 1/27/98, 2:30 pm
Robert E. Drescher Law Offices of Robert E. Drescher

Limited Partnership Problem

You may have claims against the general partner for fraud andsecurities law violations. You should consult an attorney whohandles securities fraud litigation. Your ability to file a claim may entirely dependon the prospectus and any other written representations made to you by the General Partner(s)Time is of the essence, your must act quick in order to be in a better position to recover your investment and future profits (maybe).

You need to seek out an attorney with a securities background.

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Answered on 1/28/98, 9:58 am


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