Legal Question in Business Law in Texas

suing on contingency

My business is tied-up in a divorce litigation. It is a limited partnership; I own 45% and my husband also owns 45% and the remaining 10% is owned by indiv. investors.

The business, according to my expert appraiser, should now be worth $200-225,000. Husband has been the sole manager and b/c of divorce, I have learned of his violation of fiduciary responsibilities and other acts against the partnership. His appriaser says the business is worth less than zero dollars. The business has never produced a return for investors, even though revenues far exceeded bus. plan.

I have spent quite alot in legal and prof. fees. The partnerhsip has a $1 million liability policy.

What is likelyhood of finding an attorney, a pit bull type, to accept the case on contigentcy?

Thanks..


Asked on 9/29/04, 12:34 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: suing on contingency

The chances are poor to none. Your husband's 45% interest is an undivided interest in the limited partnership, and is limited solely to earned profits. Your position is governed, in large part, by the limited partnership agreement.

Your involvement is part of a divorce proceeding, and a contingent interest would be limited to a percentage of your percentage of the profits to be distributed. The liability insurance is only to cover injuries the limited partnership causes others.

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Answered on 9/29/04, 1:00 pm


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