Former limited partner in Polychain files suit against company after receiving a redemption of his capital account

Quick Take

  • Harry Greenhouse, a one time limited partner in Polychain, asked for a redemption of his capital after the company requested their limited partners consent to the use of side pockets for SAFTs
  • A disagreement on the way the account should have been redeemed, in particular how to value the SAFTs, led to a demand to see the books after a wire transfer to Greenhouse had been made
  • Upon refusal, Greenhouse filed a suit that ultimately did not lead to Polychain showing the records because the court decided the request for information was filed too late
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