Former limited partner in Polychain files suit against company after receiving a redemption of his capital account
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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
Disclaimer: These summaries are provided for educational purposes only by Nelson Rosario and Stephen Palley. They are not legal advice. These are our opinions only, aren’t authorized by any past, present or future client or employer. Also we might change our minds. We contain multitudes. As always, Rosario summaries are “NMR” and Palley summaries are […]
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