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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (148461)7/17/2002 1:29:26 PM
From: tejek  Read Replies (2) of 1578675
 
Once again, your total ignorance of the subject is showing.

Debt has EVERYTHING to do with it. If there is no debt, there is no difference between the liability assumed by the general and the limited partner. Further, in that situation, the $100 GP would actually be in a more powerful position than the pension fund that put up $39M cash, as the general has more control.

You clearly have not done real estate deals. If you had, you would know there is liability beyond any debt. The total operations of the partnership and the real estate transaction[s] it covers are the responsibility of the general partner. He/she is liable if any aspect of his/her responsibility fails to function properly. A failure to meet debt payments is just one part of that liability.
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