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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (148466)	7/17/2002 2:29:05 PM
From: i-node	Read Replies (1) \| Respond to of 1578632

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. Actually, it is all supposition on your part because the article did not stipulate that the liberal was a general partner. That said, it is true that Generals frequently contribute little money, which he did. However, they GENERALLY are exposing themselves to personal liability for the debts of the partnership, which in the instant case appeared to be nil (since the pension fund put up the money to purchase the property). Honestly, I have no interest in discussing this subject with someone who has no comprehension of the basic concepts. Whatever else you say, this guy was clearly giving up something in exchange for a deal that sweet. Unlike the unfounded allegations you've made against Bush & Cheney, where they receive nothing of significant value. End of conversation. You, like most liberals, would argue with a fencepost. I have concluded that in your case, at least, the fencepost would likely understand the issues better than you would.

To: tejek who wrote (148466)	7/17/2002 4:29:22 PM
From: Joe NYC	Read Replies (1) \| Respond to of 1578632

Ted, 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. That's not my understanding. Yes, GP is responsible for all day to day management, but if there is a liability, beyond the loss of all of the money invested, first of all, the partnerships benefit from limited liability, just like corporations, but if for some reason this doesn't hold, all the partners would be responsible, based on their % participation. Joe