Question
Astroline Company, a limited partnership, is in the investment business. Astroline heard of an opportunity to purchase the license to a television station, and the
Astroline Company, a limited partnership, is in the investment business. Astroline heard of an opportunity to purchase the license to a television station, and the company developed a second limited partnership, Astroline Communications Company, to purchase the station. Astroline provided the funding for Astroline Communications but remained a limited partner of the company. Astroline Communications began to experience financial problems and filed for bankruptcy. Do you think the court found Astroline Company, as a limited partner, liable for Astroline Communications Company's debts? Why or why not?
- Identify the parties involved in the case dispute (who is the plaintiff and who is the defendant).
- Identify the facts associated with the case and fact patterns.
- Develop the appropriate legal issue(s) in question (i.e., the specific legal issue between the two parties).Provide a judgment on who should win the case - be clear.
- Support your decision with an appropriate rule of law.
[In re Astroline Communications Company Limited Partnership, 188 BR 98 (1995).]
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