Cider Mills, a limited partnership, was continued after the dissolution date for purposes of winding

Cider Mills, a limited partnership, was continued after the dissolution date for purposes of winding up. The partnership had entered into a contract for the sale of land three months prior to its dissolution date. The property was sold after the dissolution date. The parties disagreed as to the order in which payments would be made following the dissolution of the partnership. The limited partners argued that they should share in the profits from the sale. The court determined that the order of payment should be creditors, limited partners, general partners. Anthony Pappas, a limited partner, objected to the court’s decision regarding the distribution of partnership assets. Do you think the court’s decision was reversed on appeal? Why or why not?

 

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