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1
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PLAINTIFFS REPLY BRIEF IN SUPPORT OF MOTION FOR CLASS CERTIFICATION
|
EXTRACTED KEY WORDS
COURT CLASS CERTIFICATION DEFENDANTS PARTNERS COMMON PLAINTIFFS FIDUCIARY DUTIES PROPER CLASS MEMBERS HARTNETT DELAWARE LIMITED PARTNERS LEXIS DERIVATIVE ACTION OFFERING GENERAL PARTNER NOTTINGHAM PARTNERS FIDUCIARY DUTY PROPOSED CLASS PARTNERSHIP PROSPECTUS PHILADELPHIA PENNSYLVANIA MELLON BANK AUTHORITIES OMISSIONS INVESTORS DISCLOSURE MISLEADING |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
In re Nantucket Island Associates Limited CONSOLIDATED
Partnership Unitholders Litigation CIVIL ACTION NO. 17379 NC
PLAINTIFFS REPLY BRIEF IN SUPPORT OF ._ .
THEIR MOTION FOR CLASS CERTIFICATION
: -
! >
OF COUNSEL: Pamela S. Tikellis
Robert J. Kriner, Jr.
Lawrence A. Sucharow Beth Deborah Savitz
GOODKIND LABATON RUDOFF CHIMICLES & TIKELLIS LLP
& SUCHAROW LLP One Rodney Square
100 Park Avenue P.O. Box 1035
New York, New York 100 17-5563 Wilmington, Delaware 19899
(212) 907-0700 (302) 656-2500
George W. Croner Norman M. Monhait
KOHN SWIFT & GRAF, P.C. ROSENTHAL MONHAIT GROSS
One South Broad Street, Suite 2 100 & GODDESS, P.A.
Philadelphia, Pennsylvania 19 107-33 89 Suite 1401, Mellon Bank Center
(215) 238-1700 P.O. Box 1070
Wilmington, DE 19899
(302) 656-4433
Attorneys for Plaintiffs
Dated: July 27,200 1
TABLE OF CONTENTS
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2
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DEFENDANTS BRIEF IN OPPOSITION TO PLAINTIFFS MOTION FOR CLASS CERTIFICATION
|
EXTRACTED KEY WORDS
CERTIFICATION COURT PREFERRED UNITS LITIGATION LIMITED PARTNERS MEMBERS DELAWARE PURCHASE PREFERRED UNITS PARTNERSHIP ALLEGATIONS OFFERING DEL MOTION WINTHROP INVESTOR LIMITED PARTNERS RELIEF AMENDED COMPLAINT PROSPECTUS PROPOSED CLASS DEFENDANTS OMITTED MATERIAL FACT INTERROGATORY PURPORTED CLASS CLASS TREATMENT INVESTMENT ADJUDICATIONS PRESUMPTION OPPOSITION FIDUCIARY DUTIES |
IN THE COURT OF CHANCERY OF TH:E STATE OF DELAWARE
IN AND FOR N:EW CASTLE COUNTY
IN RE NANTUCKET ISLAND ASSOCIATES ) Consolidated
LIMITED PARTNERSHIP YBUTG OLD ERS C.A. No. 17379-NC
LITIGATION
DEFENDANT'S BRIEF IN OPPOSITION
TO PLAINTIFFS' MOTION FOR CLASS CERTIFICATION
- - -
OF COUNSEL: Gregory P. Williams
Raymond J. DiCamillo
Barbara L. Moore Peter B. Ladig
John J. Tumilty Richards, Layton & Fyinger
Edwards & Angell, LLP One Rodney Square
10 1 Federal Street P.O. Box 551
Boston, Massachusetts 02110 Wilmington, Delaware 19899
(617) 439-4444 (302) 658-6541
Attorneys for Defendants
Dated: June 29,200l
VI :C Wd 62Hfif 10
RLFI-2328579-l
TABLE OF CONTENTS
TABLEOFAUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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3
.
PLAINTIFFS OPENING BRIEF IN SUPPORT OF MOTION FOR CLASS CERTIFICATION
|
EXTRACTED KEY WORDS
COURT PARTNERSHIP LIMITED PARTNERS NANTUCKET CHANCERY DEL DEFENDANTS LITIGATION PREFERRED UNITS DELAWARE CLASS MEMBERS NANTUCKET ISLAND CIVIL YORK GENERAL PARTNER REPRESENTATIVES FIDUCIARY DUTIES SUBSCRIPTION RIGHTS LEXIS PLAINTIFFS SATISFY ML-LEE ACQUISITION FUND PARTNERSHIP UNITHOLDERS AUTHORITIES NUMEROSITY CLASS CERTIFICATION ACCORDING NOTTINGHAM PARTNERS PROPOSED CLASS PROSPECTUS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
In re Nantucket Island Associates Limited : CONSOLIDATED
Partnership Unitholders Litigation : CIVIL ACTION NO. 17379 NC
PLAINTIFFS' OPENING BRIEF IN SUPPORT OF
THEIR MOTION FOR CLASS CERTIFICATION Cl>
: ) ="_
OF COUNSEL: Pamela S. Tikellis ' I 4
CHIMICLES & TIKELLIS LLP
Lawrence A. Sucharow One Rodney Square
GOODKIND LA:BATON RUDOFF I+. Box 1.035
& SUCHAROW LLP -,r-. Wilmington, Delaware 19899
100 Park Avenue (302) 656-2500
New York, New York 10017-5563
(212) 907-0700
Norman M. Monhait
George W. Croner ROSENTHAL MONHAIT GROSS
KOIIN SWIFT & GRAF, P.C. & GODDESS, P.A.
One South Broad Street, Suite 2 100 Suite 1401, Mellon Bank Center
Philadelphia, Pennsylvania 19107-3389 P.O. Box Ii070
(215) 238-1700 Wilmington, DE 19899
(302) 656-4433
Attorneys for Plaintiffs
Dated: April 30,200 1
TABLE
PAGES
TABLE OF AUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii
NATURE AND STAGE OF PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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4
.
ANSWER OF THREE WINTHROP PROPERTIES WINTHROP FINANCIAL FIRST WINTHROP AND ZERO MAIN
|
EXTRACTED KEY WORDS
PARAGRAPH DENY PARTNERSHIP SPEAKS RESPONSE DEFENDANTS ADMIT PROSPECTUS CHARACTERIZATIONS PREFERRED UNITS LIMITED PARTNERSHIP ZERO PLAINTIFFS PURCHASE PARTNERSHIP AGREEMENT WINTHROP SALE SECOND SENTENCES OFFERING DELAWARE PROCEEDS DISTRIBUTIONS LAW DEFENDANTS REPEAT INCORPORATE REFERENCE OVER-SUBSCRIPTION PRIVILEGE COURT COMPLAINT THIRD SENTENCE |
c-5
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE NANTUCKET ISLAND >
ASSOCIATES LIMITED PARTNERSHIP ) Cons. CA. No. 17379
UNITHOLDERS LITIGATION >
ANSWER OF DEFENDANTS THREE WINTHROP PROPERiIE$, INC.,: :`.
WINTHROP FINANCIAL ASSOCIATES, FIRST WINTHhP :..s
CORPORATION AND ZERO MAIN ASSOCIATES LIMITED PARTNERSHIP
Defendants Three Winthrop Properties, Inc. ("Three Winthrop"), Winthrop Financial
Associates, aLimited Partnership ("WFA"), First Winthrop Corporation ("First Winthrop") and Zero
Main Associates Limited Partnership ("Zero Main") (collectively, "Defendants") hereby answer the
allegations contained in the correspondingly numbered paragraphs of Plaintiff's' Amended Class
Action Complaint as follows:
I. NATURE OF THE CASE
1. Defendants admit that Three Winthrop and WFA are general partners of Nantucket
Island Associates Limited Partnership (the "Partnership") and deny all remaining allegations
contained in paragraiph 1,
2. Defendants admit that in September 1996 an offering of Preferred Units in the
Partnership was conducted pursuant to a Prospectus, which speaks for itself. Defendants deny the
characterizations of the contents of the Prospectus are accurate, and deny all remaining allegations
contained in paragraph 2.
3. Defendants admit that the Partnership did not make cash distributions to its
Partners in certain years. Defendants deny the remaining allegations contained in paragraph 3,
4. Denied
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5
.
DEFENDANTS REPLY BRIEF IN SUPPORT OF MOTION TO DISMISS
|
EXTRACTED KEY WORDS
AMENDED COMPLAINT PARTNERSHIP ASSETS PLAINTIFFS COURT COMPLAINT STATES LIMITED PARTNERS DEFENDANTS DEL OFFERING WINTHROP PREFERRED UNITS DELAWARE OPPOSITION GENERAL PARTNER EMPHASIS ALLEGATIONS VOTING RIGHTS UNJUST ENRICHMENT LEGITIMATE PURPOSE COUNSEL AUTHORITIES USURPATION PREFERRED UNITHOLDERS JOIN INDISPENSABLE PARTIES SUBSTANTIAL PORTION PARTNERSHIP PROPERTIES CONNECTION PARTNERSHIP AGREEMENT INDISPENSABLE PARTY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE NANTUCKET ISLAND >
ASSOCIATES LIMITED PARTNERSHIP ) CONS. C.A. NO. 17379
UNITHOLDERS LITIGATION 1
DEFENDANTS' REPLY BRIEF
IN SUPPORT OF THEIR MOTION TO DISMISS - :
. I
OF COUNSEL:
Barbara L. Moore Gregory P. Williams
John J. Tumilty Raymond J. DiCamillo
Edwards & Angell, LLP Richards, Layton & Finger
101 Federal Street One Rodney Square
Boston, Massachusetts 02110 P.O. Box 55 1
(617) 439-4444 Wilmington, Delaware 19899
(302) 658-6541
Attorneys for Defendants
Dated: February 2,200l
RLFl-2263997.1
TABLE OF CONTENTS
TABLE OF AUTHORITIES . . . . . . ii
~ T R O D U C T I O N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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6
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PLAINTIFFS BRIEF IN OPPOSITION TO DEFENDANTS MOTION TO DISMISS
|
EXTRACTED KEY WORDS
LIMITED PARTNERS DEFENDANTS PREFERRED UNITS AMENDED COMPLAINT RIGHTS COURT PURCHASE PARTNERSHIP BREACH PLAINTIFFS JACOBS DEL WINTHROP OFFERING AMENDED COMPLAINT PLEADS SUBSCRIPTION RIGHTS GENERAL PARTNER PARTNERSHIP AGREEMENT ALLEGATIONS SHAREHOLDERS ECONOMICALLY PRODUCTIVE ASSETS PROSPECTUS MANIPULATION TRANSACTION LITIQATION MATERIAL FACTS COUNSEL AUTHORITIES PURCHASERS MASSACHUSETTS SUPERIOR COURT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE NANTUCKET ISLAND ASSOCIATES : CONSOLIDATED
LIMITED PARTNERSHIP UNITHOLDERS : CIVIL ACTION NO. Ll79cNC ._ .VFR"
I -
LITIGATION --. 4 J+
2, c
zrf 5 .- *us,
b-f-b: --
.-,A~. I
"
y<
I': _
x :i z ---`:I
-il ~.x
v) c.; 43 -raY+
PLAINTIFFS' BRIEF ;r;r;, tv `I ,J
1N OPPOSITION TO DEFENDANTS' MOTION TO DISMi% GJ
OF COUNSEL:
Lawrence A. Sucharow Norman M. Monhait
GOODKIND LABATON RUDOFF ROSENTHAL MONHAIT GROSS
8 SUCHAROW LLP & GODDESS, P.A.
100 Park Avenue Suite 1401, Mellon Bank Center
New York, New York 10017-5563 P.O. Box 1070
(212) 907-0700 Wilmington, Delaware 19899
(302) 656-4433
George W. Croner
KOHN SWIFT 8 GRAF, P.C. Pamela S. Tikellis
One South Broad Street, Suite 2100 CHIMICLES & TIKELLIS LLP
Philadelphia, Pennsylvania 19107-3389 One Rodney Square
(215) 238-1700 P.O. Box 1035
Wilmington, DE 19899
(302) 656-2500
Attorneys for Plaintiffs
January `I 1, 2001
SNIPPETS:
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7
.
DEFENDANTS OPENING BRIEF IN SUPPORT OF MOTION TO DISMISS
|
EXTRACTED KEY WORDS
PARTNERSHIP WINTHROP COURT INJURY ALLEGE SALE DELAWARE JACOBS ENRICHMENT LIMITED PARTNERS DEL ZERO STANDING PREFERRED UNITS OFFERING AMENDED COMPLAINT PARTNERSHIP ASSETS MASSACHUSETTS GENERAL PARTNERS DELAWARE LAW ALLEGATIONS FIDUCIARY DUTY UNIFORM LIMITED PARTNERSHIP LIMITED PARTNERSHIP ACT DEFENDANTS BRACEGIRDLE UNJUST ENRICHMENT PURCHASE PREFERRED UNITS RICHARD ANISFIELD |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
RICHARD ANISFIELD, individually and
on behalf of all others similarly situated,
1
Plaintiff. 11
V. ) C.A. No. 17379-NC t/
THREE WINTHROP PROPERTIES, INC.,
and ZERO MAIN ASSOCIATES LIMITED )
PARTNERSHIP, 1)
Defendants. )
_______l~__L___________________________-~---~--------- )
LEWIS JACOBS and ROBERT B.
OIJRISMAN, on behalf of themselves and
all others similarly situated, 1
Plaintiffs, i
\`. ) C.A. No. 17602-NC
WINTHROP FINANCIAL ASSOCIATES, 1
THREE WINTHROP PROPERTIES, INC. )
and FIRST WINTHROP CORPORATION 11
Defendants. 1
DEFENDANTS' OPENING BRIEF IN
SUPPORT OF THEIR MOTION TO DlSMlSS
OF COIJNSEL
Barbara L Moore Gregory P. Williams
John J Tumilty Raymond J. DiCamillo
Edwards & Angel], LLP Richards, Layton & Finger
101 Federal Street P.O. Box 551
Boston, Massachusetts 021 lo- 1800 Wilmington, Delaware 19899
(6'17) 439-4444 (302) 658-6541
Attorneys for Defendants
Dated. December 1, 2000
RL.Fl-2237355-l
TABLE OF CONTENTS
T A B L E O F A U T H O R I
SNIPPETS:
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8
.
DEFENDANTS REPLY BRIEF IN SUPPOR TOF MOTIONS TO DISMISS OR STAY
|
EXTRACTED KEY WORDS
PLAINTIFFS MASSACHUSETTS WINTHROP DELAWARE ACTIONS CERTIFICATION DISMISS NEMER ACTION JACOBS ACTION OPPOSITION MOTIONS COUNSEL CONFERENCE DEFENDANTS PURPORTING DEL REQUEST OPENING FACTS PENDING MEMBERS MCWANE PROPER INTENDS SLIP COMPLAINT SUPPORT SCHNELL HARTNETT OPPOSE CLASS CERTIFICATION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
RICHARD ANISFIELD, individually and on
behalf of all others similarly situated,
Plaintiff, i
C.A. No. 17379-NC r/
V. i ,'
THREE WINTHROP PROPERTIES, lNC., i
and ZERO MAIN ASSOCIATES LIMITED
PARTNERSHIP, ;
Defendants. 1
-----_-----_-----_-------------------------"---~------------- ;
LEWIS JACOBS and ROBERT B. _.
OURISMAN, on behalf of themselves and ;
all others similarly situated, .
t
Plaintiffs,
; .
V. CA. No. 17602~NC c
-.
i
WINTHROP FINANCIAL ASSOCIATES,
THREE WINTHROP PROPERTIES, INC. 1
and FIRST WINTHROP CORPORATION,
;
Defendants,
DEFENDANTS REPLY BRIEF IN SUPPORT OF MOTIONS
TO DISMISS OR TO STAY
OF COUNSEL:
Barbara L. Moore Gregory P. Williams
John J. Tumilty Raymond J. DiCarnillo
Edwards & Angell, LLP Richards, Layton & Finger
101 Federal Street One Rodney Square
Boston, Massachusetts 02 1 lo- 1800 P. 0. Box 551
(617) 439-4444 Wilmington, Delaware 19899
(302) 658-6541
Attorneys for Defendants
Dated: July 24, 2000
SNIPPETS:
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9
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DEFENDANTS BRIEF IN SUPPORT OF MOTIONS TO DISMISS OR TO STAY
|
EXTRACTED KEY WORDS
DELAWARE ACTIONS MASSACHUSETTS ACTIONS WINTHROP JACOBS ACTION NEMER ACTION FIRST JACOBS ACTION PENDING DISMISS MCWANE DEFENDANTS MOTION AMENDED COMPLAINT DEL SECOND JACOBS ACTION PLAINTIFFS PARTNERSHIP CLASS ACTIONS PREFERRED UNITS LIMITED PARTNERS FIRST WINTHROP CORPORATION PROCEDURAL HISTORY ACTIONS PURPORT FEDERAL COURT LEWIS JACOBS FIDUCIARY DUTY SECURITIES PURPORTED CLASS AUTHORITIES ALLEGATIONS |
, r /
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
RICHARD ANISFIELD, individually and on
behalf of all others similarly situated, i
V.
THREE WINTHROP PROPERTIES, INC.,
and ZERO MAIN ASSOCIATES LIMITED
PARTNERSHIP, ;
Defendants. i)
__-__-___-__-_---_---------------------------------------------- >
LEWIS JACOBS and ROBERT B.
OURISMAN, on behalf of themselves and ;
all others similarly situated,
i
F'laintiffs,
i
V.
;
WINTHROP FINANCIAL ASSOCIATES,
THREE WINTHROP PROPE'RTIES, INC. i
and FIRST WINTHROP CORPORATION,
i
Defendants.
DEFENDANTS' BRIEF IN SUPPORT OF MOTIONS
TO DISMISS OR TO STAY
OF COUNSEL:
John J. Tumilty Gregory P. Williams
Edwards & Angell, LLP Raymond J. DiCamillo
101 Federal Street Richards, Layton & Finger
Boston, Massachusetts 02 1 lo- 1800 One Rodney Square
(617) 439-4444 P. 0. Box 551
Wilmington, Delaware 19899
(302) 658-6541
Attorneys for Defendants
Dated: June 9, 2000
SNIPPETS:
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10
.
AMENDED CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
PARTNERSHIP WINTHROP GENERAL PARTNER ZERO PLAINTIFFS PREFERRED UNITS NANTUCKET DEFENDANTS OFFERING EQUITY CLASS ACTION AFFILIATE SCHEME PROSPECTUS ASSETS NANTUCKET ISLAND PARAGRAPHS MORTGAGE LOAN CAPITAL IMPROVEMENTS INVESTMENT CASH DISTRIBUTIONS PARTNERSHIP AGREEMENT FIRST WINTHROP AMENDED CLASS ACTION BOAT BASIN HARBOR HOUSE HOTEL RICHARD ANISFIELD OPERATING INCOME FIDUCIARY DUTIES |
IN THE COURT OF CHANCERY FOR THE STATE OF DELAWARE iz-
IN AND FOR NEW CASTLE COUNTY
RICHARD ANISFIELD, on behalf of himself :
and all others similarly situated,
Plaintiff,
Civil Action No. 17379-NC J
V.
WINTHROP FINANCIAL ASSOCIATES,
THREE WINTHROP PROPERTIES, INC.,
and ZERO MAIN ASSOCIATES LIMITED
PARTNERSHIP,
Defendants. I
LEWIS JACOBS and ROBERT B. OURISMAN I `.
on behalf of themselves and all others
similarly situated,
Plaintiffs,
V. Civil Action No. 17602-NC
WINTHROP FINANCIAL ASSOCIATES, :
THREE WINTHROP PROPERTIES, INC. :
and FIRST WINTHROP CORPORATION, :
Defendants. :
X
AMENDED CLASS ACTION COMPLAINT
Plaintiffs Richard Anisfield, Lewis Jacobs and Robert B. Ourisman, individually and
on behalf of all others similarly situated, allege on information and belief, except for
paragraphs 11, 12 and 13, below:
I. NATURE OF THE CASE
1. This action arises out of a scheme orchestrated by defendants Three
SNIPPETS:
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11
.
CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
PARTNERSHIP RIGHTS OFFERING WINTHROP ZERO NANTUCKET AFFILIATE GENERAL PARTNER PREFERRED UNITS EQUITY SALE SUBSTANTIAL PORTION PLAINTIFF MISLEADING SCHEME PROSPECTUS NANTUCKET ISLAND CAPITAL IMPROVEMENTS INVESTMENT FIDUCIARY DUTIES BOAT BASIN LEGITIMATE PURPOSE OPERATING INCOME FINANCING ALTERNATIVES PURCHASING UNSOLD PREFERRED UNITS NET OPERATING INCOME FALSE IMPRESSION RICHARD ANISFLELD THEREAFTER |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
c++++++s++++++++++++++++++++ x
RICHARD ANISFlELD, individually and on behalf of all :
others similarly situated,
THREE WINTHROP PROPERTIES, INC., and
ZERO MAIN ASSOCIATES LIMITED PARTNERSHIP, ;
Defendants.
+++++++++++++++++++++++++f++ x
CLASS ACTION COMPLAINT
Plaintiff alleges on information and belief, except as to paragraph 14 below which
is alleged on knowledge, as follows:
NATURE OF THE CASE
1. This .action arises out of a scheme orchestrated by defendant Three
Winthrop Properties Inc. ("Winthrop" or the "General Partner "), the General Partner of
Nantucket Island Associates Limited Partnership ("Nantucket" or the "Partnership"), to usurp the
equity interests of Nantucket's limited partners to benefit its affiliate, Zero Main Associates
Limited Partnership ("Zero Main"). Using an unfair and misleading rights offering, Winthrop
caused a substantial majority of limited partners' equity to be diverted to its affiliate.
with the equity interests of Nantucket concentrated with its affiliate, Winthrop caused a sale of a
substantial portion of Nantucket's assets, funneling the bulk of the proceeds to its affiliate, Zero
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