In Re Real Estate Associates Ltd. Partnership Lit.
In Re Real Estate Associates Ltd. Partnership Litigation
Opinion
Opinion
Pregerson, J.
ORDER GRANTING IN PART AND DENYING IN PART DEFENDANTS’ MOTION FOR SUMMARY JUDGMENT
This matter comes before the Court on the defendants’ motion for summary judgment. After reviewing and considering the materials submitted by the parties, and hearing oral argument, the Court adopts the following order.
I. Background
The plaintiffs in this class action are limited partners of eight public limited partnerships (the “REAL Partnerships”) who received Consent Solicitations (the “Solicitations”) in August 1998, seeking their approval for the sale of certain limited partnership interests, held by the REAL Partnerships in 98 Local Partnerships that owned apartment complexes, to a real estate investment trust (the “REIT”) formed by the defendants. All of the officers and directors of the Managing General Partner of the REAL Partnerships (“NAPICO”) became officers, directors and/or equity owners of the REIT. Pursuant to the approval of the limited partners, a series of transactions were effectuated on or about December 30, 1998 that resulted in the transfer of the limited partnership interests in the Local Partnerships to either the REIT or the REIT Sub.