According to the opinion, one of the general partners almost immediately started to embezzle money from the partnership, and thereafter engaged in self-dealing such that the partnership became valueless right before limited partnerships were sold to investors.

FORBES: Miske: The Innocent General Partner Tagged With Liability For Losses Due To Misdeeds Of Another General Partner

Landry and Kling told me they pride themselves on their resiliency, crediting their ability to turn on a dime in adjusting to business issues, and the strength of their personal partnership in dealing with the inevitable personal stress points from weddings to sudden illnesses and beyond.

FORBES: Three Keys to a Winning Attitude for a Service Business

In a couple of the pieces I have written so far I have expressed frustration with people writing about hedge funds and carried interests without acknowledging (or possibly even knowing) that they are dealing with a fundamental principle of partnership taxation not some sort of special deal for hedge fund managers.

FORBES: Obama's Phony War on Hedge Funds - Attack on Real Estate