Omega liquidating trust

18-Sep-2020 08:17

omega liquidating trust-89

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In 1991, however, Midway absorbed Williams' video game division and started making arcade games under its own name again, without the "Bally" part.In 1992, the company's The Addams Family machine became the best selling pinball game of all time. The Alberta Court of Queen's Bench dismissed the limited partners' action.- Relations between partners - Fiduciary duties - General partners to limited partners - The plaintiffs were limited partners and Great Basins a general partner in two oil and gas exploration and development programs - United Canso purchased Great Basins interest in the partnership - The sale agreement required United Canso to make a comparable offer to the limited partners (Article 8.01) - When United Canso failed to do so, the limited partners sued Great Basins, the general partner for breach of fiduciary duty - The Alberta Court of Queen's Bench dismissed the limited partners' action, holding that no fiduciary duty existed outside the partnership agreement and the agreement was silent respecting sale opportunities for the limited partners - The court also held that Article 8.01 in the sale agreement between Great Basins and United Canso did not impose any fiduciary duty on Great Basins to ensure that a comparable offer was made to the partners. United Canso offered to buy Great Basins' interest in the partnership. The limited partners commenced an action against Great Basins, alleging that Great Basins as general partner breached its fiduciary duty to the limited partners when it failed, upon the sale of its interests to United Canso, to ensure that an equivalent offer was made to each of the limited partners for their interests on the same conditions as the general partner obtained for itself.After 2000, Midway continued to develop and publish video games for home and handheld video game machines, but it experienced large annual net losses and engaged in a series of stock and debt offerings and other financings and borrowings.Sumner Redstone, the head of Viacom/CBS Corporation, increased his stake in Midway from about 15%, in 1998, to about 87% by the end of 2007.In June 2001, Midway closed its arcade division due to financial losses.

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Security Pacific National Bank, A United States Federally Chartered Bank as Trustee of Great Basins Petroleum Co.

In 1973 it moved into the interactive entertainment industry, developing and publishing arcade video games. Midway was purchased and re-incorporated in 1988 by WMS Industries Inc.