The Delaware Court of Chancery, in Bandera Master Fund, LP, et al. v. Boardwalk Pipeline Partners, LP, et al., C.A. No. 2018-0372-JTL, memo. op. (Del. Ch. Oct. 7, 2019), found an LP’s general partner that allegedly manipulated the price of a call of LP units conceivably breached an LP Agreement requirement that conflict transactions be fair and reasonable to the Partnership

K&L Gates discusses the decision in Partnership Agreement May Provide Grounds For Relief In Case Involving Drop In Unit Price Following Disclosure Of General Partner’s Intent To Exercise Call Right.