Opinion ID: 213071
Heading Depth: 4
Heading Rank: 1

Heading: Banerjee’s Involvement

Text: The district court thoroughly documented Banerjee’s participation in GSS GP immediately after his termination—and in the months that followed—and concluded that Banerjee “remained both directly and indirectly involved in the management of GSS GP.” The record fully supports this conclusion. In its letter advising the limited partners of Banerjee’s termination, Tuckerbrook noted that he would continue to be a managing member of GSS GP. Within days of his 5 Case: 10-20395 Document: 00511419977 Page: 6 Date Filed: 03/22/2011 No. 10-20395 termination, Banerjee corresponded with the limited partners in GSS, counsel for GSS, GSS’s administrator, and GSS’s bank, stating that GSS GP could not act without his approval because he retained authority as a managing member and fifty percent owner of GSS GP. Shortly after this flurry of communication, GSS’s administrator, Michael J. Liccar & Co., CPAs (“Liccar”), took the position that it could not make disbursements to Tuckerbrook or take other actions without Banerjee’s approval. Alkek argues that Tuckerbrook had successfully frozen Banerjee out of GSS GP by removing him from the position of portfolio manager, denying Banerjee access to GSS GP’s books, reports and statements, unilaterally communicating with the limited partners, and attempting to execute separate investment management agreements with the limited partners and GSS GP that formalized Tuckerbrook’s previous duties as investment manager. As the events of the months following Banerjee’s termination demonstrate, however, these efforts to exclude Banerjee from participation were nugatory. Banerjee obtained a court order to resume access to GSS GP’s books and records. Tuckerbrook was unable to collect management fees from Liccar without Banerjee’s approval. Liccar required Banerjee’s approval prior to releasing financial statements on behalf of GSS GP. Despite Tuckerbrook’s directions to do so, Liccar refused to write off one of GSS’s investments without Banerjee’s approval. Banerjee also advised the limited partners on the proposed redemption of investments. All of this evidence competently demonstrates that, as the district court put it, “even to the extent that Tuckerbrook might not have wanted Banerjee to maintain any authority regarding GSS, Banerjee did in fact exert his influence.” Thus, there is no genuine dispute over whether Banerjee remained directly and indirectly involved in the activities of GSS GP. 6 Case: 10-20395 Document: 00511419977 Page: 7 Date Filed: 03/22/2011 No. 10-20395