Green & Noblin, P.C. has filed a lawsuit on behalf of holders of limited partnership units issued by TCC Equipment Fund, a California Limited Partnership, Textainer Equipment Income Fund II, L.P., Textainer Equipment Income Fund III, L.P., Textainer Equipment Income Fund, IV, L.P., Textainer Equipment Income Fund V, L.P., and Textainer Equipment Fund VI, L.P.
Each of the Textainer Partnerships was the subject of a sale, negotiated by the general partners, of all of their assets. According to the lawsuit, the result of this sale was the liquidation of the remaining assets of the Partnerships on terms that were fundamentally unfair to the limited partners.
The complaint alleges that the sale was fundamentally unfair because it was, first, a flawed bidding process that conditioned any bid on the Partnerships’ assets on a management contract with Textainer Equipment Management Limited, one of the general partners of the Partnerships. Second, the complaint alleges that the sale was fundamentally unfair because of the significant undervaluation of the assets, as the terms on which the assets were sold did not reflect the market conditions. In addition, the complaint alleges that in order to effectuate the sale, a series of materially misleading proxy statements were issued to solicit the proxies of the limited partners.
If you were a holder of units in the Textainer Partnerships, or would like more information about the lawsuit, please contact us at 415-477-6700 or by clicking here.