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Limited Partnerships

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REAL ESTATE
February 9, 1992
The "Small Investor" column headlined "Control Missing in Limited Partnerships" (Dec. 29) fails to provide the reader with an accurate understanding of the advantages and disadvantages of investing in real estate limited partnerships. Under the right circumstances, a limited partnership can be an excellent vehicle for a small investor to enjoy the increased returns offered by a real estate investment. As in any business venture, the key factor is to know who will be handling your investment; know the general partner.
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OPINION
February 18, 2013
Quick: Name one thing mainstream Republicans and Democrats agree on when it comes to energy policy. Other than that both sides would like it to be cheaper, you're probably drawing a blank. That's why there was something a little quixotic in President Obama's call last week, during his State of the Union address, urging Congress to get together and pursue "a bipartisan, market-based solution to climate change. " It's pretty far-fetched to imagine congressional Republicans pursuing a costly new program, market based or not, positing the solution to a climate problem many believe don't exist.
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REAL ESTATE
February 22, 1987 | DAVID W. MYERS
If you like the idea of investing in real estate but don't like all the management responsibilities it entails, a good alternative might be investing in a publicly held real estate limited partnership. Partnerships pool investors' money and use the cash to build or buy apartments, office buildings, warehouses or other types of income-producing property. The company that puts the deal together is known as the sponsor or syndicator and serves as its general partner.
WORLD
May 29, 2002 | DAVID HOLLEY and JAMES GERSTENZANG, TIMES STAFF WRITERS
PRATICA DI MARE AIR BASE, Italy -- NATO took a step Tuesday that was at once extraordinary and a recognition of a new reality by formally bringing Russia into a unique role with the alliance created 53 years ago to defend the West against the Soviet Union.
BUSINESS
May 10, 1994 | From Bloomberg Business News
The National Assn. of Securities Dealers said it plans to list limited partnerships on its electronic bulletin board to increase the amount of price information available on these thinly traded investments. The OTC Bulletin Board, which is owned and operated by a subsidiary of the NASD, is designed to give price information on stocks too small or illiquid to trade on the Nasdaq Stock Market or any U.S. exchange.
REAL ESTATE
November 18, 1990 | CATHERINE COLLINS, Collins, a veteran real estate reporter, writes from Washington on housing-related issues
The stakes are high for the little guy in the latest real estate investment maneuver, known as the "roll-up." Roll-up is the term that describes what happens when a number of individual limited partnerships are combined into a new entity, which is traded on a national securities exchange. There is an estimated $50 billion in limited-partnership equity nationwide.
BUSINESS
April 19, 1992 | KATHY M. KRISTOF
It is not unusual for investors to spot great deals that they can't afford. Perhaps it's an apartment complex that promises positive cash flow to a buyer with a 20% down payment. Or maybe it's an opportunity to lease a large piece of office equipment at a steady profit. It could even be an oil well or a horse ranch. In instances like these, investors essentially have two choices--walk away or team up with other investors to make the purchase.
BUSINESS
November 22, 1986 | BILL SING, Times Staff Writer
Laaco Inc., venerable owner of the Los Angeles Athletic Club, California Yacht Club, Riviera Country Club and other properties, said Friday that it is seeking to convert from a corporation to a limited partnership to lower its tax bill. The Los Angeles-based company, which is about 67% owned by the Hathaway family of Los Angeles, thus joins a growing number of closely held firms converting to limited partnerships following last month's passage of the Tax Reform Act of 1986.
BUSINESS
December 3, 1989 | JAMES F. PELTZ, TIMES STAFF WRITER
Few investments carry a worse reputation these days than the limited partnership. Tax-law changes, troubles at many partnerships and the resulting bad publicity have sent partnership sales tumbling the past two years, notably in real estate partnerships--the industry's biggest player. Don't look for partnerships to disappear in the 1990s, though. But they will likely shift toward providing steady income rather than promising a large payoff upon dissolution.
BUSINESS
June 19, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
The U.S. attorney's office in Manhattan has begun a federal criminal investigation of Prudential Securities and suspected fraud by brokers and managers, sources close to the inquiry said. The probe, which was launched more than a month ago, was broadened within the last week to include the firm's massive limited partnership program, which took in $6 billion from investors in the 1980s and resulted in huge losses.
BUSINESS
December 7, 1999 | LIZ PULLIAM, TIMES STAFF WRITER
Family limited partnerships can offer significant estate tax and income tax savings to wealthy families, as well as partial protection from creditors. But these partnerships also are coming under increasing scrutiny by the IRS, tax experts say. President Clinton made an unsuccessful bid to drastically limit their use earlier this year.
BUSINESS
January 23, 1998 | JAMES S. GRANELLI, TIMES STAFF WRITER
Educators who lost their retirement savings in the 1994 collapse of Teachers Management & Investment Corp. can't blame the company or its advisors for most of the losses, a receiver said Thursday. Dennis B. Schmucker of San Diego said 20,000 teachers and administrators statewide lost more than $200 million in real estate partnerships put together by TMI. Unfortunately for them, Schmucker said, "the biggest chunk of the loss was caused by the decline in the real estate market."
BUSINESS
August 30, 1997 | (Bloomberg News)
A $4.4-million settlement of litigation between investors of Prudential Securities Inc.'s limited partnerships and sponsors of those investments won court approval. In the early 1990s, Prudential investors filed class-action suits against the securities unit of Prudential Insurance Co. of America and companies that helped the Newark, N.J.-based firm sell and run risky limited partnerships.
BUSINESS
February 11, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
A Huntington Beach company that sold limited partnership interests in oil and gas ventures has closed its doors amid assertions that it swindled elderly investors out of more than $25 million with promises of oil wells that never existed or weren't operating. Pacific Coast Financial Securities Inc., in a notice to about 1,100 investors, blamed its demise on litigation against the firm and its owners and operators.
BUSINESS
July 24, 1996 | Times Staff and Wire Reports
PaineWebber Settlement Gets Tentative OK: A U.S. District Court judge in New York tentatively approved a $125-million settlement for a class-action suit against PaineWebber Inc. relating to its sale of limited partnerships. The parent company, New York-based PaineWebber Group Inc., said the settlement would result in no further cost to the company because it had already taken the charges associated with the agreement. The suit represented more than 150,000 investors.
BUSINESS
March 7, 1996 | Times Staff and Wire Reports
SEC Files Fraud Complaint Over Ostrich Investments: More than 350 people nationwide may have lost $7.45 million by investing in limited partnerships to raise and breed ostriches, the Securities and Exchange Commission said. In a complaint filed in U.S. District Court in Los Angeles, the SEC charged Trans-American Ostrich Traders Inc., Larry R. Earp and David P. Silver with fraud in the sale of 17 limited-partnership offerings between November 1993 and February 1994.
BUSINESS
October 21, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
The Securities and Exchange Commission and state regulators today are expected to announce that Prudential Securities will pay an initial $370 million to settle charges that it defrauded hundreds of thousands of small investors in limited partnerships. The sum includes $330 million for a restitution fund for customers plus about $40 million in fines payable to the SEC, the states and the National Assn. of Securities Dealers, according to sources with copies of the settlement documents.
BUSINESS
January 30, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
Lawyers estimated Friday that 5,000 investors--about twice the number expected--have opted out of a legal settlement with Prudential Securities that would have paid them only a few cents on the dollar for losses from limited partnership investments. Separately, Idaho state securities regulators and three law firms filed formal objections to the class-action settlement, calling it unreasonable and inadequate. There was a surge of opt-outs in the days before the Jan.
BUSINESS
February 14, 1996 | From Bloomberg Business News
Californians who lost $15 million on investments with PaineWebber Group Inc. sued the New York securities firm, accusing it of fraud in its sales of limited partnerships. The suit, filed in Sacramento County Superior Court, was lodged by 200 investors who opted not to be included in a $332.5-million settlement PaineWebber announced last month with other investors.
BUSINESS
January 27, 1996 | From Bloomberg Business News
The Securities and Exchange Commission is discussing a settlement with three U.S. brokerage firms that would require them to pay about $100 million in restitution in cases involving sales of limited partnerships, attorneys involved in the case said Friday. A settlement with Merrill Lynch & Co., Lehman Bros. Holding Inc. and Dean Witter Reynolds Inc. could be reached in the next several months, attorneys said. News of the negotiations comes a week after PaineWebber agreed to pay $332.
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