Which of the Following Was the Result on Appeal in Miller

question 53

Multiple Choice

Which of the following was the result on appeal in Miller v.Bill & Carolyn Ltd.P'Ship,the case in the text involving whether a bankruptcy trustee was entitled to dissolution of a limited partnership in which the debtor was a limited partner?

• A) On the basis that it was not reasonable to expect the partnership to continue in business in conformity with the partnership agreement, the court reversed the Bankruptcy Appellate Panel's ruling and found that the trustee was entitled to dissolution of the partnership.
• B) On the basis that the partnership agreement's stated purpose did not conform to the representations made at trial regarding the partnership's business interests, the court upheld the Bankruptcy Appellate Panel's ruling that the trustee was entitled to dissolution.
• C) Finding that as a matter of law the bankruptcy trustee was entitled to choose at his option whether or not to seek dissolution, the court reversed the Bankruptcy Appellate Panel's decision refusing to uphold the trustee's motion seeking dissolution.
• D) Finding an absence of evidence indicating that it was not reasonable practicable for the partnership to carry on its business in conformity with the partnership agreement, the court upheld the Bankruptcy Appellate Panel's decision refusing to require dissolution.
• E) Finding that the debtor was willing to continue as both a general and limited partner, the court upheld the Bankruptcy Appellate Panel's decision refusing to require dissolution.

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Definitions:

Preferred Shares

A type of stock that provides a fixed dividend before any dividends are paid to common stockholders and often carries no voting rights.

Basic Earnings

The net income divided by the weighted average number of shares outstanding, representing a company's earnings per share without any adjustments.

Common Shares

Equity securities that represent ownership interests in a corporation, providing voting rights and potential dividends to shareholders.

Preferred Shares

A class of ownership in a corporation with a fixed dividend, that has priority over common shares in the distribution of dividends and assets.