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The Baxter Law Firm
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Bergen County Personal Injury and Business Lawyers serving New Jersey
Bergen County Personal Injury and Business Lawyers serving New Jersey

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George's book, "Every Last Drop," gets a five star Amazon book review. Check it out. 

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YOUR PARTNERSHIP INTEREST
So, as a real estate investor, corporate shareholder or partnership member, you believe that you ownership interest in that partnership is protected against personal creditors and liability. Think again.
As the New Jersey Partnership Lawyer I successfully argued on behalf of my client before the Bergen County Chancery Court that we could attach and force the sale of the partnership interests of my client’s ex-partners of Ridgewood Village Ford.
The underlying facts were that my client, Anthony Petriccione, was a partner in BFPR Properties, with two other ex-partners. When Mr. Petriccione retired from the partnership, the partnership operating agreement provided that his ex-partners had the first right to buy back his approximately thirty-three percent interest in the partnership which owned the real estate on which Ridgewood Village for was located.  The partnership operating agreement also stated that in the event the partners could not agree on the value of the buy-back, then it would go to binding arbitration.
After nearly three decades of working together and building the business, these partners were now adversaries: Mr. Petriccione wanted fair value for his partnership interest, and his ex-partners wanted it for as little as possible.
The arbitration occurred before retired Bergen County Judge, Anthony Scuito, who determined that my client’s partnership buy-out was valued at a seven-figure number.
However, the operating agreement also provided that the partnership (Petricionne’s ex-partners) could take up to three years to pay him. The mortgage and note were signed by Petriccione’s ex-partners. Within a year they defaulted on paying him and now owned his interest. The ex-partners argued that they were protected from Petriccione because his interest had been acquired by the partnership, BFPR, rather than them personally.
I successfully argued that even if Petriccione’s interest was purchased by the partnership that since his ex-partners signed the note, that we could attach their interest in the partnership and force a sale of partnership assets to satisfy his lien.
In FDIC v. Birchwood Builders, 240 N.J. Super. 260 (App. Div. 1990) the New Jersey appellate court stated that a partner’s interest in a partnership is personal property, and as personal property may be attached by a creditor. The court also stated that the partners creditor my force a sale of the ex-partners partnership or partnership assets to satisfy the debt.
The Honorable John J. Langan, Bergen County Superior Court, granted Petriccione’s motion to attach the partnership interest of his ex-partners in BFPR properties and right to force a sale of the partnership assets.
Subsequently, the assets of BFPR properties were sold and Mr. Petriccione paid the full value of his partnership buy-out.
The lesson from this case: Think twice if you think you partnership interest is protected from liability.
Litigating partnership disputes and buy-outs may be complicated. If you have a partnership dispute CONTACT my office and arrange a consultation.

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"Ex-partner may attach the partnership interest of his partners." 
http://gbaxterlaw.com/blog/

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We will be moderating the Bergen County Divorce Care support group again at the Presbyterian Church at Tenafly. If you are recently separated or going through a divorce then call 201-567-0111 and ask for Ceci. Each week a national expert speaks about healing from a divorce. George Baxter has run the group for three years and it is open to the community.

Visionary CEO's - coming soon.
http://gbaxterlaw.com/meet-the-ceos-2/

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See What's Coming: Meeting the CEO's.
I am proud to launch a series of interviews with visionary chief executive officers who have made an impact on humanity. These extraordinary CEO's founded public companies with only their vision and determination. 

So stay tuned for a truly inspiring event when we look into the minds of these business leaders with the talent to creat start-ups that grow into public companies that have made the world a better place.

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Check out this NY Times editorial. It's about how the NY Historical Society whitewashed the response people had to AIDS in the early 80's, and how people let AIDS happen because it affected a community that was not popular at the time.
http://www.nytimes.com/2013/08/04/opinion/sunday/how-to-whitewash-a-plague.html?pagewanted=all&_r=0

 It was a time when children infected with HIV were not allowed to attend school, or as in  Arcadia, Florida, their home burned down. This is the backdrop of my book, "Every Last Drop: Blood and Money," the true story about the trial that exposed how the government ignored the U.S. blood industry conspiracy that delayed  AIDS testing resulting in thousands of people getting AIDS contaminated blood. In France, Japan and Canada blood bankers responsible for distributing AIDS contaminated blood were prosecuted, but the the U.S. they were lawyered up won the cases. But on this one particular day, in a small Hackensack, New Jersey, courtroom, money and power did not win - the jury found them guilty. The case was affirmed on appeal to the New Jersey Supreme Court and fueled a congressional investigation.

George T. Baxter, Esq. Trial Lawyer at the Baxter Law Firm
www.gbaxterlaw.com

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My book takes the reader back the the beginng of the AIDS epedemic and exposes how the billion-dollar-a-year blood industry defied the Centers for Disease Control warnings to begin testing for AIDS to avoid contaminating the blood supply. It's the story of his six year legal fight for his client that leads to a congressional investigation into a conspiracy that resulted thousands of people getting AIDS contaminated blood. It's also a look back at the attitudes and prejudices against AIDS patients.

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My multiple legal problems were with an ex-business partner who is an attorney. After interviewing several attorneys to help me through the legal system my choice
was George Baxter. His thirty (30) plus years of experience paid off for me. His legal professionalism, work ethic, work product and court room demeanor is well respected by his peers and Judges. George, I have to say, is a Brillant Attorney, just ask my ex-business partner."

-Anthony J. Petriccione
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