Pielet v. Hiffman 

Intervenors were limited partners in two Illinois limited real estate development partnerships, and Defendants were the general partners. Court improperly dismissed Intervenors' complaint, which alleged that general partners obfuscated the personal taking of bonds leading to windfall to them of $13 million, as dismissal excused alleged actions as management discretion without regard for overarching principles of partnership fiduciary duties. Laches inapplicable, as Defendants did not raise any counterclaim to which Intervenors are a Defendant. It would be inequitable to allow Defendants to exercise the repurchase option as such would operate to remove Intervenors' standing. (GALLAGHER and PUCINSKI, concurring.)