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1、9-305-068REV:JUNE9,2005LYNNSHARPPAINECHRISTOPHERM.BRUNERMallofAmerica(A)TripleFiveofMinnesota,Inc.,broughtsuitintheU.S.DistrictCourtfortheDistrictofMinnesotaagainstMelvinandHerbertSimon,certainotherindividuals,andvariousentitiescontrolledbytheSimons(collectivelyreferredtoa
2、stheSimons).TripleFiveanditsowners,fourmembersoftheCanada-basedGhermezianfamily,allegednumerousbreachesoffiduciarydutybytheSimons,theGhermezians’partnersindevelopingtheinternationallyknownMallofAmerica,a4.2-million-square-footretailandentertainmentcomplexlocatedinaMinneapo
3、lissuburb.ThecasecenteredontheSimons’purchasein1999ofathirdparty’sinterestintheMall.Thecase,heardbyJudgePaulMagnuson,involvedissuesarisingunderMinnesotapartnershiplaw.1BackgroundTheideafortheMallofAmericawasconceivedbyfourbrothers—Raphael,Nader,Bahman,andEskanderGhermezian
4、.TheGhermezianswerethedevelopersandownersoftheWestEdmontonMall(Edmonton,Alberta),the“biggestindoorretailandentertainmentcomplexintheworld,”whichopenedin1981.2In1986theircompany,TripleFive,secureddevelopmentrightsforthelandonwhichtheMallofAmericawouldbebuilt,thoughtheyhadtr
5、oublesecuringfinancing.In1987theGhermeziansbecameinvolvedwithMelvinandHerbertSimon,atwhichpointTeachersInsuranceandAnnuityAssociation(“Teachers”)agreedtofinanceconstructionoftheMall.Teacherslaterconverteditsinterestintoanequityinvestmentintheformofa55%stakeinthepartnership
6、thatownedandcontrolledtheMall,theMallofAmericaCompanyLP(“MOACLP”).TheotherpartnerinMOACLPwasanentitycalledMallofAmericaAssociates(“MOAA”),itself“a50/50partnership”betweenTripleFiveandanotherentitycontrolledbytheSimons.3(SeeExhibit1forachartshowingtheMall’sinitialownerships
7、tructure.)1Unlessotherwiseindicated,thefactspresentedinthiscasearedrawnfromTripleFiveofMinnesotav.Simonetal.,280F.Supp.2d895,2003U.S.Dist.LEXIS15861(2003),decidedSeptember10,2003.ForafactsheetontheMallofAmerica,seehttp://www.triplefive.com/factsheet.html.2SeeTripleFiveofMi
8、nnesotav.Simonetal.,280F.Supp.2dat897;“HistoryandDevelopment,”availableathttp://www.weste
