Mrs. Proplimb was expelled from the NWFP Partnership after 8 years of participation. The partnership agreement prohibited acts that are forbidden by Islamic law and provided options for partners leaving before completion: return of capital plus 10% interest per year or 25% of asset value minus liabilities. However, both options violate Islamic law against riba (interest/usury). As the only viable option is 25% of asset value, Mrs. Proplimb requests the partnership's financial records to determine her fair compensation. She has returned $430,000 improperly paid to her. If records are not provided within 45 days, she will file a lawsuit claiming breach of partnership agreement and seeking her equal share of losses and profits.
Mrs. Proplimb was expelled from the NWFP Partnership after 8 years of participation. The partnership agreement prohibited acts that are forbidden by Islamic law and provided options for partners leaving before completion: return of capital plus 10% interest per year or 25% of asset value minus liabilities. However, both options violate Islamic law against riba (interest/usury). As the only viable option is 25% of asset value, Mrs. Proplimb requests the partnership's financial records to determine her fair compensation. She has returned $430,000 improperly paid to her. If records are not provided within 45 days, she will file a lawsuit claiming breach of partnership agreement and seeking her equal share of losses and profits.
Mrs. Proplimb was expelled from the NWFP Partnership after 8 years of participation. The partnership agreement prohibited acts that are forbidden by Islamic law and provided options for partners leaving before completion: return of capital plus 10% interest per year or 25% of asset value minus liabilities. However, both options violate Islamic law against riba (interest/usury). As the only viable option is 25% of asset value, Mrs. Proplimb requests the partnership's financial records to determine her fair compensation. She has returned $430,000 improperly paid to her. If records are not provided within 45 days, she will file a lawsuit claiming breach of partnership agreement and seeking her equal share of losses and profits.
Mrs. Proplimb was expelled from the NWFP Partnership after 8 years of participation. The partnership agreement prohibited acts that are forbidden by Islamic law and provided options for partners leaving before completion: return of capital plus 10% interest per year or 25% of asset value minus liabilities. However, both options violate Islamic law against riba (interest/usury). As the only viable option is 25% of asset value, Mrs. Proplimb requests the partnership's financial records to determine her fair compensation. She has returned $430,000 improperly paid to her. If records are not provided within 45 days, she will file a lawsuit claiming breach of partnership agreement and seeking her equal share of losses and profits.
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October 1,2017
Dear NWFP Partnership,
After 8 years of participation in NWFP Partnership, Mrs. Proplimb was expelled from the partnership. The agreement was signed by all individual partners of the agreement: Nancy Nyce, Will Wrotten, Phil Fayer, and Emma Proplimb. Each partner agreed to a clause within the agreement that revelation of any acts that are haram in accordance with the partners Islamic religion is a violation of the agreement. The agreement later states that a partner leaving the partnership before completion of the term is to receive the lesser of either : (a) the return of capitol contribution, plus 10% interest each year in which the partner was in the partnership or, (b) 25% of the value of the partnerships assets minus partnership liabilities. In including in the partnership agreement both the clause prohibiting acts of haram and these choices for liquidation of a partners assets, the partnership effectively only created one viable option for which a partner could receive its property interest in the partnership upon dissolution. The Islamic religion forbids riba, otherwise defined as giving or receiving interest. Therefore, for a partner to accept their initial capitol contribution plus 10% interest for every year of partnership participation would be an act of haram and a violation of the partnership agreement itself. In addition, for the partnership to pay or offer interest to a dissociating partner would also be an act of Riba, also forbidden by the partnership agreement. When NWFP opted to provide Mrs. Proplimb with her initial capitol contribution plus 10% interest for every year, NWFP violated its partnership agreement to avoid forbidden Islamic practices. For the reasons stated above, Mrs. Proplimb is entitled to 25% of partnership assets minus partnership liabilities at the time of her explusion from the partnership. Pursuant to section 403(b) of the Uniform Partnership Act (1997), Mrs. Proplimb is entitled to the partnerships records of assets, liabilities, and losses of the partnership until the time of her expulsion from the partnership. This is a formal request for the records of NWFB in order to determine the fair and just compensation to which Mrs. Proplimb is owed. Mrs. Proplimb is committed to her fiduciary duties owed to the former partnership under the agreed upon partnership agreement. Mrs. Proplimb has included in this letter a return of the original $430,000 sent to Mrs. Proplimb on the partnerships behalf. Mrs. Proplimb does not accept this payment, as doing so would be a breach of not only her religious beliefs, but also her contractual and fiduciary duties of the partnership agreement. Mrs. Proplimb is optimistic that the former partners of NWFP are committed to constant jihad and fiduciary duties of the partnership agreement as well. In the event that the former partners of NWFP do not honor their prior commitments of the NWFP partnership agreement, Mrs. Proplimb is prepared to file a claim against NWFP partnership and its individual partners Nancy Nyce, Will Wrotten, and Phil Fayer for damages resulting from breach of the partnership agreement. A court will find Mrs. Proplimb is entitled to an equal share of the losses and profits of the partnership at the time of her dissolution, in accordance with the signed partnership agreement . In the event that the court finds the act of the partners signing the partnership agreement and thus agreeing to the provide a partner with interest is in fact an act of haram itself, the partnership agreement is null and void. The general partnership laws in this jurisdiction provide that Mrs. Proplimb is entitled to an equal share of the partnerships assets at the time of Mrs. Proplimbs dissolution. Please send all records of company profits and losses, all bookkeeping records at the time of Mrs. Proplimbs dissolution within 45 days of receiving this letter. If records are not received by this date, an action will be promptly filed within this jurisdictions courts. Upon calculation of Mrs. Proplimbs entitled share of the partnership, we will be in contact soon.