Thanks mosely,
I think it helps to get back to basics when things get too complicated.
To loose part of ACE's 25% of the JV because of its partner's strategy/tactics is reprehensible and should not happen.
All of the JV accounting should be open to both parties in the partnership to see, as it progresses month by month and any disputes should be resolved within a month without having to go to court. To get to the current status is poor administration from partners, but IMHO, the major partner has most of the responsibility for allowing the JV get to the current predicament.