In short, the road to paradise just got a whole lot bumpier. The FLP has been a popular vehicle, and with literally billions of dollars parked in FLPs, the stakes are enormous. Whether Strangi II is just an unusually large pothole, or a form of permanent roadblock, remains to be seen.
Joseph B. Darby III is a corporate and tax shareholder at the Boston office of the international law firm of Greenberg Traurig. Natasha Zacharias is a student at Harvard Law School.