We study partnership dissolution when the valuations are interdependent and only one party is informed about the valuations. In contrast with the case of private values (Cramton, Gibbons, and Klemperer 1987), in which efficient trade is feasible whenever initial shares are about equal, there exists a wide class of situations in which full efficiency cannot be reached. In these cases: (1) The subsidy required to restore the Þrst-best is minimal when the entire ownership is allocated initially to one of the parties. (2) Ruling out external subsidies, the second-best welfare is maximized when one of the parties initially has full ownership.