Yes it's possible, since partners are free to dissolve a partnership anyway they want to, with division of partnership assets included in that dissolution. If your partner's got a lawyer, then you need one, too, to protect your interests and an inequitable division.
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You need a lawyer. This sounds like your soon-to-be ex-partner is looking to get something for nothing. Get a lawyer.
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The phrase "intellectual property" means absolutely NOTHING until the "property" piece is defined. Just like the word "color" means nothing until a particular color is defined. So what "intellectual property" did the company create? One or more copyrights in works of authorship, a trademark that brands the name of the show, what? Being vague is fatally, and unnecessarily, obstructive in moving this dispute to resolution. What type of business entity was formed? A general partnership, a corporation, an LLC?
Generally, the business that's created by two or more people owns the assets created by the employees and agents of the business. If a formal entity [such as a general partnership, corporation, or LLC] then that entity -- NOT its owners -- owns the company's assets. When the company is dissolved or disbanded [in the case of a partnership] the assets of the business MUST be divied up between the owners. If not by agreement, then by a court order.
You need to speak with your own Louisiana-licensed business attorney to sort through this mess. Good luck.
The above is general information ONLY and is not legal advice, does not form an attorney-client relationship, and should NOT be relied upon to take or refrain from taking any action. I am not your attorney. You should seek the advice of competent counsel before taking any action related to your inquiry.
Q:" I'm sure he's talking to his lawyer right now to see if its possible. So, is it? "
A: Yes, it is possible if you are underrepresented legally. So level the playing field (unless you are an attorney, and know the entertainment industry) or you will almost certainly be out-negotiated and leave money on the table.
I am not your lawyer and you are not my client. Free advice here is without recourse and any reliance thereupon is at your sole risk. This is done without compensation as a free public service. I am licensed in IL, MO, TX and I am a Reg. Pat. Atty. so advice in any other jurisdiction is strictly general advice and should be confirmed with an attorney licensed in that jurisdiction.