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HOOPER v. MOUNTAIN STATES SECURITIES CORPORATION

No. 18218.

282 F.2d 195 (1960)

Perry O. HOOPER, as Trustee in Bankruptcy of Consolidated American Industries, Inc., Appellant, v. MOUNTAIN STATES SECURITIES CORPORATION et al., Appellees.

United States Court of Appeals Fifth Circuit.

Rehearings Denied September 26, 1960.

Attorney(s) appearing for the Case

Albert W. Copeland, Montgomery, Ala. (Godbold, Hobbs & Copeland, Montgomery, Ala., of counsel), for appellant.

J. Asa Rountree, III, Birmingham, Ala., Jack Crenshaw, Montgomery, Ala., Jos. F. Johnston, James C. Barton, Birmingham, Ala., Thomas G. Meeker, Gen. Counsel, S. E. C., David Ferber, John A. Dudley, Attys., S. E. C., Washington, D. C. (Cabaniss & Johnston, Deramus, Fitts & Johnston, Birmingham, Ala., of counsel), for appellees.

Before RIVES, Chief Judge, and CAMERON and BROWN, Circuit Judges.

JOHN R. BROWN, Circuit Judge.

In this civil action seeking relief for violation of § 10(b) of the Securities Exchange Act, 15 U.S.C.A. §§ 78 et seq., 78j, and Rule X-10B-5 promulgated by the SEC, the principal question is whether a corporation misled by fraud in the issuance of its stock in return for spurious assets is a seller. Is the transaction a sale? The District Court on motion to dismiss the complaint thought not. With that conclusion, the efforts...

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