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FORMAN v. COMMUNITY SERVICES, INC.

No. 747, Docket 73-2613.

500 F.2d 1246 (1974)

Milton FORMAN and Ellen Forman et al., Appellants, v. COMMUNITY SERVICES, INC., et al., Appellees.

United States Court of Appeals, Second Circuit.

Decided June 12, 1974.

Attorney(s) appearing for the Case

Louis Nizer, New York City (Phillips, Nizer, Benjamin, Krim & Ballon, George Berger, Jay F. Gordon, Richard S. Brooks, Janet P. Kane, New York City, of counsel), for appellants.

Simon H. Rifkind, New York City (Paul, Weiss, Rifkind, Wharton & Garrison, Alan G. Blumberg, Martin London and George P. Felleman, New York City, of counsel), for appellees.

Daniel M. Cohen, Asst. Atty. Gen. (Louis J. Lefkowitz, Atty. Gen. of State of N. Y., Samuel A. Hirshowitz, First Asst. Atty. Gen., of counsel), for appellees State of New York and New York State Housing Finance Agency.

Before HAYS and OAKES, Circuit Judges, and CHRISTENSEN, District Judge.

OAKES, Circuit Judge:

This appeal by resident tenants of Co-op City presents the question whether a share of stock in a cooperative apartment nonprofit company chartered and subsidized under the State of New York's Mitchell-Lama Act1 is a "security" within the meaning of the federal securities laws. All the appellees urge that because there is no promise, expectation or possibility of profit in connection with a member's resale of a cooperative...

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