DORAN v. PETROLEUM MANAGEMENT CORP.

No. 74-3972.

545 F.2d 893 (1977)

William H. DORAN, Jr., Plaintiff-Appellant, v. PETROLEUM MANAGEMENT CORP., Morton A. Sterling and O. W. Fauntleroy, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

Rehearings Denied March 4, 1977.


Attorney(s) appearing for the Case

Robert L. Ramsey, Dallas, Tex., for plaintiff-appellant.

Pat S. Holloway, Dallas, Tex., for defendants-appellees.

Before GOLDBERG, DYER and SIMPSON, Circuit Judges.


GOLDBERG, Circuit Judge:

In this case a sophisticated investor who purchased a limited partnership interest in an oil drilling venture seeks to rescind. The question raised is whether the sale was part of a private offering exempted by § 4(2) of the Securities Act of 1933, 15 U.S.C. § 77d(2) (1970), from the registration requirements of that Act. See Securities Act of 1933, §§ 5, 12(1), 15 U.S.C. §§ 77e, 77 l(1).

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