Rehearing and Rehearing En Banc Denied March 16, 1977.
FAIRCHILD, Chief Judge.
This is an appeal from a judgment dismissing plaintiff's complaint against defendants, collectively referred to as NATCOM. The critical issue is whether the alleged formation of a contract between NATCOM and plaintiff (and others) was a sale of a security within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The district court decided that the...
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