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CONDUX v. NELDON

No. 78-1387.

83 Ill. App.3d 575 (1980)

404 N.E.2d 523

GERALD E. CONDUX et al., Plaintiffs-Appellants, v. FRANK S. NELDON, Defendant-Appellee.

Appellate Court of Illinois — First District (3rd Division).

Opinion filed April 23, 1980.

Attorney(s) appearing for the Case

Michael W. Rathsack, of Chicago (Stuart C. Wallace, of counsel), for appellants.

George J. Murtaugh, Jr., and Robert P. Nolan, both of Chicago, for appellee.

Judgment affirmed.

Mr. JUSTICE SIMON delivered the opinion of the court:

When is a sale of stock not a sale of securities? When it is the sale of a business.

The defendant owned all the stock of Blue Island Gun Shop, Inc., a retail business. For $186,000, he sold it all to the two plaintiffs, who took over the business and operated it for 2 1/2 years. Dissatisfied with the results, they sued to rescind the sale, claiming it was a sale of unregistered...

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