RONEY, Circuit Judge:
This appeal raises an unsettled issue of federal securities law: whether a transaction involving a private sale of all of a sole shareholder's corporate stock to purchasers who intend to personally operate and manage the business is a security transaction controlled by the Federal Securities Act of 1933 or the Securities Exchange Act of 1934. We hold that such a transaction is not governed by the federal securities laws and affirm the district...
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