KING v. WINKLER

No. 80-7994.

673 F.2d 342 (1982)

Robert A. KING, Richard J. King, North Ga. Mechanical Co., and North Ga. Mobile Homes Supply, Inc., Plaintiffs-Appellants, v. Clenn WINKLER and William R. Harris, Jr., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

April 12, 1982.


Attorney(s) appearing for the Case

T. Kennerly Carroll, Atlanta, Ga., for plaintiffs-appellants.

Kilpatrick & Cody, Thomas C. Harney, Atlanta, Ga., for Winkler.

David W. Drake, Somers & Altenbach, Fred L. Somers, Jr., John W. Gibson, Atlanta, Ga., for Harris.

Before RONEY and FAY, Circuit Judges, and EDENFIELD, District Judge.


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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