No. 81-3070.

683 F.2d 914 (1982)

Prescott H. RATHBORNE, Plaintiff-Appellant, v. J. Cornelius RATHBORNE, et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied October 7, 1982.

Attorney(s) appearing for the Case

John F. Robbert, New Orleans, La., for plaintiff-appellant.

Jack M. Weiss, New Orleans, La., Kenneth R. Wynne, Houston, Tex., for defendants-appellees.

Before BROWN, GOLDBERG and GEE, Circuit Judges.

GOLDBERG, Circuit Judge:

Plaintiff-appellant, a minority shareholder in two closely-held corporations, brought this federal securities fraud action in an effort to challenge a corporate reorganization. The district court dismissed his complaint, finding that because the plaintiff was neither a "purchaser" nor a "seller" of securities, he did not have standing to assert a 10b-5 claim. We agree and therefore affirm the dismissal entered below.


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