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DAILY v. MORGAN

No. 82-4077.

701 F.2d 496 (1983)

W. Emmerson DAILY, et al., Plaintiffs-Appellees, v. Grady E. MORGAN, et al., Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

March 28, 1983.

Attorney(s) appearing for the Case

Crane D. Kipp, Jim Bullock, Jackson, Miss., for defendants-appellants.

Alex A. Alston, Jr., and Barry S. Zirulnik, Jackson, Miss., for Taylor, Powell, Wilson & Hartford.

David W. Mockbee, Jackson, Miss., for plaintiffs-appellees.

Rosalind C. Cohen, Lawrence W. Koltun, S.E.C., Jacob H. Stillman, S.E.C., Washington, D.C., for amicus curiae S.E.C.

Before WISDOM, REAVLEY and TATE, Circuit Judges.

REAVLEY, Circuit Judge:

We address in this interlocutory appeal the merits of the "sale of business" doctrine, which holds that the transfer of a 100 percent stock interest or a controlling stock interest in a business is not covered by the federal securities laws. At this writing, at least three circuits have followed the doctrine,1 while at least two others have rejected it.2 Recognizing the merit on both...

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