Opinion on Granting of Rehearing En Banc April 6, 1983.
HATCHETT, Circuit Judge:
Under the unique facts of this case, we hold that an "area purchaser agreement," i.e., a distributorship, is not an investment contract which constitutes a "security" under the Securities Act of 1933 and the Securities Exchange Act of 1934. We affirm.
BACKGROUND
Advanced Business Concepts Corp. (ABC) offers to the general public, "area purchaser agreements,"...
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