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RUEFENACHT v. O'HALLORAN

No. 83-5493.

737 F.2d 320 (1984)

Max A. RUEFENACHT v. Christopher J. O'HALLORAN, Joachim K. Birkle and Continental Import & Export, Inc., and W. George Gould. Christopher J. O'HALLORAN, Third-Party Plaintiff, v. W. George GOULD, Esq., Third-Party Defendant. W. George GOULD, Third-Party Plaintiff, v. David BERNSTEIN, Autobern Trading Co., Inc., Ernest Stoecklin, Lenzenhof GmbH, Third-Party Defendant. Appeal of Max A. RUEFENACHT.

United States Court of Appeals, Third Circuit.

Decided June 11, 1984.

Attorney(s) appearing for the Case

Peter S. Pearlman, Cohn & Lifland, Saddle Brook, N.J., for appellant.

Robert C. Epstein, Elizabeth A. Weiler, Hannoch, Weisman, Stern, Besser, Berkowitz & Kinney, P.A., Newark, N.J., for W. George Gould.

James T. O'Halloran, Tompkins, McGuire & Wachenfeld, Newark, N.J., for Christopher J. O'Halloran; Robert J. Kelly, Washington, D.C., of counsel.

Daniel L. Goelzer, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, Rosalind C. Cohen, Asst. Gen. Counsel, Lawrence W. Koltun, Atty., S.E.C., Washington, D.C., amicus curiae; Paul Gonson, Sol., Washington, D.C., of counsel.

Before GIBBONS and HUNTER, Circuit Judges, and RAMBO, District Judge.

OPINION OF THE COURT

GIBBONS, Circuit Judge.

This appeal requires that we determine whether stock transferred to effectuate the sale of all or part of a business is a "security" within the meaning of the 1933 and 1934 Securities Acts.1 The district court, holding that the purchase or sale of 50 percent of the stock of a business is a security only if the transaction satisfies the "investment contract" or "economic reality"

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