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LANDRETH TIMBER CO. v. LANDRETH

No. 81-3446.

731 F.2d 1348 (1984)

LANDRETH TIMBER COMPANY, Plaintiff-Appellant, v. Ivan K. LANDRETH and Lucille Landreth, husband and wife; Thomas E. Landreth, Ivan K. Landreth, Jr., and Kathleen Landreth, husband and wife, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided March 7, 1984.

As Modified April 24, 1984.

Attorney(s) appearing for the Case

Malcohm L. Edwards, Edwards & Barbieri, Seattle, Wash., Jacob H. Stillman, S.E.C. Washington, D.C., for plaintiff-appellant.

Guy P. Michelson, Bogle & Gates, James A. Smith, Jr., Perey & Smith, Seattle, Wash., for defendants-appellees.

Before BROWNING, Chief Judge, TUTTLE and FARRIS, Circuit Judges.

BROWNING, Chief Judge:

The issue raised in this appeal is whether sale of 100 percent of the stock of a closely-held corporation is a transaction involving a "security" within the meaning of the Securities Act of 1933, 15 U.S.C. §§ 77a-77aa, and the Securities and Exchange Act of 1934, 15 U.S.C. §§ 78a-78kk. The district court held that it was not, relying upon the "sale-of-business" exemption from the Security Acts. We affirm.

I.

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