J & C INVESTMENTS v. MID-SOUTH DRILLING, INC.

No. 85-20.

691 S.W.2d 853 (1985)

286 Ark. 320

J & C INVESTMENTS, et al., Appellants, v. MID-SOUTH DRILLING, INC., et al., Appellees.

Supreme Court of Arkansas.

June 24, 1985.


Attorney(s) appearing for the Case

Henry & Duckett, Little Rock, for appellants.

Barron & Coleman, Little Rock, for appellees.


PURTLE, Justice.

The chancellor heard this case for two days and then dismissed appellants' petition to rescind their purchases of units in Professional Drilling, a limited partnership. There is no doubt, and no dispute, that these units are securities within the meaning of the Arkansas Securities Act. See Schultz v. Rector-Phillips-Morse, Inc., 261 Ark. 769, 552 S.W.2d 4 (1977). The sales of these securities were made pursuant...

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