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FOSTER v. JESUP AND LAMONT SECURITIES CO., INC.

Nos. 83-7573, 84-7255.

759 F.2d 838 (1985)

J. Don FOSTER, an individual, Plaintiff-Appellee, v. JESUP AND LAMONT SECURITIES CO., INC., a corporation, Defendant-Appellant, Cross-Appellee. J. Don FOSTER, an individual, Plaintiff-Appellant, Cross-Appellee, v. TEXAS PARTNERS '80 LTD., a limited partnership, Minnick Resources Management, Inc., a corporation, F. Wendell Minnick, an individual, Jesup and Lamont Securities Co., Inc., a corporation, and Pyron Exploration and Drilling Corp., a corporation, Defendants-Appellees, Cross-Appellants.

United States Court of Appeals, Eleventh Circuit.

May 6, 1985.

Attorney(s) appearing for the Case

John L. Schaub, John L. Taylor, Jr., Atlanta, Ga., William H. Hardie, Jr., Mobile, Ala., for defendant-appellant, cross-appellee Jesup and Lamont Securities Co., Inc.

W. Ramsey McKinney, Jr., Mobile, Ala., for J.D. Foster.

Before KRAVITCH and ANDERSON, Circuit Judges, and ATKINS, District Judge.

R. LANIER ANDERSON, III, Circuit Judge:

This securities case requires us to consider what conduct makes one a "seller" within the meaning of § 12(2) of the Securities Act of 1933.1 Because we conclude that appellant was not a "seller" of the securities in question, we reverse the district court's judgment with respect to appellee's § 12(2) claim. Appellant has also been found liable under Alabama securities laws. We conclude...

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