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ADENA EXPLORATION, INC. v. SYLVAN

No. 87-1429.

860 F.2d 1242 (1988)

ADENA EXPLORATION, INC., Plaintiff-Appellant, v. Dave SYLVAN, an Individual and as Trustee of the Dave R. Sylvan Revocable Trust, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

November 16, 1988.

Attorney(s) appearing for the Case

Roger F. Claxton, John T. Mitchell, Kilgore & Kilgore, Dallas, Tex., for plaintiff-appellant.

D.L. Case, Retta A. Miller, Jackson, Walker, Winstead, Cantwell & Miller, Dallas, Tex., for defendant-appellee.

Rosalind C. Cohen, Eva Marie Carney, Washington, D.C., for amicus curiae S.E.C.

Before GARZA, HIGGINBOTHAM, and SMITH, Circuit Judges.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

Plaintiff Adena Exploration, Inc., an oil company, appeals from a judgment and order of rescission in favor of defendant Dave Sylvan, urging that the district court erred in concluding that Adena's sale to Sylvan of an undivided fractional interest in oil and gas was a sale of a security under the federal securities laws. We affirm.

I

Adena mailed to prospective purchasers approximately twenty-five brochures...

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