No. 88-1169.

881 F.2d 129 (1989)

Jim LONG, et al., Plaintiffs-Appellants, v. SHULTZ CATTLE COMPANY, INCORPORATED, an Oklahoma Corporation, and William B. Shultz, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

August 9, 1989.

Attorney(s) appearing for the Case

Michael G. O'Neill, Lisa M. Williams, Hamilton & O'Neill, Dallas, Tex., for plaintiffs-appellants.

John D. Luken, Paul R. Mattingly, Cincinnati, Ohio, for defendants-appellees.

Before KING, WILLIAMS and SMITH, Circuit Judges.

KING, Circuit Judge:

Plaintiffs-appellants appeal from the judgment of the district court that defendants-appellees' cattle-feeding consulting agreements were not investment contracts and were therefore not subject to federal securities regulation. For the reasons set forth below, we reverse the judgment of the district court.


A. Facts

In August and September of 1982, plaintiffs-appellants Jim Long, Jerome Atchley, and Jon and Linda...

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