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WALS v. FOX HILLS DEVELOPMENT CORP.

No. 93-3118.

24 F.3d 1016 (1994)

Richard R. WALS and Sandra L. Wals, Plaintiffs-Appellants, v. FOX HILLS DEVELOPMENT CORPORATION and Grey Hound Real Estate Finance Company, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided May 23, 1994.

Attorney(s) appearing for the Case

Craig A. Caliendo (argued), Hiller & Frank, Milwaukee, WI, for plaintiffs-appellants.

Wayne J. Staton (argued), Madison, WI, for defendants-appellees.

Before POSNER, Chief Judge, and COFFEY and FLAUM, Circuit Judges.

POSNER, Chief Judge.

The district judge rebuffed the plaintiffs' effort to characterize a condominium time-sharing purchase and rental agreement as an investment contract subject to the Securities Act of 1933. 15 U.S.C. § 77b(1); 828 F.Supp. 623 (E.D.Wis.1993). We must decide whether he was right to do so. In 1990 the plaintiffs bought "week 5" of an apartment in the Fox Hills Golf Villas Condominium outside of Manitowoc...

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