ANIXTER v. HOME-STAKE PRODUCTION

No. 95-5086.

77 F.3d 1215 (1996)

Ivan A. ANIXTER; Blanche Dickenson; Dolly K. Yoshida, on behalf of themselves and all others similarly situated, Plaintiffs-Appellees, v. HOME-STAKE PRODUCTION COMPANY, an Oklahoma corporation; Home-Stake 1971 Program Operating Corporation; Home-Stake 1970 Program Operating Corporation; Home-Stake 1969 Program Operating Corporation; Home-Stake 1968 Program Operating Corporation; Home-Stake 1967 Program Operating Corporation; Home-Stake 1966 Program Operating Corporation; Home-Stake 1965 Program Operating Corporation; Robert S. Trippet; E.M. Kunkel; Thomas A. Landrith; J.D. Metcalfe; H.B. Gutelius; H.L. Fitzgerald, Defendants, and Wynema Anna Cross, Executrix of the Estate of Norman C. Cross, Jr., Defendant-Appellant. A.M. ANDERSON; Bank of America National Trust and Savings Association, as Trustee for Merl McHenry, Joseph A. Buda, Arthur Bueche, George V.T. and Helen Burgess; Dewey J. Cali; William H. Colquhoun; S.W. Corbin; Robert B. Coburn; Vigil B. Day; William H. Dennler; Mario Dimartino; Stella Dimartino; John M. Evans; Margaret C. Everett; Isador H. Finkelstein; Joseph H. Gauss; H.W. Gouldthorpe; Ralph Hart; James J. Hayes; Earl D. Hilburn; Joseph E. Horak; Gerald A. Hoyt; Richard M. Hurst; Ralph Iannucci; Emily Iannucci; Milton F. Kent; Howard Kicherer; Elizabeth Kicherer; John Kokoszka; Millie B. Lassing; Joseph Levin; Marie F. Levin; John D. Lockton; Dennis G. Lyons; Ferdinand F. McAllister; Russell W. McFall; James Madden; Albert Manganelli; Nicholas A. Marchese; Stanley A. Marks; John G. Martin; C.W. Moeller; Andrew Overby; Carl E. Palermo; Frank A. Palermo; Roy T. Parker, Jr.; Bruce M. Robertson; D.D. Scarff, M.L. Scarff; A.E. Schubert; William R. Smart; E. Starr; Janet G. Stewart; Gerald Toomey; Paul Townsend; Vernon Underwood; H.B. Waldron, Jr.; Ted B. Westfall, Plaintiffs-Appellees, v. HOME-STAKE PRODUCTION COMPANY, an Oklahoma corporation; Home-Stake 1970 Program Operating Corporation, a Delaware corporation; Robert S. Trippet; Harry Heller; Simpson Thacher and Bartlett, a partnership; Thomas A. Landrith, Jr.; E.M. Kunkel; McAfee, Taft, Mark, Bond, Rucks, and Woodruff, a professional corporation and its professional employees and attorneys and partners, their successors and assigns, Defendants, and Wynema Anna Cross, Executrix of the Estate of Norman C. Cross, Jr., Defendant-Appellant. A.M. ANDERSON; Richard J. Anton; Bank of America National Trust and Savings Association, as Trustee for Merl McHenry, E.P. Bernuth, Sophie K. Bernuth, Joseph A. Buda, George and Helen Burgess; Dewey Cali; Robert B. Coburn; Coburn & Libby, Inc.; Edward V. Coonan; S.W. Corbin; William H. Dennler; Mario Dimartino; Stella Dimartino; John Evans; Margaret C. Everett; L.L. Ferguson; Isador H. Finkelstein; H.W. Gouldthorpe; George L. Haller; Jack Hanson; Ralph Hart; F.H. Holt; Joseph E. Horak; Gerald A. Hoyt; Howard G. Kicherer; Elizabeth C. Kicherer; John Kokoszka; Millie B. Lassing; Joseph Levin; Marie Levin; John D. Lockton; D.W. Lynch; D.B. Lynch; Dennis G. Lyons; Ferdinand F. McAllister; Russell McFall; James F. Madden; Albert Manganelli; Nicholas Marchese; Stanley A. Marks; C.W. Moeller; William H. Mortensen; Carl Olson; Patricia Olson; Carl Palermo; Frank Palermo; Roy T. Parker; Helen M. Reeder; D.D. Scarff; M.L. Scarff; Richard Scott; Louis P. Singer; William R. Smart; J. Stanford Smith; G. Curtis Stewart; Paul Townsend; Vernon Underwood; Ted B. Westfall; J. Howard Wood; Sidney Woolwich; Murray Zimmerman, Plaintiffs-Appellees, v. HOME-STAKE PRODUCTION COMPANY, an Oklahoma corporation; Home-Stake 1969 Program Operating Corporation, a Delaware corporation; Robert S. Trippet; E.M. Kunkel; Thomas A. Landrith, Jr.; Harry Heller; William Blum; Simpson Thacher and Bartlett; William D. Lewis; Richard A. Ganong; Lewis & Ganong, a partnership, Defendants, and Wynema Anna Cross, Executrix of the Estate of Norman C. Cross, Jr., Defendant-Appellant.

United States Court of Appeals, Tenth Circuit.

January 29, 1996.


Attorney(s) appearing for the Case

B. Hayden Crawford (Robert L. Bainbridge and Kyle B. Haskins with him on the briefs), of Crawford, Crowe, Bainbridge & Haskins, P.A., Tulsa, Oklahoma, for Defendant-Appellant.

Elihu Inselbuch, of Caplin & Drysdale, Chartered, New York City (Peter Van N. Lockwood, of Caplin & Drysdale, Chartered, New York City, William H. Hinkle, of Hinkle, Zeringue & Smith, Tulsa, Oklahoma, and William A. Wineberg and Michael R. Simmonds, of Wineberg, Simmonds & Narita, San Francisco, California with him on the briefs), for Plaintiff-Appellee.

Before BALDOCK, BRORBY and LUCERO, Circuit Judges.


LUCERO, Circuit Judge.

More than thirty years ago, Home-Stake Production Company began offering securities registered with the Securities Exchange Commission ("SEC") in the form of interests in oil and gas drilling programs. The securities represented units of participation in annual oil production subsidiaries Home-Stake established each year between 1964 and 1972, referred to as Program Operating Corporations ("Programs"). These offerings purported to present investors...

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