AINSLIE v. SPOLYAR

8912-07730; CA A82127.

926 P.2d 822 (1996)

144 Or. App. 134

Coln D. AINSLIE, Samuel Anderson, Michael Berovic, Joan L. Betts, Trustee of the Frank E. Betts Marital Trust and the Frank E. Betts Family Trust, Thomas L. Blair, Rochelle M. Blair, Raymond Brady, C.A. Christensen, Richard D. Cohon, David S. Davies, Alice Davies, David A. Frankenfield, David P. Gambee, Frederick Hallwyler, Richard L. Hay, Douglas C. Jensen, Roland H. Jensen, Ronald Kirkpatrick, Marilyn A. Lane, Richard L. Lemke, Martha Lemke, Terry R. Lock, Joseph Mandiberg, Richard Meloy, William C. Moak, Michael Noonan, Marvin Ommert, Herbert Ormsby, Dona M. Ormsby, Franklin R. Oswald, Donald E. Petersen, Dennis Russell, Arthur Todd and Leland Waltuck, Appellants-Cross-Respondents, v. James J. SPOLYAR, Evergreen Tree Corporation, Timber Management, Inc., James Heater, Maurice C. Heater, Shirley K. Heater, Joseph McMenamin, Babener & Carpenter, Leonard Duboff, Niemi, Holland & Scott, Daniel Mueller, David Hackett, and American Surety Company, Defendants, and Michael McArthur-Phillips, Respondent-Cross-Appellant, and Steven Cooper, Investment Capital Corporation and Robert Kehoe, Respondents.

Court of Appeals of Oregon.

Decided October 16, 1996.


Attorney(s) appearing for the Case

Michael J. Esler and Kim T. Buckley, Portland, argued the cause for appellants-cross-respondents. With them on the briefs were Michael J. Esler and Esler, Stephens & Buckley.

R. Alan Wight, Portland, argued the cause for respondent—cross-appellant Michael McArthur-Phillips. With him on the briefs were William B. Crow, James N. Westwood and Miller, Nash, Wiener, Hager & Carlsen.

No appearance by Respondent Steven Cooper.

No appearance by Respondent Investment Capital Corporation.

No appearance by Respondent Robert Kehoe.

Before WARREN, P.J., and EDMONDS and ARMSTRONG, JJ.


WARREN, Presiding Judge.

Plaintiffs purchased limited partnership units in Classic Christmas Trees Associates (Classic), an Oregon limited partnership. Defendants allegedly sold the units or participated in or materially aided the sales. Plaintiffs now seek to rescind their purchases under ORS 59.115(2)(a) on the ground that the units were sold in violation of the Oregon Securities Law (the Law) or of a condition, limitation, or restriction imposed on registration...

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