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ANDREWS v. BROWNE

Record No. 071079.

662 S.E.2d 58 (2008)

John Edward ANDREWS v. Michael S. BROWNE, et al.

Supreme Court of Virginia.

June 6, 2008.

Attorney(s) appearing for the Case

James T. Bacon (Allred, Bacon, Halfhill & Young, on brief), Fairfax, for appellant.

Claire E. Keena (Paul F. Nichols, Nichols Zauzig Sandler, on brief), Woodbridge, for appellees.

Present: All the Justices.

OPINION BY Justice DONALD W. LEMONS.

In this appeal, we consider whether a transaction in which 100% of the stock of a closely held corporation was transferred to a group of three purchasers is regulated by the Virginia Securities Act, Code § 13.1-501 et seq.

I. Facts and Proceedings Below

Before August 31, 2004, Michael Browne ("Browne") and James Stein ("J. Stein") were the sole shareholders of the Manassas Health Club, Inc. ("MHCI...

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