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Doran v. Petroleum Management Corp.

United States Court of Appeals for the Fifth Circuit
545 F.2d 893 (1977)


Facts

Petroleum Management Corporation (PMC) (defendant) organized a limited partnership for the purpose of raising funds to drill several new oil wells in Wyoming. PMC offered an interest in the limited partnership to five people, but only one, Doran (plaintiff), accepted the offer. When the drilling was unsuccessful, Doran brought suit against PMC for violating federal securities laws by not registering the interest in the limited partnership as a security. The district court determined that the sale of the interest in the limited partnership fell under the private offering exemption of the federal securities laws. Doran appealed to the Fifth Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Goldberg, J.)

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