Securities and Exchange Commission
Fed. Sec. L. Rep. (CCH) 83,767 (Apr. 19, 1985)
Kenman Corporation (Kenman) (defendant) was the general partner of Missiondale Palms Associates (Missiondale) and Orem Dairy Queen Associates (Orem). Kenman mailed materials to a large but unknown number of people, offering limited partnership interests in Missiondale and Orem. Kenman sent the materials to a mailing list compiled from several sources, including executives from Fortune 500 companies, individuals who had previously invested significant sums of money in similar offerings, and a list of doctors in California, none of whom had any prior relationship with Kenman. Kenman did not file a registration statement with the Securities and Exchange Commission (SEC). The SEC brought an enforcement action against Kenman. Kenman argued that it was entitled to a registration exemption under SEC Regulation D.
Rule of Law
Holding and Reasoning
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