In re Kenman Corp.
Securities and Exchange Commission
1985 WL 548507, Fed. Sec. L. Rep. (CCH) 83,767 (1985)
- Written by Sean Carroll, JD
Facts
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
Issue
Holding and Reasoning ()
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