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RIVANNA TRAWLERS UNLIMITED v. THOMPSON TRAWLERS

No. 87-2516.

840 F.2d 236 (1988)

RIVANNA TRAWLERS UNLIMITED, a Virginia general partnership; Bruce H. Cabell; Waldemar G. Dahl; Joseph W. May; Charles W. Miller; John R. Morris, Jr.; Mary M. Riviere; Colin Rosse; Eleanor K. Spaar; Phil Speasmaker; Thomas L. Schildwachter; Wesley A. Volk; Joan Volk; Benjamin H. Word, Jr.; John K. Youel, Jr.; Donald T. Zimmerman, Plaintiffs-Appellants. and Charles R. Borchardt; David F. Cooke; John R. Morris, III; GMS Partnership; Joe H. Gieck; Frank C. McCue, III, Plaintiffs, v. THOMPSON TRAWLERS, INC.; T-Craft Boat Company; Thompson Management, Inc.; Beeline Seafoods, Inc.; Worrell Newspapers, Inc.; Vessel Sales Corporation; Thomas E. Worrell, Jr.; Walter B. Salley; Walter B. Salley, Jr.; Salley, Weissinger & Co.; Joseph C. Palumbo, Defendants-Appellees.

United States Court of Appeals, Fourth Circuit.

Decided February 22, 1988.

Attorney(s) appearing for the Case

Edward B. Lowry (Brian J. Donato; Robert W. Jackson; Michie, Hamlett, Donato & Lowry, Charlottesville, Va., on brief), for plaintiffs-appellants.

Stanley Efrom Preiser (Preiser Law Offices, Charleston, W. Va., on brief); Charles F. Midkiff (Midkiff & Associates, P.C.; Richmond, Va., Crady Swisher, III; Edward R. Slaughter, Jr.; Slaughter & Redinger; John W. Zunka; Taylor & Zunka, Charlottesville, Va., on brief), for defendants-appellees.

Before POWELL, Associate Justice (Retired); United States Supreme Court, sitting by designation; ERVIN, Circuit Judge, and BUTZNER, Senior Circuit Judge.

POWELL, Associate Justice:

The dispositive issue presented in this case is whether the district court, 650 F.Supp. 1378 correctly concluded that appellants' general partnership interests in Rivanna Trawlers Unlimited are not securities within the meaning of the federal securities laws. We hold that these interests are not securities, and affirm.

The appellate record indicates that the Virginia general partnership, Rivanna...

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