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Corporations Keyed to Klein
Doran v. Petroleum Management Corp
Facts
Plaintiff was an educated investor with a degree in petroleum engineering. A broker contacted Plaintiff to propose a sale of a participant interest in an LLC Wyoming oil drilling operation from Defendants to Plaintiff. Eight other entities were offered an interest, and three declined. Plaintiff paid for his interests through a down payment and a promissory note to take over payments on a debt held by the LLC. Shortly after Plaintiff purchased an interest, the wells were closing down for almost a year, and the operation was never as profitable as it was prior to his investment. Plaintiff sought to rescind his obligations to the LLC, citing violations by Defendants under the Securities Exchange Act. Defendants countered that the investment was a personal offering that was exempt from the Act.
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