Anixter v. Home-Stake Production Co.
Court of Appeals for the Tenth Circuit
1Opinion of the Court
LUCERO, Circuit Judge.
More than thirty years ago, Home-Stake Production Company began offering securities registered with the Securities Exchange Commission (“SEC”) in the form of interests in oil and gas drilling programs. The securities represented units of participation in annual oil production subsidiaries Home-Stake established each year between 1964 and 1972, referred to as Program Operating Corporations (“Programs”). These offerings purported to present investors both the promise of return on investment and attractive tax deductions of intangible drilling costs. In fact, we are told,…
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