Waterside Capital Corp. v. National Assisted Living, L.P.

By Judge Everett A. Martin, Jr.

At the hearing last week, I sustained in part the demurrer of Williams Mullen to the plaintiffs cause of action for a violation of the Virginia Securities Act because the plaintiff had not alleged sufficient facts to show that Williams Mullen exercised “control” over National Assisted Living, L.P. (NALLP) within the meaning of Code of Virginia §§ 13.1-501 and 13.1-522(C). There remains for decision the sufficiency of the pleading as to Williams Mullen’s being a “seller” under §§ 13.1-502 and 13.1-522(A). Counsel agree that the meaning of “seller” is the same…