Frank M. Ockerman, Individually and on Behalf of All Others Similarly Situated, (92-5265) v. May Zima & Company, (92-5266)

KENNEDY, Circuit Judge.

We permitted this interlocutory appeal on two issues decided by the District Court on a claim brought under section 10(b) of the Securities and Exchange Act of 1934,15 U.S.C. § 78j, and Rule 10b-5, 17 C.F.R. § 240.10b-5. The first issue, appealed by plaintiff Frank Ockerman, is whether the District Court applied the appropriate statute of limitations when it ruled that plaintiffs 10b-5 claim is barred by the statute of repose found in Tennessee’s Securities Act of 1980 (also referred to as Tennessee’s Blue Sky law). The second issue, appealed by May Zima & Co., is…