Blue Sky L. Rep. P 71,073 Jules R. Green v. Weis, Voisin, Cannon, Inc., Henry A. Markus v. Weis, Voisin, Cannon, Inc.

SPRECHER, Circuit Judge.

This appeal is concerned primarily with the meaning of the words “sale” or “sell” in the Illinois Securities Act.

Plaintiffs appealed from grants of summary judgments for defendants in a diversity action seeking rescission of stock purchases because of the failure of defendants to comply with the registration requirements of the Illinois Securities Act. Ill.Rev.Stat., ch. 12½, §§ 137.1 et seq. The state of Illinois, which filed a brief as amicus curiae, also urged reversal on the ground that the trial court’s construction of Illinois law would emasculate the protection…