J. Kelly Flynn v. James Klineman

Plaintiff-appellant Flynn appeals the granting of the defendant-appellees motion for summary judgment. Flynn, who purchased securities of the Sandy Creek Development Corporation, sued Klineman, Williams and Glasel for their failure to register the securities as required by IND. CODE 23-2-1-3.[Footnote 1] His complaint demanded the purchase price and attorneys fees pursuant to IC 1971, 23-2-1-19(a)(Burns Code Ed.) (amended 1975).[Footnote 2] Defendants argued, inter alia, that IC 1971, 23-2-1-2(b)(10) (Burns Code Ed.) (amended 1975)[Footnote 3] exempted the securities from registration as part of a "private offering". On cross motions for summary judgment, the trial court held for defendants, concluding the exemption did apply.