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Opinion Withdrawn, see F. Eldridge Goins, Jr. Howard V. Tygrett, Jr. Gordon H. Rowe, Jr. Stan McMurry, Dallas, Tex. Ronald G. Houdyshell, Robert Hea,th. Payne, Dallas, Tex. Glen Johnson, Dallas, Tex. Godwin Investments, Inc. David P. Seikel, Houston, Tex. RANDALL, Circuit Judge: 1 This case involves the application of the Securities Act of the Act and the Securities Exchange Act of the Act to a series of transactions in which undivided interests in a parcel gordon functional health pattern undeveloped real estate were transferred to several joint ventures created for the purpose of holding the interests for a small number of purchasers, in exchange for promissory notes from the purchasers to the original owners of the property. This suit was brought by four of the purchasers, seeking to rescind the joint venture agreements, cancel gordon functional health pattern notes they had signed, and recover money already paid on the notes.
The plaintiffs predicated their federal cause of action on the applicability of the Act and the Act, arguing that both the joint venture interests and the notes issued in payment for the gordn estate are securities within the meaning of the Act and the Act.]