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According to Courthouse News Service, investors who bought condominiums in the Hard Rock Hotel San Diego have lost their fraud suit on appeal.

The investors claimed that they had bought contracts for condominiums that were effectively securities that were not registered with the Securities and Exchange Commission or qualified by the California Department of Corporations.

The investors said they suffered tens of millions of dollars in damages. But the Ninth Circuit appellate court said that the securities argument was not valid.

San Diego attorney Mike Aguirre represented investors. He is on vacation but I put in a call to him. If he responds, I will post his statement.

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Comments

Diogenes Aug. 13, 2013 @ 8:55 p.m.

Don,

Aguirre could file a Petition for a Writ of Cert. to the SCOTUS. That is discretionary with the high court. The first appeal to the 9th Circuit District Court of Appeals is "of right."

A rehearing en bank at the Circuit Court is possible.

Characterizing the real estate contracts as a "security" is an interesting argument. The question would become whether such securities require registration with the SEC is the key issue. Keep us posted.

Diogenes cannot find the opinion yet. Findlaw.com is a good place to look.

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Don Bauder Aug. 13, 2013 @ 9:45 p.m.

Diogenes: I have not heard from Aguirre yet. Best, Don Bauder

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Burwell Aug. 13, 2013 @ 9:03 p.m.

This is shocking. Even the SEC was on Aguirre's side. The ruling is obviously based on the Judges' political beliefs and not the law.

1

JustWondering Aug. 13, 2013 @ 9:24 p.m.

But isn't that true about most rulings nowadaze. Seems following the law is really about how I interpret it to fit the times, rather than the intent of the original legislation. Which, of course, is all about judicial activism.
One thing going for the plaintiffs... The ninth is the most overturned judicial body in the country.

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Don Bauder Aug. 13, 2013 @ 9:47 p.m.

JW: I am so old that I can remember when judicial activism was supposed to be something only practiced by judges on the left. Best, Don Bauder

2

Diogenes Aug. 14, 2013 @ 7:32 a.m.

The Ninth has been one of the most liberal.

The courts have always been influenced by the justices' political affiliation.

Today, many liberal judges are socially liberal but economically conservative.

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Yankeedoodle Aug. 14, 2013 @ 9:10 a.m.

I have heard that the Ninth has become increasingly conservative. Not just in economics but also in regard to police powers.

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Don Bauder Aug. 14, 2013 @ 9:12 a.m.

Yankeedoodle: It appears that way. Best, Don Bauder

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Don Bauder Aug. 14, 2013 @ 9:11 a.m.

Diogenes: HAS BEEN one of the most liberal. Best, Don Bauder

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Don Bauder Aug. 13, 2013 @ 9:46 p.m.

Burwell: That is my suspicion, too. Best, Don Bauder

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