Doran v. Petroleum Management Corp.

545 F.2d 893 (5th Cir. 1977)

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Nature of the Case

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Facts

Doran (P) bought a piece of a limited partnership and took out a loan to fund his commitment. Business declined, and P defaulted on the loan. The lender (D) sued P for damages. P argues that he was not given full disclosure from the D when he took out the loan. The district court held that the sale of the partnership to P qualified under the private offering exception and P was denied relief.