Bell Nunnally & Martin LLP Partner Donnie W. Wisenbaker and co-counsel Andrew Shoemaker of Shoemaker Ghiselli + Schwartz LLC in Boulder, Colo. obtained a successful, unanimous jury verdict in favor of client HEI Resources, Inc., a Texas corporation with its primary place of business in Colorado Springs, and its president Charles Reed Cagle in a securities matter before Colorado’s 4th Judicial District Court.
In the case Julian S. Barnhill v. HEI Resources, Inc., Charles Reed Cagle, Dale F. Phillps, et. al., the plaintiff, a former joint venture partner who resides in North Carolina, alleged the defendants sold him unregistered securities in the form of interests in oil and gas joint ventures sponsored by HEI. During the six-day trial, the jury heard evidence from a number of witnesses, including two experts in securities law and another individual partner in the joint ventures at issue. After the close of evidence, the jury deliberated for less than three hours and returned a unanimous defense verdict stating that the joint venture interests sponsored by HEI are not securities.
“We could not be more pleased with the jury’s decision in this matter,” said Wisenbaker. “The jury’s determination that the joint ventures sponsored by HEI are true general partnerships and not securities is a victory not just for HEI but for its partners who rely upon and desire this particular business structure for all of the control measures and tax advantages that it offers to individuals engaged in oil and gas exploration.”
Wisenbaker and Shoemaker were assisted in the representation by Bell Nunnally Partner Mikel J. Bowers and Jennifer K. Birlem of Shoemaker Ghiselli + Schwartz.
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