Fed. Sec. L. Rep. P 93,812 Sarame Raynolds Strong v. William H. G. France and the National Association for Stock Car Auto Racing, Inc. ("Nascar")

This is an appeal from a final judgment, entered pursuant to Rule 54(b) of the Federal Rules of Civil Procedure, dismissing the complaint of plaintiff-appellant, Sarame Raynolds Strong, as against the defendants-appellees, William H. G. France and the National Association for Stock Car Auto Racing, Inc. (NASCAR), following an order granting appellees’ motion for summary judgment pursuant to Rule 56(c).

The complaint alleges violations of federal securities laws stemming from an enterprise involving the creation of a corporation, Sportscaster, Incorporated, for the operation of a “closed circuit” radio broadcasting system at sporting events (golf matches, auto races, horse races) and the rental of small receivers to spectators to provide them with comments, interviews and additional information on the events. The chief promoter of the venture was the defendant Oscar Fraley.

Shortly after the complaint was filed, the deposition of Sally Strong, the plaintiff, was taken, followed by answers of France, both individually and as president of NASCAR, and the defendants Fraley and H. Earle Barber to interrogatories submitted by plaintiff, and affidavits of plaintiff and France, with…