Fed. Sec. L. Rep. P 95,657 Richard Hudson Share v. Air Properties G. Inc.

This case comes before us as an appeal from an order of the district court revoking its tentative class certification. The underlying action is brought by investors in a land development project for violations of various securities and related statutes. Appellants claim jurisdiction for this review under 28 U.S.C. § 1291 . There is no jurisdiction to review and therefore we dismiss the appeal.

I. The Facts.

Plaintiffs-appellants are investors who acquired undivided interests in parcels of real property which were to be developed into an “Airpark” in the vicinity of Paso Robles Airport. The defendants are the individuals and corporations promoting or otherwise involved with the “Airpark” project. Investors paid 40% of the purchase price of their undivided shares as a cash down payment. A promissory note and deed of trust were executed for the balance. The notes were at the rate of 8% per annum. For the first five years repayment was to be monthly and was to include only interest. For the next ten years monthly payments were to include both principal and interest. The total purchase price paid was about $3,406,000. The deeds of trust securing the balance owed by the…