Identify which of the following “management arrangements” involve a securities transaction:
Alicia buys voting common shares of Citrus Corporation, a publicly traded corporation that owns citrus groves in Florida and harvests and markets citrus fruits and juices.
Bob buys a row of 48 citrus trees from Howey Company. Although not required, Bob agrees to have Howey-in-the-Hills (a related company) cultivate, harvest, and market his citrus, along with that of many others who own rows like Bob’s.
Carla, Carey, and Caroline buy a citrus grove in Florida as tenants in common. They contract with Sam, a local farmer, to manage their farm.
There is a terrible freeze in Florida, and neither Citrus Corporation, Howey-in-the-Hills, nor Sam has any smoke machines to save their groves’ delicate blossoms. What remedies do Alicia, Bob, and Carla have if they were never told about the lack of smoke machines?