Please answer in 3-4 direct sentences.

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Whether or not the thirty partnership offerings should be integrated. the reason why or why not the thirty partnership offerings should be integrated. The legal concept that explains why or why not they should be integrated.

BUSINESS ETHICS CASES Case 11.7 Business Ethics Stephen Murphy owned Intertie, a California com pany that was involved in financing and managing cable television stations. Mur- phy was both an officer of the corporation and chairman of the board of directors. Intertie would buy a cable television station, make a small cash down payment, payment and finance the remainder of the purchase price. It would then create a limited partnership and sell the cable station to the partnership for a cash down and a promissory note in favor of Intertie. Finally , Intertie would lease the station back from the partnership. Intertie purchased more than thirty stations and cre. ated an equal number of limited partnerships, from which it received more than $7.5 million from approximately four hundred investors. Evidence showed that most of the limited partnerships were not self-support- ing but that this fact was not disclosed to investors. Intertie commingled partner- ship funds, taking funds generated from the sale of new partnership offerings to meet debt service obligations of previously sold cable systems; Intertie also used funds from limited partnerships that were formed but that never acquired cable systems. Intertie did not keep any records regarding the qualifications of investors to purchase the securities and also refused to make its financial statements avail- able to investors. Intertie suffered severe financial difficulties and eventually filed for bank. ruptcy. The limited partners suffered substantial losses. Did each of the limited partnership offerings alone qualify for the private placement exemption from reg istration? Should the thirty limited partnership offerings be integrated? SEC. Murphy, 626 F.2d 633 (9th Cir. 1980)