Provide a summary (approx 150 words) supporting either the plaintiff or the defendant based on the facts of the case and your interpretation of the law. You need to do some research on the case selected and provide links to that research which assisted you in your decision. Check at least 2 other sources as part of your independent research.

McDonald Investment Company was a corporation organized and incorporated in the state of Minnesota. The principal and only place of business from which the company conducted operations was Rush City, Minnesota. More than 80 percent of the companys assets were located in Minnesota, and more than 80 percent of its income was derived from Minnesota. McDonald sold securities to Minnesota residents only. The proceeds from the sale were used entirely to make loans and other investments in real estate and other assets located outside the state of Minnesota. The company did not file a registration statement with the SEC. Does this offering qualify for an intrastate offering exemption from registration? Securities and Exchange Commission v. McDonald Investment Company, 343 F.Supp. 343, 1972 U.S. Dist. Lexis 13547 (United States District Court for the District of Minnesota)