Which of the Following Was the Result at the U

Multiple Choice

Which of the following was the result at the U.S.Supreme Court level in SEC v.Edwards,the case in the text involving sales of interests in pay telephones and the issue of whether a moneymaking scheme falls outside the definition of an investment contract because the promised rate of return is fixed rather than variable?

A) That entitlement to a fixed rate of return did not prevent the arrangement from being an investment contract.
B) That entitlement to a fixed rate of return prevented the arrangement from being an investment contract.
C) That entitlement to a fixed rate of return did not prevent the arrangement from being an investment contract, but only because the underlying company went into bankruptcy.
D) That entitlement to a fixed rate of return prevented the arrangement from being an investment contract, but only because the underlying company went into bankruptcy.