Which of the Following Was the Result on Appeal in Liberty

Multiple Choice

Which of the following was the result on appeal in Liberty Property Trust and Liberty Property Limited Partnership v. Republic Properties Corp., the case in the text involving whether limited partnership units were securities?

A) That the limited partnership units were securities.
B) That ½ of the limited partnership units were securities but that ½ were not.
C) That the limited partnership units were securities only so long as the limited partners refrained from participating in management activities.
D) That the limited partnership units were securities for some respects but not for others.
E) That the limited partnership units were not securities.