Which of the Following Did the Appellate Court Rule in Securities

Which of the following did the appellate court rule in Securities and Exchange Commission v.Mutual Benefits Corp.,the case in the text involving whether a viatical settlement investment is an investment contract under securities laws?

A) That a viatical settlement investment is not an investment contract because no significant post-purchase activity takes place in such contracts, and the expectation of profits is not therefore based solely on the efforts of the promoter or a third party.
B) That a viatical settlement investment is not an investment contract because profit depends entirely upon the mortality of the insured.
C) That a viatical settlement investment is not an investment contract because such contracts are void as against public policy.
D) That a viatical settlement investment is an investment contract in that investors were offered and sold an investment in a common enterprise in which they were promised profits that were dependent on the efforts of the promoters.
E) That a viatical settlement investment is an investment contract because no significant post-purchase activity took place, thereby establishing the dependence of profits on the presale activities of the promoter.