In Securities and Exchange Commission V

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,how did the appellate court rule?

A) That a viatical settlement investment is not an investment contract because such contracts are void as against public policy.
B) 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.
C) 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.
D) That a viatical settlement investment is not an investment contract because profit depends entirely upon the mortality of the insured.
E) 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.