“Indeed,
if
the
SEC
is
granted
permission
to
file
a
sur-reply
addressing
the
various
common
enterprise
tests
(which
were
not
addressed
in
any
prior
pleading),
Defendants
will
need
sur-sur-reply
to
state
our
position
on
this
new
issue,”
the
letter
from
Tron’s
attorney
read.
“In
other
words,
the
SEC
asks
for
three
pages
to
respond
to
an
issue
of
its
own
devise.”
Ramos
ultimately
sided
with
Tron’s
lawyers,
ruling
Monday
to
deny
the
SEC’s
request.
“In
light
of
defendants’
concession
that
they
[are]
not
challenging
the
“common
enterprise”
element
of
the
Howey
test,
the
SEC’s
letter
motion
to
strike
the
untimely
argument
or
for
leave
to
file
a
sur-reply
is
DENIED.”