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Issue #16
![]() | Issue # 16 🔍What to Expect |
Big investors are buying this “unlisted” stock
When the founder who sold his last company to Zillow for $120M starts a new venture, people notice. That’s why the same VCs who backed Uber, Venmo, and eBay also invested in Pacaso.
Disrupting the real estate industry once again, Pacaso’s streamlined platform offers co-ownership of premier properties, revamping the $1.3T vacation home market.
And it works. By handing keys to 2,000+ happy homeowners, Pacaso has already made $110M+ in gross profits in their operating history.
Now, after 41% YoY gross profit growth last year alone, they recently reserved the Nasdaq ticker PCSO.
Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.
⚖️ Legal Update
Andre v. Clayton County
(11th Circuit Court of Appeals, August 15, 2025)
THE RULE:
If you block someone's path, keep their documents, and question them in a confined area, it's likely a seizure under the Fourth Amendment.
What Happened
Clayton County officers working drug interdiction at Hartsfield-Jackson Airport stopped two Black celebrities on the jet bridge — after they had cleared TSA and boarding checks. Officers:
Retained their IDs and boarding passes
Asked about drug trafficking
Requested to search their bags
Allegedly blocked their path in a narrow, confined space
The plaintiffs claimed they didn’t feel free to leave, felt coerced into compliance, and were targeted due to race.
A lower court dismissed the lawsuit, saying the stops were voluntary encounters and that the plaintiffs consented to any search.
The 11th Circuit disagreed; ruling this could be an unconstitutional seizure and search under the Fourth Amendment.
Why the Encounter Crossed the Line
Retention of documents: Holding IDs/boarding passes changes the legal dynamic — courts see this as a sign someone is not free to leave.
Blocked path in a jet bridge: Limited space and multiple officers created an intimidating environment.
No clear advisement of a voluntary nature: The court emphasized the need to make clear when someone is not being detained.
One search found to be non-consensual: The court highlighted the plaintiff's feeling of coercion and lack of clear, voluntary agreement.
Qualified Immunity Still Applies
The officers were granted qualified immunity — not because what they did was constitutional, but because the law wasn’t clearly established enough at the time. But now that the court has ruled, future similar conduct could be grounds for personal liability.
📚 Key Lessons for Officers
1. Voluntary Encounters MUST be Clearly Voluntary
If you stop someone in a tight space, retain their documents, and question them about crimes, a court may rule it was not a consensual interaction.
2. Holding ID = Holding a Person
Retaining someone’s documents, especially in a non-custodial setting like an airport, will almost always push the encounter into seizure territory.
3. Avoid Coercive Positioning
If your position blocks someone’s exit path or creates an intimidating posture, courts may view the interaction as coercive — even if you don’t draw a weapon or raise your voice.
4. Always Articulate Clear, Legal Justifications
If you’re conducting interdiction work, clearly document:
Indicators of criminal activity
Why a specific person was approached
What made the encounter voluntary (e.g., tone, positioning, return of documents)
🛡️ Bottom Line for Airport & Transportation Interdiction Units
Be careful when operating in tight public spaces (jet bridges, bus terminals, Amtrak boarding zones). If your body positioning, tone, and actions imply official authority or if you hold someone’s documents, the courts may treat it as a seizure. And that seizure needs to be backed by reasonable suspicion.
This case sets a clearer standard: Interdiction work must respect the Fourth Amendment, even in high-traffic zones.
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