Andy Warhol’s 100 Cans (1962).

Campbell Soup today won affirmance of a post-trial judgment in a case arising out of Campbell’s 1998 spin-off of its Vlasic Foods subsidiary.  The plaintiff, the successor to Vlasic Foods, alleged that Campbell made a constructively fraudulent transfer and knowingly participated in a breach of fiduciary duty by loading Vlasic with $500 million in debt just before setting it free.  The district court held a bench trial and found that the plaintiff failed to prove a central element of its claims — that Vlasic’s taking on the debt made it insolvent.  The Third Circuit affirmed in all respects.  VFB LLC v. Campbell Soup Co., No. 05-4879 (3d Cir. Mar. 30, 2007).

Mmm, mmm, good.

Barry Barnett

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