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VFB LLC v. Campbell Soup Co.

2005 U.S. Dist. LEXIS 19999 (2005)

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VFB LLC v. Campbell Soup Co.

United States District Court for the District of Delaware
2005 U.S. Dist. LEXIS 19999 (2005)

RW

Facts

Campbell Soup Company (Campbell) (defendant) leveraged the spin-off of its subsidiary, Vlasic Foods International, Inc. (Vlasic), by transferring a $500 million debt obligation to Vlasic, which Vlasic agreed to assume. Immediately following the spin-off, the total value on the New York Stock Exchange of Vlasic’s outstanding public stock was $1.6 billion. Vlasic declared Chapter 11 bankruptcy two years later. VFB LLC (plaintiff) emerged from the bankruptcy proceedings as Vlasic’s successor in interest. VFB filed suit in federal district court, alleging that Campbell engineered a debt transfer that constituted either an actual or a constructive fraud on Vlasic’s creditors.

Rule of Law

Issue

Holding and Reasoning (Jordan, J.)

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