United States Third Circuit

In a suit brought by disappointed creditors of bankrupt company, Vlasic, against Campbell Soup company arising from a "spin" transaction alleged to be a constructively fraudulent transfer, judgment in favor of Campbell is affirmed where: 1) the district court did not err in concluding that Vlasic received reasonably equivalent value in a "spin," and thus a fraudulent transfer claim failed; and 2) the district court did not clearly err in concluding that Vlasic was solvent at the time of the spin, and thus, its claim for aiding and abetting a breach of fiduciary duty failed.

Appellate Information

• Argued 01/18/2007
• Decided 04/02/2007
• Published 04/02/2007

Judges

• Before SLOVITER, RENDELL, and CUDAHY, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• John A. Lee, Esquire, Robin Russel, Esquire, Andrews & Kurth LLP, Houston, TX, Barbara W. Mather, [Argued], Robert L. Hickok, Benjamin P. Cooper, Pepper Hamilton LLP, Philadelphia, PA, for Appellant.


• For Appellees:
  
• Richard P. McElroy, Mary Ann Mullaney, Blank Rome LLP, Philadelphia, PA, Michael W. Schwartz, [Argued], Harold S. Novikoff, David C. Bryan, Wachtell, Lipton, Rosen & Katz, New York, NY, for Appellees.