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Corporations Keyed to Hazen
Metropolitan Life Insurance Company v. RJR Nabisco, Inc.
Citation:
716 F.Supp. 1504 (S.D.N.Y.1989)Facts
Metropolitan Life Insurance Co. is a life insurance company that provides pension benefits. MetLife alleges that it owns $340,542,000 in principal amount of RJR Nabisco debt issues, bonds allegedly purchased. RJR Nabisco is a consumer products holding company. The bonds implicated by this suit are governed by long, detailed indentures that are governed by New York contract law. The prospectuses for the indentures contain a statement: the indenture contains no restrictions on the creation of unsecured short-term debt by RJR Nabisco, no restriction on the creation of unsecured funded debt by RJR Nabisco and no restriction on the payment of dividends by RJR Nabisco. In its complaint, MetLife lists six debt issues on which it bases its claims. Indentures for two of those issues restricted the company’s ability to incur the sort of debt involved in the recent LBO.
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