This section contains the nature of the case and procedural background.

Metropolitan Life (P) sued RJR (D) for its actions relating to the leveraged buyout of RJR by KKK for $109 per share for total of $21 billion. P alleges that D's actions have drastically impaired the value of the bonds issued to P. P alleged that D had misappropriated the value of the bonds to help finance the LBO and to distribute an enormous windfall to the company's shareholders. P moved for summary judgment under Rule 56. P asked the court to find that the indenture contains an implied covenant of good faith and fair dealing and that the covenant was breached and D is in default and must redeem its bonds.

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