  We consider the orbitally degenerate 3-band Hubbard model with on-site
interactions which favor low spin and low orbital angular momentum using
standard second order perturbation theory in the large Hubbard-U limit. At even
integer filling this model is a Mott insulator with a non-degenerate ground
state that allows for a simple description of particle-hole excitations as well
as gapped spin and orbital modes. We find that the Mott gap is generally
indirect and that the single particle spectrum at low doping reappears close to
even filling but rescaled by a factor 2/3 or 1/3. The model captures the basic
phenomenology of the Mott insulating and metallic fullerides AxC60. This
includes the existence of a smaller spin gap and larger charge gap at even
integer filling, the fact that odd integer stoichiometries are generally
metallic while even are insulating, as well as the rapid suppression of the
density of states and superconducting transition temperatures with doping away
from x=3.
