Laserfiche WebLink
The Pension Benefit Guaranty Corporation ("PBGC") <br />submits this memorandum in support of its motion to enter <br />judgment in favor of the PBGC by allowing its unfunded benefit <br />liabilities claim as a general unsecured claim in the amount of <br />$220,953,000. Such relief is fully supported by this Court's <br />unchallenged findings of fact, based on the evidence at trial on <br />November 10, 12, and 30, 1992. This relief is also consistent <br />with the district court's opinion and order of remand dated <br />November 17, 1994 ("Op."), requiring an "independent discount <br />rate determination." <br />A. Prior Bankruptcy Court Proceedings <br />On March 19, 1992, the Pension Plan of CF&I Steel <br />Corporation and Certain Subsidiaries ("Plan") terminated. <br />Pursuant to provisions of Title IV of the Employee Retirement <br />Income Security Act of 1974 ("ERISA"), 29 U.S.C. §§ 1301-1461, <br />PBGC was appointed statutory trustee of the Plan and became <br />obligated to pay guaranteed benefits to the Plan's participants. <br />In connection with Debtors' objection to the priority <br />and amount of PBGC's claims, this Court issued an interlocutory <br />decision and order dated November 9, 1992,` on the threshold <br />legal issues. Regarding PBGC's claim for unfunded benefit <br />liabilities under 29 U.S.C. § 1362(a), (b) -- the only issue on <br />`Memorandum Decision and Order Relating to Debtors' <br />Objections, Dated 10/02/92, to Twenty Amended Proofs of Claim <br />Filed by Pension Benefit Guaranty Corporation ("11/9/92 Mem. <br />Dec."). <br />- 2 - <br />