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29 U.S.C. § 1301(a)(18), and the assumptions prescribed by PBGC's <br />regulation, see 29 C.F.R. pt. 2619. 12/31/92 Mem. Dec. at 18. <br />This Court reached its conclusion only after making <br />detailed findings of fact based on the trial record. Among its <br />key findings, the Court determined that PBGC's "[r]egulation <br />replicates the market price from an insurance company for the <br />close out of annuities from a terminated pension plan." 12/31/92 <br />Mem. Dec. at 15. As to the Debtors' "prudent investor" theory, <br />the Court found that it failed even on its own terms, because <br />Debtors' hypothetical pension plan portfolio had no cash reserve, <br />and there was "no consideration of how that may affect yield." <br />Id. at 16. Based on the "reiterative method" for placing a value <br />on PBGC's separate claim for unpaid minimum funding <br />contributions, id. at 19-21, and additional evidence submitted on <br />that discrete issue on January 11, 1993, this Court's final order <br />entered on May 21, 1993, allowed the unfunded benefit liabilities <br />claim in the amount of $220,953,000. <br />B. District Court Proceedings <br />The PBGC, Debtors, and United Steelworkers of America <br />each appealed certain aspects of the bankruptcy court's final <br />order. In an opinion dated November 17, 1994, the district court <br />issued its decision, affirming in part and reversing in part .3 <br />'The district court affirmed the bankruptcy court's holding <br />that PBGC's minimum funding contribution claim and a small <br />portion of its unfunded benefit liabilities claim were not <br />entitled to priority as administrative expenses or taxes. Op. 5- <br />11. PBGC is reserving these arguments for appeal to the Tenth <br />Circuit. PBGC also reserves its argument that, as a matter of <br />law, the actuarial assumptions prescribed by statute, 29 U.S.C. <br />- 4 - <br />