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liabilities claim as a general unsecured claim in the amount of <br />$220,953,000. <br />A. The Court Found That the Actuarial Assumptions Set <br />Forth in PBGC's Regulation Replicate the Market Price <br />for Insurance Company Close-Out Annuities, the <br />Appropriate Real-World Measure of the Plan's Unfunded <br />The claim valuation method presented by the PBGC <br />reflects a real-world marketplace: the insurance market for <br />close-out annuity contracts sold to terminating pension plans. <br />Following three days of trial, this Court made the following <br />findings of fact: <br />• PBGC's method "reflects current conditions in <br />the financial and annuity markets." <br />• It "replicates the market price from an <br />insurance company for the close out of <br />annuities ." <br />• Its interest factor "is applicable only in <br />conjunction with the other factors ." <br />(i.e., retirement age and mortality). <br />• There was "no evidence the PBGC improperly <br />calculated" the unfunded benefit liabilities <br />under its method. <br />12/31/92 Mem. Dec. at 14-15. <br />The Court heard ample expert testimony to support these <br />findings. The objective of PBGC's method is "to replicate what a <br />plan sponsor could get from an insurance company if they were to <br />try and sell the liabilities." 11/10/92 Tr. at 33 (Dezube); see <br />also 11/30/92 Tr. at 2 (Gustafson); Debtors' Exhibit 8 (45 Fed. <br />Reg. 38415, 38416 (June 9, 1990)). Over 100,000 pension plans <br />have terminated since ERISA was enacted in 1974, creating an <br />- 7 - <br />