Anyone who wonders about the power of the courts in bankruptcy proceedings to alter an employer’s obligation to a mismanaged union pension fund, I respectfully suggest he might google “High Court Refuses Appeal Over Pilot Pension Plans”. There it reads in part as follows:
In its appeal to the Supreme Court, the Pilots Assoc. asked the court to overturn the PBGC’s termination of the pilot’s pension plan, one UAL ended during bankruptcy. The court’s refusal…leaves the pilots with few options….