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CHICAGO PACIFIC CORP. v. CANADA LIFE ASSUR. CO.

No. 87-3101.

850 F.2d 334 (1988)

CHICAGO PACIFIC CORPORATION, Petitioner-Appellee, v. The CANADA LIFE ASSURANCE COMPANY, Respondent-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided June 29, 1988.

Attorney(s) appearing for the Case

J. Robert Geiman, Peterson, Ross, Schloerb & Seidel, Chicago, Ill., for respondent-appellant.

Emery D. Curlee, Morton Grove, Ill., for petitioner-appellee.

Before EASTERBROOK and MANION, Circuit Judges, and GORDON, Senior District Judge.

EASTERBROOK, Circuit Judge.

The Chicago, Rock Island & Pacific R.R. got out of the railroad business in 1980, after a bankruptcy court ordered it to do so and special legislation eased the way. Its extensive holdings enabled it to pay its debts in full, including debts to its pensioners. The Rock Island Line had operated its own pension plan, but its successor — Chicago Pacific Corp., principally a real estate company — had no desire to run a pension...

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