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IN RE PAN AMERICAN WORLD AIRWAYS

Nos. 91 Civ. 5016 (MBM), 91 Civ. 5017 (MBM).

777 F.Supp. 1179 (1991)

In re PAN AMERICAN WORLD AIRWAYS, INC. COOPERATIVE RETIREMENT INCOME PLAN. PENSION BENEFIT GUARANTY CORPORATION, Applicant, v. The PENSION COMMITTEE OF PAN AMERICAN WORLD AIRWAYS, INC., as Plan Administrator of the Pan American World Airways, Inc. Cooperative Retirement Income Plan, Respondent. In re PAN AMERICAN WORLD AIRWAYS, INC. DEFINED BENEFIT PLAN FOR FLIGHT ENGINEERS. PENSION BENEFIT GUARANTY CORPORATION, Applicant, v. The PENSION COMMITTEE OF PAN AMERICAN WORLD AIRWAYS, INC., as Plan Administrator of the Pan American World Airways, Inc. Defined Benefit Plan for Flight Engineers, Respondent.

United States District Court, S.D. New York.

November 25, 1991.

Attorney(s) appearing for the Case

Carol Connor Flowe, Gen. Counsel, William G. Beyer, Jeffrey B. Cohen, Carol A. Resch, Mary K. Bentley, David Kemps, Pension Ben. Guar. Corp., Office of Gen. Counsel, Washington, D.C., (Barry G. Radick, Wilbur F. Foster, Jr., Milbank, Tweed, Hadley & McCloy, New York City, of counsel), for applicant.

Samuel A. Flax, Arnold & Porter, New York City, for respondent Pension Committee of Pan American World Airways, Inc.

Malcolm A. Goldstein, O'Donnell, Schwartz, Glanstein & Rosen, New York City, for intervenors Transport Workers Union of America, AFL-CIO; and Flight Engineers' Intern. Ass'n, PAA Chapter, AFL-CIO.

Andrew Irving, Robinson, Silverman, Pearce, Aronsohn & Berman, New York City, for intervenor Intern. Broth. of Teamsters, Chauffeurs, Warehousemen and Helpers of America.

OPINION AND ORDER

MUKASEY, District Judge.

This is a petition by the Pension Benefit Guaranty Corporation ("PBGC") to terminate the captioned retirement benefit plans and to fix July 24, 1991 as their termination date, pursuant to 29 U.S.C. § 1342(c). The stated ground for termination is that both plans are underfunded and there is no prospect that their funding can be brought current, with the result that PBGC will have to disburse substantial sums...

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