BENTON, Circuit Judge.
In 1985, Republic Airlines, Inc., used assets from an union-negotiated, employer-funded retirement plan to purchase a group annuity contract from Prudential Mutual Insurance Company. In 1986, Republic was acquired by Northwest Airlines, Inc., which became the successor "Contract-Holder" of the annuity contract. In 2001, Prudential "demutualized," with Northwest receiving over 1.5 million shares of Prudential Financial, Inc., in exchange for...
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