PBGC Balks At New York Racing's Latest Plan

Law360, New York (January 9, 2008, 12:00 AM EST) -- The Pension Benefit Guaranty Corporation is protesting the New York Racing Association's latest Chapter 11 proposal, arguing that the bankrupt racing franchise has failed to properly account for claims arising out of the potential termination of its five pension plans.

On Tuesday, the government-backed insurer filed an objection to NYRA's third amended plan of reorganization, accusing the debtor of neglecting to provide for the payment of all unsecured claims in the current proposal.

PBGC initiated termination proceedings for NYRA's five pension plans at the end of...
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