PBGC Eyes Hamptons Estate In Suit Over Pension Fund

Law360, New York (February 6, 2006, 12:00 AM EST) -- The Pension Benefit Guaranty Corp. has moved to seize the pension plan of a bankrupt steel company in a bid to thwart efforts by a group of creditors to slide the fund into an empty corporate shell under the guise of reorganization, effectively switching the plan to the federal program and freeing the company’s corporate parent from responsibility for more than $100 million in benefits.

If WCI Steel Inc.’s reorganization plan is approved by a bankruptcy court on Monday, not only would The Renco Group Inc....
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