11th Circ. To Hear Fight Over Shareholder, Pension Payments

By Carolina Bolado (April 21, 2015, 6:38 PM EDT) -- The Eleventh Circuit will grapple Wednesday with the issue of whether a company is insolvent when debt is incurred or when it is paid in a dispute over allegedly improper distributions made by a bankrupt Florida newspaper that could have ripple effects in the private equity industry.

The appeals court is set to hear oral arguments in Montgomery, Alabama, in a dispute between Cox Enterprises Inc. and the Pension Benefit Guaranty Corp. over $13,887,822 in unfunded pension benefit liabilities that the PBGC says should have been paid before News-Journal Corp. made distributions to its shareholder Cox.

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