Enron Tries to Block Pension Takeover Bid

[54anickel]

http://abcnews.go.com/wire/Business/ap20040805_1245.html

WASHINGTON Aug. 5, 2004 — Enron Corp. has asked the court overseeing its bankruptcy case to block the federal Pension Benefit Guaranty Corp.'s efforts to take over four of the energy giant's retirement plans.

In court papers filed Wednesday, Enron accused the federal agency of frustrating its reorganization efforts and usurping the bankruptcy court's authority to consider claims against the company.

"Through its 'forum shopping,' the PBGC is attempting to accomplish in the U.S. District Court for the Southern District of Texas what it could not accomplish in the bankruptcy court," Enron said.

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If the PBGC claims are disallowed or reduced, then the amount Enron must pay to terminate the four pension plans may be significantly less than the amount sought by the PBGC in its termination action.

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[SayitAintSo]

1. Oh let me guess how this ends......

Could it be that the employees get screwed AGAIN ??????

[Syncronaut Seven]

2. After Aunt Millies pension too I see.

Ahhh... the party of personal (not corporate) responsibility. Hope Aunt Millie doesn't own an assault rifle.

[FloridaPat]

3. The airlines are starting to get rid of their pensions. There are

probably trillions inthe Enron pension. I'm sure it will go the way of the US Steel pension and the airline penisons - into the bosses pockets while the employees get the shaft