Hostess’ liquidation — just like the recent bankruptcies of well known companies like Friendly Ice Cream and Eddie Bauer — raises the prospect that sophisticated private equity and distressed debt hedge fund investors are using courts to cast off unwanted pension obligations on U.S. taxpayers and put a losing investment back on the track.

Consider that also on Friday, the Pension Benefit Guaranty Corporation disclosed that its U.S. pension plan insurance deficit grew to a record $34 billion this year, the biggest shortfall in the federal agency’s history. PBGC guarantees employee pension plans after a company goes belly up, securing the retirement of roughly 43 million U.S. workers.

While PBGC doesn’t take government money directly – it’s funded by way of insurance premiums and portfolio returns – the agency’s head said on Friday that a growing deficit raises the prospect of taxpayer support.