I would expect there will NOT be an elimination of the pension obligation – just a readjustment of it.

I expect the BK court to use the PBGC as a guideline – and cap the biggest pensions at a much lower level… but the folks who didn’t have fat pensions will see a much smaller reduction. (Similar to what happened to the airline employees.)

What bugs me the most about this is the fact that the politicians who decided not to fund the pension are feeling little to no pain for their decisions.