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PENSION BEN. GUAR. CORP. v. WHITE CONSOL. IND.

No. 92-3676.

998 F.2d 1192 (1993)

PENSION BENEFIT GUARANTY CORPORATION, Appellant, v. WHITE CONSOLIDATED INDUSTRIES, INC., c/o CT Corporation Systems Registered Agent.

United States Court of Appeals, Third Circuit.

Decided June 30, 1993.

Attorney(s) appearing for the Case

George R. Clark, Reed, Smith, Shaw & McClay, Nancy S. Heermans (Argued), Pension Ben. Guar. Corp., Washington, DC, for appellant.

Robert S. Garrett, Egler, Garrett & Egler, Pittsburgh, PA, William G. McGuinness, Alexander R. Sussman (Argued), Fried, Frank, Harris, Shriver & Jacobson, New York City, for appellee.

Before COWEN, ROTH and ROSENN, Circuit Judges.

OPINION OF THE COURT

COWEN, Circuit Judge.

White Consolidated Industries, Inc. ("WCI") sold a group of unprofitable businesses and their associated underfunded pension plans to a newly formed corporation. WCI, however, remained contractually obligated to make substantial contributions to the plans for five additional years. More than six years after the stated closing date of this sale, the largest of these pension plans terminated. The Pension Benefit Guaranty...

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