LTV claims pension fund dry, pursues takeover by PBGC. (LTV Steel Co. returns to court, insists on Pension Benefit Guaranty Corp.'s takeover of pension plan)

Crain's Cleveland Business, October, 1990 by Prizinsky, David

LTV claims pension fund dry, pursues takeover by PBGC LTV Steel Co. plans to return to court this month to argue that one of its three pension plans has run out of money and should be taken over by the federal Pension Benefit Guaranty Corp. The company, which was blocked by the U.S. Supreme Court four months ago in its efforts to shed $2 billion in pension plan liabilities, will argue that it can't afford to resume funding any of its pension plans.

LTV said that in order to fund the plans so that they would comply with minimum federal funding standards, it would need to make payments to them of about $250 million annually. LTV officials say those costs would jeopardize the company's ability to reorganize in bankruptcy court proceedings. LTV Steel's...

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