Path: csiph.com!fu-berlin.de!uni-berlin.de!individual.net!not-for-mail From: "Osmium" Newsgroups: alt.folklore.computers Subject: Re: I Feel Old Date: Wed, 6 Jan 2016 12:02:14 -0600 Lines: 14 Message-ID: References: <9dcde262-7129-4a8f-b034-105b67d61cf5@googlegroups.com> <20160101213359.c4fa91b81ade324004208803@eircom.net> <6080e724-4d4a-4f96-a0b6-06d6c86668d8@googlegroups.com> <05ffd0a9-945b-42f5-9351-92d377d4f503@googlegroups.com> <1591228429.473515575.144139.peter_flass-yahoo.com@news.eternal-september.org> <5cd73e34-f06f-47a5-8309-ef8edf01d459@googlegroups.com> Mime-Version: 1.0 Content-Type: text/plain; format=flowed; charset="utf-8"; reply-type=original Content-Transfer-Encoding: 7bit X-Trace: individual.net tCzf2DjK9lPYPpLhHmh3JQz04Id84Di2fBJHzWwERhmDN+PPqx Cancel-Lock: sha1:3X/pEFg4Guup6quvCbvsHsiIBL4= X-Priority: 3 X-MSMail-Priority: Normal X-Newsreader: Microsoft Outlook Express 6.00.2900.2180 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 Xref: csiph.com alt.folklore.computers:156132 "Stephen Sprunk" wrote: > A "restructuring" refers to Chapter 11 bankruptcy. In some cases, the > creditors (including pensioners) can be convinced to _renegotiate_ the > terms of their debts (e.g. lower interest rates, longer payments), but > if not, the debtor generally has no choice but to file for bankruptcy, > and then a federal court restructures the debt--often leading to worse > outcomes for creditors than previously offered, such as dumping all > pensions on the PBGC, which pays pennies on the dollar. As I understand it, except for a tiny minority of people who have lavish pensions the rest of can only dream of, the pension guarantee program pays 100 pennies on the dollar.