You really don't know what you're talking about in reference to United's A Fund; it was invested in a wide range of instruments by professional managers. The bankruptcy and loss of pension occurred when the market was significantly down and thus the fund itself was underfunded (think Calpers Fund of California) If you're referring to the ESOP years, the UAL stock was in a different pile. Even at 70% funding, the PBGC still made a profit by taking the assets and then agreeing to a payout far less (as proscribed by statute).