Let's be real clear here. ALPA never made a proposal to terminate the pension. I'm sure the company would have been quite surprised, as that would have been an illegal act over which the company and ALPA have no authority to negotiate. Only one person can terminate the pension, and that's the bankruptcy judge. PBGC then gets to tell the judge whether or not the plan meets the ERISA standard for termination.

For your scenario to be true, ALPA, Delta management, the Creditors Committee, the Bankruptcy Judge and the PBGC would all have to be in cahoots and acting against the law. I'm sure the PBGC liked covering all those Delta losses with $7 stock.

Right....