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The Bankruptcy Hotline

By ALM Staff | Law Journal Newsletters |
May 30, 2006

Pension Plan Increase Just Prior to Bankruptcy Is Voided

The Third Circuit has ruled that a pension plan amendment made only days before the sponsor filed for bankruptcy was voidable as a preferential transfer under ' 548. The court ruled that while the amendment was designed to retain employees during a time when the company was up for sale and might have conferred some value on the debtor, it was not, on the whole, useful as an independent means of maintaining it as an ongoing business prior to sale. Pension Transfer Corp. v. Beneficiaries Under the Third Amendment to Fruehauf Trailer Corp. Retirement Plan No. 003 (In re Fruehauf Trailer Corp.), No. 05-1374, (April 12).

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