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Duane Morris LLP: PBGC Asks Bankruptcy Court to Treat Prior Sale of Interest in Debtor As Prohibited Attempt to Evade ERISA Pension Liability

The Pension Benefit Guaranty Corporation (PBGC) filed an objection on June 14, 2012, in the Delaware bankruptcy court proceedings of RG Steel ("Debtor"), challenging a recent sale by RG Steel's parent entity ("Parent") of a 25-percent ownership stake in the Debtor. If the sale...