May 11, 2005 Judge Eugene Wedoff approved United airline managements request to terminate four pension plans for pilots, flight attendants, mechanics and other ground service workers. The largest pension plan default in US history.
The difference between the $9.8 billion United owes and the $6.6 billion obligation assumed by the PBGC is $3.2 billion.
Here is a pdf copy of United's 2004 Annual Report.
http://library.corporate-ir.net/library/83/836/83680/items/147623/UALCOR...
It seems United values its Mileage Plus program as being worth a negative $840 million on its balance sheet, even though it could potentially sell the program for as much as $15 billion.
How did United claim bankruptcy when it values its assets this way?
We request federal investigation and restitution !