Arlen Specter: “So the essence of it is that this would be a win-win-win situation. It would really be a win situation for the PBGC…”

“So the essence of it is that this would be a win-win-win situation. It would really be a win situation for the PBGC because it would not have to pay the pensions. It would be a win situation for the pilots since their pensions would not be reduced drastically, and they are the real parties of interest at risk. And it would be a win situation for US Airways, which can structure its reorganization and this way obtain financing and obtain the appropriate guarantee. One point to be focused on with particularity is that this does not order the PBGC to adopt the US Airways proposal. All it does is say the PBGC has the authority to do so. The Secretary of Labor, who is the dominant public official in this matter, advised me that she felt bound by the opinion of the attorneys for the PBGC.”