Soon - Shiong, Tronc's second - largest shareholder, also will assume $ 90 million
of pension liabilities tied to the California properties.
Paterson's secretary, Larry Schwartz, and NYC OTB President Greg Rayburn held a conference call earlier today to reiterate that the cash - strapped betting operation will shut down if the Legislature doesn't approve its restructuring plan, costing thousands of jobs and leaving the state on the hook for $ 540 million
worth of pension liabilities and $ 100 million in outstanding bankruptcy claims.
This means that contributions include both the «normal cost»
of pension liabilities accruing to current employees and the legacy costs of amortizing unfunded liabilities accrued previously (due to a variety of reasons, including the original pay - as - you go nature of most plans, as well as unfunded benefit enhancements over the years).
Josh McGee, a prominent pension reform advocate at the Laura and John Arnold Foundation, also thinks it would be wrong to ask charters to help pay down legacy costs, though he says it's true it could be «cumbersome» if local districts have to pay the
bulk of those pension liabilities alone.
And, with respect to the
sale of pension liabilities, my guess is that that gets left to the next President and Congress, who will not allow the practice as proposed.
ARC also advised one client on the sale of a business unit to a private equity house — a deal that risked triggering more than #
100m of pension liabilities and attracting potential intervention from the regulator.
The Plan Members brought motions in August 2009, for a declaration that a deemed trust in the amount of the unfunded portion
of the pension liabilities existed, which would be enforceable against the proceeds of the sale.
Don says — Now that Brown has used Prop 30 to fund
some of the pension liability (rather than to save public education as 30 was sold to the public) and dumped the rest of the liability on districts how much will students get?
Link to press release regarding revaluation
of pension liability.