Is your proposal to not allow the airline to get out of its pension
obligation and instead just disolve under its financial obligations?
What is the difference to the retired? Either way, the feds have to
take over the pension fund and the retired get less. Letting the
airline go out of business doesn't change anything. Maybe you should
point the finger at the unions that created an unrealistic pension to
begin with and didn't allow changes to the program as discount airlines
ate their shorts.

It seems like your proposal not only kills the pension but also the
investors (most of which are retirement funds). If you work towards a
structured retirement you know that its only as good as the company
itself. No one would have an expectation otherwise. My current
employeer has a structures retirement program and we're fighting to
kill it. Once it goes away the IRS will let us make real contributions
to personal IRAs.

-Robert