[NonValueAdded]

True that but the interesting twist is the ability or Constitutional inability to initiate the bankruptcy in the first place.

When all is said and done, it would appear that the bankruptcy will proceed but with the pensions kept off-limits, much as a student loan not being dischargable. Naturally, the pensions are at the root of the bankruptcy so it will be a circle jerk of the first order of magnitude.

[DannyTN]

I think the pensions would have priority under Federal laws anyway. The judge may have some leeway to reduce the liability, but I would expect the pensions to take the softest hit of anyone.