Can PBGC reach assets of foreign subsidiary?

[J2D2]

Has anyone looked into the issue of whether the PBGC can reach the assets of a foreign subsidiary to satisfy the liability of the U.S. contributing sponsor of a single employer DBP that is terminating? I have not yet found anything that limits the PBGC's reach to U.S. based controlled group members.

I'd appreciate any thoughts and/or cites.

Thanks.

[mbozek]

Isnt the real issue how can the PBGC collect a judgment on a foreign corp that has no assets in the US. ERISA 4003(e) authorizes law suits by the PBGC against all member of the controlled group under 4062 if the plan is under funded but collecting is another matter.