"[T]here's a reason it was never brought up legally before now. It's because now, many of these pensions are bankrupt.... [W]hile the Justices make comments about the expense of all this, that really should be irrelevant re: the law.... There can be bad law and bad legal interpretation. But there's a problem if they undercut the IRS letters. Because tax policy is a huge part of the controlling bureaucracy of the federal government, and if the IRS letters do not hold, then that calls into question all sorts of regulatory actions."

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