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Continental Pilots Trys to Cash Out Early

|Includes: United Continental Holdings, Inc (UAL)

Continental Airlines (NYSE:CAL) is suing nine of its former pilots, claiming that they entered into “fake” divorces in order to make early withdrawals from their pension funds. The aces in question took out up to $900,000 each, even though they continued living with their ex spouses and kept legal proceedings secret from their families. The pilots cashed in because they were afraid CAL would go bankrupt before they retired, wiping out any obligation to pay benefits. Do you suppose they know something we don’t? One has already returned the money. Do you suppose this is going on at General Motors (NYSE:GM) too?