Pension Benefit Guaranty Corporation v. Neptune, Inc.

Filing 7

DEFAULT JUDGMENT in favor of Pension Benefit Guaranty Corporation against Neptune, Inc. Signed by District Judge Richard Voorhees on 12/3/2014. (cbb)

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF NORTH CAROLINA
STATESVILLE DIVISION
CIVIL DOCKET NO.: 5:14CV135-RLV
In re: Pension Plan For The
Employees of Neptune Inc.

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PENSION BENEFIT GUARANTY
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CORPORATION
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Plaintiff,
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v.
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Neptune, Inc.,
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as administrator of the
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Pension Plan For The Employees of Neptune Inc., )
Defendant.
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DEFAULT JUDGMENT

This Court has considered Pension Benefit Guaranty Corporation’s Motion for Default
Judgment against the defendant, Neptune, Inc. (“Neptune”) (Doc. 6), together with the papers
submitted in connection with said motion and other relevant papers on file in this action, and
finds as follows:
1. The Clerk of the Court entered the default of Neptune, Inc. (Doc. 5).
2. Neptune was a corporation and is therefore not covered by the restrictions on entry of
default judgment against infants and incompetent persons (under Fed. R. Civ. P. 55) or
against service members in military service (under section 201 of the Servicemembers
Civil Relief Act, codified at 50 App. U.S.C. § 521).
3. The allegations in the Complaint support the relief sought by the Pension Benefit
Guaranty Corporation (“PBGC”).

THEREFORE, IT IS ORDERED THAT:
a. Default judgment is GRANTED against Neptune in this action pursuant to Rule
55(b)(2) of the Federal Rules of Civil Procedure;
b. The Pension Plan For The Employees of Neptune, Inc. (the “Pension Plan”), a
defined benefit pension plan of which Neptune was the sponsor and plan
administrator, must be terminated in order to protect the interests of the
participants in the Pension Plan;
c. PBGC is hereby appointed trustee of the Pension Plan pursuant to 29 U.S.C. §
1342(c);
d. PBGC is authorized to, and shall, terminate the Pension Plan pursuant to 29
U.S.C. § 1342(c);
e. June 30, 2009, is established as the termination date of the Pension Plan pursuant
to 29 U.S.C. § 1348(a)(4); and
f. Neptune and any other person or entity having possession, custody or control of
any records, assets or other property of the Pension Plan, shall transfer, convey
and deliver all such items to PBGC.

Signed: December 3, 2013

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