Industry committee  Part of it goes to the.... If pensions were granted superpriority, the companies would make different decisions about their pensions. It would become a real obligation. Everybody knows today that if you file for insolvency, your pension obligation disappears like a wisp of smoke.

Industry committee  I guess the answer to that is history. The Indalex case in Ontario found that the pension was actually a deemed trust, a much higher priority than superpriority, and there was no wave of insolvencies. The lenders and borrowers worked it out. The other thing to keep in mind is that when you look at this issue at large, DB pensions are fading.

Industry committee  Good morning. My name is Mike Powell. I am the president of the Canadian Federation of Pensioners. CFP's 23 member organizations advocate directly for over 300,000 defined benefit pensioners, and our allies represent millions more. We support Bill C-253 and the extension of superpriority to pension deficits.