LTV Corp., the nation’s No. 2 steel...

LTV Corp., the nation’s No. 2 steel producer that is in bankruptcy proceedings, disclosed that the federal government said it will once again take control of three company pension funds that neither party wants. The pension plans are grossly under-funded, meaning whoever manages them must cope with their estimated $2-billion shortfall. The plans are guaranteed by the Pension Benefit Guaranty Corp., a federal agency that took control of them when LTV said it could not afford to keep up payments. LTV filed for Chapter 11 bankruptcy in July, 1986.