SCIENCE / TECHNOLOGY
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Settlement Negotiations: Loral Corp., the New York-based defense electronics company, has entered into settlement negotiations with the Pentagon in a dispute over Loral’s use of excess pension funds to help finance its acquisition of Ford Aerospace Corp. in Newport Beach.
Linda Nichols, spokeswoman for the Defense Logistics Agency, which oversees Pentagon contracts, said Loral has offered to settle the dispute, and the two parties are now in negotiations.
Loral allowed Ford Motor Co. to keep $178.3 million of Ford Aerospace’s excess pension assets as part of the purchase price for Ford Aerospace, renamed Loral Aerospace Corp. The Pentagon agency claims that the excess pension assets, which were created in part by Pentagon contributions, rightfully belong to the government. Loral officials have disputed the claim.
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