Opinion ID: 465260
Heading Depth: 1
Heading Rank: 1

Heading: facts

Text: 3 The facts are undisputed in this case. Geltman was involved in the garment industry. Its business had been in decline for many years. In February, 1982, Geltman ceased its operations because continued losses had brought it precariously close to a negative net worth. Geltman negotiated a sale of its assets and applied the proceeds to the payment of creditors and shareholders in the liquidation of the business. After the sale and payment of liabilities, Geltman was left with $98,000 in cash and a note providing for payment to Geltman of $2,000 per month for 120 months, given in exchange for Geltman's lease rights. This money and the payments due under the note were distributed to Geltman's shareholders. 4 After Geltman's dissolution, the Fund notified Geltman that Geltman owed $416,508.12 in withdrawal liability. The parties arbitrated the issue of withdrawal liability pursuant to 29 U.S.C. Sec. 1401. The arbitrator awarded the entire liquidation value of Geltman ($98,000 in cash plus the note) to the pension plan pursuant to 29 U.S.C. Sec. 1405(b) and stated that 29 U.S.C. Sec. 1405(a) was not applicable to this case. The district court affirmed the award. Geltman appeals, asking that the district court's order be reversed and the arbitration award be modified in accordance with the provisions of 29 U.S.C. Sec. 1405(a). The Fund cross-appeals, claiming that the award of attorney fees is mandatory in this case, and that the district court erred in denying attorney fees on discretionary grounds.