we lost our pension at usairways too, the same routine. sadly the PBGC guarantees only a portion of the pension ( surprise!!!!) and yes it works out to about 25 cents on the dollar.
we would get a bit more but the PBGC says the most happens if you retire at age 65... but we have to retire (at least for now) at age 60.
of course the pensions of the CEO's didn't get cut at all.
The American way!
j