Bankruptcy Judge Craig T. Goldblatt sided with pension funds over how to calculate the penalty Yellow must pay for canceling workers’ retirement plans when the company shut down last year. The ruling, issued last week, means there is little chance the company will have any cash left for shareholders like hedge fund MFN Partners after Yellow finishes selling its real estate portfolio and paying the pension penalty.

Fuck yeah. A contract is a contract. A pension is a particularly important one, in the “preventing brick to the head of shareholder” category.

Shareholders need to wise up about pension obligations, or move their money back into index funds.