Write 6 to 7 sentences for each question.
1) What are the ethical obligations of a company to meet its pension obligations to its employees? Should companies be allowed to walk away from their commitments if it is the only reasonable step to forestall bankruptcy? Use ethical reasoning to answer this question.
2) What are the legal requirements for a third party to sue an auditor under Section 10 and Rule 10b-5 of the Securities Exchange Act of 1934? How do these requirements relate to the Hochfelder decision?