Boy Wes, you always go for the black helicopter explanation first, eh?
The answer is no...in fact, he!! no.
Geez...I tried to be clear as beans here...first the company would have to go through a BK and receivorship (ie., numerous independent audits by the court and creditors) and still not have enough in assets to cover the withdrawal liabilities before the PBGC kicks in...and then the PBGC goes through the whole exercise again.
Note that ERISA is part of the IRS code, with all IRS enforcement abilities.
Don't read ERISA...please. Me thinks you wouldn't believe it anyway. He!!, I still don't.