The National Retirement Fund (NRF) has removed Caesars’ three Atlantic casinos from its multi-employer pension plan, demanding a $462m withdrawal liability.

NRF, which handles pension plans for employees in casino, hotel, laundry and apparel industries, voted to expel Bally’s, Harrah’s, and Caesars Atlantic City casinos in January, forcing Caesars Entertainment to withdraw and pay the liability before it could protect its prime assets beyond the reach of the creditors.

“We did not start this. Caesars started this, and had Caesars not done what they were going to do, and did do, we would never have taken those actions,” Brubaker said on Monday.

“The ongoing bankruptcy is going to divide the company and the ownership group,” Brubaker added. “When that happens, we no longer have the ability to pursue the other parts of Caesars — the so-called good Caesars — for the obligations of the bad Caesars. So we had to act before the bankruptcy.”