That's a bit of a straw man there.
The classic target for these corporate raiders is a business whose capital (real estate, equipment, IP etc.) is worth more than the total market cap of the business itself (which, for most established businesses is a proxy for profit).
In this way, the typical corporate raider buys up a business who is using a valuable asset inefficiently, sells their capital to other businesses who can make more productive use of it, and line their pockets with the value differential they created.
In the process, they'll generally fuck over a whole lot of workers, but there is real economic value (not necessarily social good) in this process of capital redistribution.
No, it isn't. See below.
> In the process, they'll generally fuck over a whole lot of workers
The only way they can do that, since the workers' pensions were an obligation of the company that got broken up, is to declare that company bankrupt and void the obligation. But bankruptcy is not supposed to be a way to make money by voiding a company's obligations and then selling off its capital. The net value of the company is its assets minus its obligations; the process of cashing out the company should involve paying the obligations, not voiding them.
> there is real economic value (not necessarily social good) in this process of capital redistribution
Now who is using a straw man? Again, the "economic value" in a company is its assets minus its obligations. Cashing in on the assets while voiding the obligations is not creating "real economic value". It's stealing it from the people to whom the obligations were owed.
I repeat: nobody was arguing that people losing their pensions was a good thing. Nobody. Absolutely nobody. Literally no-one.
I don't even know what you're referencing, or how it's even possible for Private Equity to pilfer workers' pension funds. If anything, it's the funds themselves that own/invest in Private Equity.
Yet still, you and the other poster have brought it up as if stealing pension funds (how?) is somehow "what Private Equity does".
You might as well be arguing that Private Equity destroys value because it's immoral to fuck a dog. I'm sure Carl Icahn-esque character has tried it before.
As for how pension heists are accomplished, read up: https://sandiegofreepress.org/2012/07/how-mitt-romney-drove-...
Can't say much about the hypothetical wealth stealing since it's completely hypothetical.