Court to decide the winner of a proposed PG&E takeover

October 8, 2019

Victims of the deadly wildfires started by Pacific Gas and Electric and a group of Wall Street hedge funds are working together to seize control of the utility company. Lawyers for the victims asked a bankruptcy judge on Monday to consider their takeover bid. [San Francisco Chronicle]

PG&E has a plan in place to pay insurers $11 billion, with a $8.4 billion cap to wildfire victims.

On the other side, bondholders and a bankruptcy committee that represent victims have proposed creating a trust of $14.5 billion to pay the claims of those who lost their homes or loved ones to the fires. Lawyers for the victims argued that PG&E had not offered victims enough money.

The bondholders asked U.S. Bankruptcy Judge Dennis Montali to let them advance their planned acquisition which includes an added $5 billion if a prolonged takeover fight delays payments to victims. Montali did not issue a ruling on Monday, though the judge said his decision would be quick.


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Nightrider

Ok Nut,

30 Billion dollar deal and you want to pay someone less to Run the Investor funded Company.

Boy, your a freaking Genus.

Boom Boom out go the lights.


kayaknut

No matter who wins the company the first thing to do is fire the 6 million dollar CEO, outrageous salary and a 3 million dollar signing bonus and they can’t figure why the company is in trouble?


citizensoldier
citizensoldier

The price of electricity in California will continue increase, while dependability of sippy decreases.


Victims and Lawyers relationships are understandable.

Victims and the Hedge Funds invested in PG&E, proposed relationship, no so much.


Add in the cost increases for California’s “desire” (read: wishful thinking) to go 100% renewable, going forward coupled with out of control Federal overspending along the selected/mandated public safety power supply outages will not make life more livable in the Golden State.


Seems that the Goose is in the oven.

Christmas is right around the corner.


I hope everyone gets what they wish for, while taking into consideration, what is actually doable and what is not.


Best get a whole house generator and some liquid energy to protect your interests. The government care about your interests. Happy New Year All.


citizensoldier

The government care about your interests [is becoming more clear with each passing public safety power outages]. Happy New Year All.


Snoid

I have a like new Honda 2000 I’ll part with for um….$3000. Suck it up gold diggers, what did you expect to happen.