Posted on 01/14/2019 7:51:24 AM PST by C19fan
PG&E Corp. stock cratered Monday after the company said it will file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in helping spark a wave of historic wildfires in California.
Shares of the company dropped nearly 50 percent in early trading Monday, one day after the company said Chief Executive Geisha Williams was stepping down.
The company provided the official 15-day advance notice that it and its wholly owned subsidiary, Pacific Gas and Electric, intend to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about Jan. 29.
(Excerpt) Read more at cnbc.com ...
The company provided the official 15-day advance notice that it and its wholly
owned subsidiary, Pacific Gas and Electric, intend to file petitions to reorganize
under Chapter 11 of the U.S. bankruptcy Code on or about Jan. 29.
PG&E statement re: reorganization.
What does this mean for PG&E customers’ service? We do
not expect any impact to electric or natural gas service for
our customers as a result of the Chapter 11 process.
They did this before in 2007
Chapter 7 not 11
It’s all
Bullcrap
Since PG&E was hooked into a country-wide electric grid, in a way we are ALL responsible for the fires, and must therefore share in the pain...
So pony up, America, or how else can I drive this new Tesla, or take a ride in the new bullet train you're buying me...
PG&E is so heavily regulated it is already practically a state agency. Still it would be a nice shiny bauble for the state to actually own. Never mind that the state PUC already bankrupted the utility once with the disastrous energy pricing scheme of the early 2000s that got Governor Davis recalled and Schwarzenegger elected. Being a liberal means never having to say you’re sorry for the carnage you wreak
I know a few PCG employees who have (or had) a fair amount of their savings in the company stock. Very rough on them.
Sort of like a flu swhot or small pox vaccination
the bankruptcy prevents lawyers
Unfortunately they’ll still no matter what be selling leftist propaganda/indoctrination along with the electricity they are lawfully licensed to sell.
P.G.& E. should be selling electricity, not BS.
Shut it down and turn out out the lights in the cesspool that is now California. The state is who should be sued. They are responsible for the conditions that lead to these fires. There can numerous ignition sources. Not just power lines. The crime is that the state will not allow forest management.
Geisha Williams (Jimenez)
Affirmative Action CEO and complete incompetent, was making over $4mil per year.
She redirected money from Maintenance, and PG&E has an ENORMOUS Maint budget, to salary, benefits and operating profit.
She belongs in prison for negligent homicide, at least 100 counts.
And the board who appointed her should suffer the very same fate.
And they buy their power wholesale from PG&E.
“They just need to model PG&E like SMUD”
SMUD would not survive without PG&E power.
Well, the b!tch is leaving with the “oblgiagory “$hitload of cash!”
“Early life
She was born Geisha J. Jimenez in Cuba. At the age of five, Geisha immigrated to the US with her parents, after her father, a political prisoner, was released from prison. Her father worked various jobs to provide for his family and went on to own their own grocery store.
She has a bachelor’s degree in industrial engineering from the University of Miami and an MBA from Nova Southeastern University.”
Oh well, at least she’s not a Harvard MBA!
Isn’t a lot of the California pension funds invested in PG&E?
“Newsome will take control of the utility and then California will go dark........................”
No, because California has a good supply of unicorn farts and Power Points.
I imagine 90% or more of PG & E customers are democrats. So, it’s a hard thing to do for some of us in fly over country to suppress a big fu to PG & E “Democrat” PG & E customers.
This is because INSANE LIBERAL FOREST MANAGEMENT POLICIES, designed, created and implemented by INSANE, RADICAL LIBERALS put in office by INSANE RADICAL ELECTED LIBERAL officials CAUSED these fires...……………………. NOT PG & E.
PG & E caused these fires like Smith & Wesson caused somebody to shoot themselves.
The ultimate irony is that some of the Democrats that voted for politicians who supported and implemented California Forest Management will be first in line at the courthouse to file their lawsuit.
So, to all the Democrats in California, millions of us in the Red states can’t wait for your electric bill to double or triple. I recently lived overseas where rates were fifty cents a kwh and that was when it worked!
Get Ready! And, OH!!……….guess what Trump will tell you when you line up at the Federal Government trough to cover these lawsuits?!
When the lights go out in Los Angeles you will know that we have won........................Apologies to John Galt and Ayn Rand...................
There are quite a few municipal electric utility agencies and quasi-agencies.
Some just act as billing agents. Some aren’t even that, acting as “cost plus” in-paper-only-providers of “green” power. For an example, compare San Francisco vs Oakland electric bills - oddly, SF has less boondoggles attached.
Some really are utilities in a proper sense. LADWP and SMUD maintain their own distribution lines, as do a few irrigation districts.
Its quite a zoo really.
What none of them do is the difficult work of electric transmission and rural/fill in the blanks distribution, the point where there are liabilities for fire risk, extremely long runs of power lines through forests and brush covered hills, nor do they operate the electric grid, which is a single entity.
That is, PG&E and to a lesser degree So Cal Ed tie them all together and operate the system as a whole, and provide service in places nobody else wants to.
2001
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