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Re: PG&E to File for Bankruptcy 

By: Beldin in POPE 5 | Recommend this post (3)
Mon, 14 Jan 19 7:32 PM | 26 view(s)
Boardmark this board | Pope 5 		Msg. 20254 of 62138
(This msg. is a reply to 20249 by Decomposed)
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Not a surprising development at all. 

"While we are making progress as a company in safety and other areas, the board recognizes the tremendous challenges PG&E continues to face," PG&E Chairman Richard Kelly said Sunday.

THE #1 tremendous challenge you face Mr. Kelly is that your utility operates in a loony bin state where your company's very business model is viscerally despised by the apparatchiks running the Kalifornia government and their useful tools in the general population. The Kalifornia Politburo LOVES electricity, but they demand that it be delivered at little to no cost to the consumer, that it be generated and transmitted without power plants and power lines (i.e., in other words, a reliable electrical power system that runs on fairy dust and unicorn farts), and that the company pay millions and millions of taxes to the Politburo from nonexistent profits.

Do yourself and your company a YUGE favor, Mr. Kelly ... file for Chapter 7, instead of Chapter 11. Let the apparatchiks find their own fairy dust and unicorn farts. And ... if you still wish to find another Geisha ... look for one of these ... 

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The above is a reply to the following message:
PG&E to File for Bankruptcy
By: Decomposed in POPE 5
Mon, 14 Jan 19 5:27 PM 		Msg. 20249 of 62138

January 14, 2019

PG&E to File for Bankruptcy Amid Mounting Liabilities from CA Wildfires

by Joshua Caplan
Breitbart.com

PG&E Corp. announced Monday that it will begin filing for Chapter 11 bankruptcy at the end of January amid mounting liabilities from the past few years’ deadly California wildfires.

PG&E Corp. stated that it aimed to file to reorganize under chapter 11 on or around January 29. “PG&E expects that the Chapter 11 process will, among other things, support the orderly, fair and expeditious resolution of its potential liabilities resulting from the 2017 and 2018 Northern California wildfires, and will assure the company has access to the capital and resources it needs to continue to provide safe service to customers,” California’s largest utility company said in a statement.

PG&E said they do not expect the move to affect electric or natural gas service for its customers as a result of the proceedings.

The utility company’s stock prices plunged 55 percent in early trading.

PG&E is the subject of enormous litigation and liabilities estimated which could reach as high as $30 billion, analysts who studied the 2018 California wildfires say.

PG&E CEO Geisha Williams (pictured, inset) resigned from the company Sunday night and will be replaced by executive vice president and general counsel John Simon on an interim CEO as the board of directors searches for a replacement. “While we are making progress as a company in safety and other areas, the board recognizes the tremendous challenges PG&E continues to face,” PG&E Chairman Richard Kelly said Sunday. “Our search is focused on extensive operational and safety expertise, and the Board is committed to further change at PG&E.”

http://www.breitbart.com/local/2019/01/14/pge-chapter-11-fires/

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