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New CEO from Chicago= Obama=Biden= infrastructure bill. I just wonder that is what she meant. When she said they had been working on it for a few months. Is it possible she already has the money/grantees from the Gov. I wonder. Guess we will have to wait for more news announcements
Nice to be making money here again. Let’s hope new CEO can have investors as part of his priorities. I have always loved S&L and the idea. Great place to re-connect with people after this pandemic is behind us. They weathered this storm. Many didn’t. To me that says something.
Wes
Working on radio interview with David Bernstein. More to come.
Listened to meeting with Bill Johnson. I have no doubt that PGE is coming out of BK and most likely the Gov will support it in the end.
California will never take over! Newsom doesn’t want the burden. He all talk no balls.
Get ready to be back in the $50 range. It’s coming.
He’s just a guy who selling his magic potion. Think of him as a guy pulling up in a covered wagon with a cure to all your elements.
PGE war with bond holders about to end.
New rate increase that was approved will increase PCG revenue by over 6% this year. By the way Happy New Year. France was awesome
Let’s get back to .21 first!
PG&E Wins Court Approval of $13.5 Billion Deal With Wildfire Victims -- Update
12/17/19, 18:32
PG&E Corp. won court approval for a $13.5 billion settlement with victims of fires linked to its equipment but the utility said it expects talks to continue with California Gov. Gavin Newsom, who last week said its bankruptcy-exit plan falls short of needed reforms.
The pact with fire victims is the third and largest in a series of settlements aimed at putting a lid on damage claims from a series of blazes in recent years that left people dead, destroyed homes and businesses and plunged PG&E into bankruptcy in January.
Also approved at a court hearing Tuesday was PG&E's $11 billion settlement with insurance creditors, a group that includes insurers that paid for fire damages and investors that bought claims at a discount, like hedge fund Baupost Group LLC.
Mr. Newsom wants a reshaped company, with a new board that is conscious of safety and provisions that kick in if PG&E fails to hit goals linked to improved operations and fire prevention.
Until Monday, it was a condition of the company's settlement with wildfire victim claims that Mr. Newsom approve of PG&E's bankruptcy exit plan. But PG&E dropped the condition after Mr. Newsom said the bankruptcy plan wasn't acceptable.
Nancy Mitchell, a lawyer for Mr. Newsom, said Tuesday the governor didn't intend to stand in the way of the fire victims' deal and supported the $13.5 billion settlement.
"What the governor is saying is, 'Do whatever advances the ball toward getting those victims paid,'" said Judge Dennis Montali, who approved the pact between PG&E and fire victims at a hearing in the U.S. Bankruptcy Court in San Francisco.
The governor hasn't abandoned hope that PG&E will be able to develop a chapter 11 exit plan that passes muster with the state, Ms. Mitchell said at a hearing at the U.S. Bankruptcy Court.
As it stands, however, PG&E's plan won't get the company out of bankruptcy in sufficient shape to qualify for a statewide fund designed to cushion utilities that operate safely against rising wildfire risks, she said. A rival chapter 11 exit plan proposed by bondholders, led by Elliott Management Corp., also lacks Mr. Newsom's approval, the governor's lawyer confirmed.
Wildfire victims, who at first agreed to back the bondholder plan, backed a new deal with PG&E, counting on the utility for an easier, faster pass through bankruptcy than the bondholder plan, said Cecily Dumas, lawyer for the official panel representing fire victims.
"There may be a time in the future when the debtor's plan falls over and the bondholder plan is left standing," she said. If PG&E can't get the governor's support, or financing falls through, lawyers for fire victims would then be free to change their minds again, Ms. Dumas said.
Even though "the governor is sending nastygrams to the debtor every few days," lawyers for fire victims think PG&E has a shot at wooing the governor, she said. Strong signals from Mr. Newsom that the bondholder plan will meet the state's requirements--and that PG&E'S plan won't--would be enough to allow fire victims to turn their backs on the utility's plan, according to Ms. Dumas.
PG&E lawyer Stephen Karotkin said the utility intends to get its chapter 11 plan through bankruptcy court, past utilities regulators and into the wildfire fund. The company's new deal with wildfire victims means the bondholder- backed plan can no longer claim support from a crucial class of creditors, people owed billions of dollars due to lives, homes and businesses lost to the wildfires, he said.
Fire victims originally joined forced with the bondholders, backing a chapter 11 plan that would have preserved only a small piece of PG&E for existing shareholders. Then they switched sides.
Michael Stamer, a lawyer for bondholders, said Tuesday that the bondholder plan would send PG&E out of bankruptcy on firm financial footing, meaning the stock portion of the payment to fire victims would be worth more than the equity the company is offering.
Both PG&E and the bondholders are offering $13.5 billion to fire victims as part of their competing plans. Bondholders haven't abandoned hope of winning Mr. Newsom's support, particularly if PG&E's plan falls apart.
"We have had conversations with the governor's office," Mr. Stamer said.
To survive after paying off fire claims, PG&E needs to participate in a statewide fund set up under a California law, known as AB 1054, that is designed to cushion safely operated utilities against rising wildfire risks. To get into the fund, PG&E must be out of bankruptcy by June 30 next year.
"We do believe that an AB 1054-compliant plan can be developed in these cases," Ms. Mitchell said at Tuesday's hearing. "I'm not going to tell you that it's this plan."
A lawyer for fire victims said the group sympathizes with Mr. Newsom's drive to reshape PG&E, a company that has been criticized for paying out billions of dollars in dividends to shareholders while its equipment aged and became more dangerous.
"The governor is concerned, obviously, about the past history of PG&E," said Gerald Singleton, whose firm represents more than 5,000 victims of wildfires who blame PG&E.
"The fire victims have two main considerations. They want to be fully compensated and they want to ensure nothing like this happens again," Mr. Singleton said.
Write to Peg Brickley at peg.brickley@wsj.com
(END) Dow Jones Newswires
12-17-19 2132ET
Copyright (c) 2019 Dow Jones & Company, Inc.
May we all be blessed? No matter how your playing this. That we all come out with more green in the pocket. Leaving for France on Friday going to spend the holidays in Paris. Will check in but Merry Christmas and Happy New Year. A little early but wife is got me running around this week to get ready for trip. Feliz Navidad
We’re going to hear from the Judge by end of day Thursday. PG&E are in With BK Judge today. With the amended plan that puts it straight up the Governor dump hole. Governor needs an enema !! Lol
Newsom has been removed from the sign off process of the tort. As in the debtors revised the plan and will go with PG&E with or without the Governor’ approval. This leaves the Governor with only influence over the PUC. The PUC has nothing todo with the BK.
Also PUC rules are in writing. It is black and white. So if the Governor wants something through the PUC, rules have to change first. In turn a very public process. PUC has a lot to do with rate changes, safety and general oversight on current established rules/laws/codes.
If PG&E has to go to PUC for anything , they do it with all their T & I crossed and dotted.
Essentially the governors out of the picture now. Except for public opinion!
Tomorrow morning,
Bill Johnson (Pge Ceo)will be before US Senate on CSPAN in the early morning. He’s going because the US is asking what can the Feds do to help mitigate CA fire preparedness.
PG&E's Stock Bounces After Debtors Agree To Amend RSA -- MarketWatch https://research.tdameritrade.com/grid/public/markets/news/story.asp?docKey=1-DN20191217004427&cid=1-DN20191217004427-MIP
PG&E (PCG) Announces Amendment to Restructuring Support Agreement with Individual Wildfire Victims’ Representatives
December 17, 2019 6:22 AM
PG&E Corporation and Pacific Gas and Electric Company (together, “PG&E”) (NYSE: PCG) today announced that they have entered into an amendment to the Restructuring Support Agreement among the company and certain representatives of the wildfire victims (the "Tort Claimants RSA") in order to reaffirm the parties’ continued support of the $13.5 billion settlement. The amendment to the Tort Claimants RSA eliminates the provision that would automatically terminate the Tort Claimants RSA if the Governor of California advises PG&E that its Chapter 11 Plan (the “Plan”) does not, in his sole judgment, comply with Assembly Bill 1054 (AB 1054) and the Plan is not modified in a manner acceptable to the Governor by December 17, 2019.
Governor got kicked to the curb, LMFAO
A part of me agrees with you. CA public deserves what would happen if Gov took over. I’m so glad I’ve finally got out of the state. It was a long three years in the works. Happy early retirement to me!!! Now it’s just me the wife and my shop, with a couple of grand babies that show up get spoiled and leave. Life is good!
This could touch $5 again.
Flash sale
Oh, it’s going to be ugly today!
Oh, I’m now a Arizona resident and socialist California can kiss my ass!!!
But $5 could happen.
Next entry point is between $7 & $8
Yep, I don’t mean to sound skeptical. But after watching this guy since mayor of San Fran. This disagreement was going to happen. Gives enough time to freak out the market, so his buddies can get in at lower price before reluctantly agreeing with the plan in a few days after some additional intense meetings. Just watch. I only wish that reporters weren’t so firmly placed up his rectum and would watch his cronies moves.
Still in Scottsdale looking at property. Can’t watch as close right now. New entry point is under 11
Erin Brockovich is supporting PG&E’s plan, holly poop. Never in my wildest dreams would have seen that coming.
https://www.reuters.com/article/us-pg-e-us-bankruptcy-idUSKBN1YH0EG
You hit that right on the head. No way he’s going to not approve it. He will bitch the whole time in public but make a huge financial win fall. Watch!
It’s so tempting to get in again now, but I just think it’s going to retract hard at eod
Getting ready to go up
It’s goin up until the trial, there will be a decent retraction then it’s clear to move to pre BK numbers. Know that there will be many stories that the Governor is in control and is the so called final word and it will be all BS. More to come when I get back from vacation.
I’m on vacation, but did see new rating at $14. I’m in.
I got out at 11.25 waiting for big drop then back in. Profit taking going on right now.
To go to 12.20 on 186000 shares is fake. If there were 5mill traded I might be incline to believe there won’t be a sell off. Plus, if it opens that high. Don’t a crap load of stop loss go off it it retract to 12?
Real question. I’m not someone who has learned the art of shorting yet. So in this instance, what happens? People that short. How do they trade this now to minimize the damage?