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Today marks a significant milestone in our Chapter 11 process. We have agreed to a settlement to resolve the claims of all individual wildfire claimants.
The settlement agreement is valued at approximately $13.5 billion and fully resolves all claims arising from the 2017 Northern California wildfires, including the Tubbs Fire, as well as the 2018 Camp Fire, the 2015 Butte Fire and the 2016 Ghost Ship building fire. PG&E does not admit fault in the Tubbs Fire or Ghost Ship fire, but claims related to those fires will be resolved as part of this settlement.
You can read the news release we issued here.
We’ve now reached settlements with all major groups of wildfire claimants in our Chapter 11 proceedings. Previously, we announced a $1 billion settlement with cities, counties and other public entities, and an $11 billion settlement to resolve all insurance subrogation claims arising from these fires.
Since filing Chapter 11, getting wildfire victims compensated has been our primary goal. We want to help our customers, neighbors and friends in the impacted areas recover and rebuild after these tragic events.
Today’s development is also another key step toward emerging from Chapter 11. We remain on a path to exit Chapter 11 by the June 30 deadline, which allows PG&E to participate in the state’s go-forward wildfire fund created by Assembly Bill 1054.
I want to take this opportunity to reinforce that we cannot expect to emerge from Chapter 11 doing business as usual. We have heard the calls for change and are committed to doing things differently as we work to re-earn public trust and confidence.
Ultimately, we must deliver safe and reliable gas and electric service to our customers every day, and we must sustain that performance over time.
This includes, among many other things, further reducing the risk of wildfires in our communities, even in the face of a rapidly changing environment. We have made much progress on this, particularly this year, and we must persist in those efforts. None of us wants to see another year of catastrophic fires in the communities we love so much.
As far as next steps in Chapter 11, we intend to amend, finalize and file our Plan of Reorganization with the Bankruptcy Court. As a reminder, this Plan sets forth how we will resolve claims and emerge as a financially viable entity.
We will continue to keep you updated along the way.
Thank you for all you do to serve our customers every day.
Bill
I was all over today, so in the end today I was up only 2% I got in and out a few times. I got in this morning at around 9.48. After watching it hit 10 and bounce for a while I got out at 9.97. The other times I was in and out and lost track of my prices because I was doing it on the road. Which I don’t recommend. Makes driving a pain. I still haven’t heard any formal announcement about the judge. I don’t know. Everyone was expecting it this week. If I hear anything I’ll share.
Yes, But which personality of boiler room is here? Only the Shadow knows!
Well I got back in at 9.34 and got out at 9.55. And of course I see my flaw in my charting tea leaves. I still give huge props to those who can read charts well. I’m still watching to many that I end up over analyzing. Left money on the table at least it wasn’t mine. Try again tomorrow!
Who were you talking about?
Are you kidding me? Scientology ruins people financially with their BS alien crap. Let alone the torment they put on former scientologist and the people that speak out about them. The so called suppressive person. Harry Krishna I’m not sure about but it’s a cult non the less. Christ don’t get me started. Their about as worth as a turd in a punch bowl.
First that was to be private, second, I can’t spell for shit.
Alright I’ve got to get out to the shop and get something done today. Can’t watch it anymore. It does what it does. Yes, that’s me bitching.
Move for Christ sakes, up , down I don’t care. Just do something.
I got in light, only 2000k at 9.34
Will do.
Right now I’m playing this as a day trade. But I don’t want people confused of my position. PG&E will exist out of BK with a clean balance sheet. They will spend billion updating their system. The victims will get their deserved monies and PG&E will either known or in private support the communities that were destroyed. How do I know this. Because they are still helping in the San Bruno community today. Ten plus years after the explosion. Government take over will never happen. It won’t for several reasons. Newsom thinks he can pick what plan is going to be accepted. That was the funniest thing I read in a long time. The dip sh$T has no voice in BK court and is and like always, talking out the side of his neck. And when you see that Mor&n run for the White House in 2024. That’s when you’ll see me back on the radio daily. Fighting that SOB all the way. Oh, I feel better. Can’t stand that guy.
I am for the moment
Judge still hasn’t decided. I have seen a internal memo to employees. Stating their still in negotiations and news reports were not correct. FYI
Yep, going to be some good opportunity on Friday
Got out at 9.51, come on 7
Could dive straight to 7
I have to give it to you. That was a good call.
Can’t watch
Hope someone got some of that dip
We’re going over 50 mil shares traded.
From your fingers to Gods ears.
LOL, you are entertaining.
I wonder about you sometimes. You have a slit personality or something?Lol
Any guess of EOD price. Mines $10.36
I got caught off guard, didn’t think it would hit $10 again today. Any close over 9.50 is absolutely setup for $12 by weeks end.
Bloomberg already has news out.
If we close at 9.50 expect huge gains tomorrow.
Remember the meeting with BofA. This has all been worked out.
Please understand what’s about to happen over the next short months. First PG&E is going to pay for its short sightedness. But they will come out of BK with a clear balance sheet and a plan to give every dime to the victims. PGE is so involved with the future of energy of California that the state can’t afford them not being there. I know that sounds odd but it’s true. As dilapidated as some of there system is. They are also huge in innovation. They employ as contract with the biggest minds to help solve being totally on green energy. Think of them like Bell Labs. There are so many arms and tentacles. They own many energy transfer systems around the world. Or have stake in them. It’s way bigger than anyone realizes. It’s not just the PG&E blue trucks you see. More on this later.
News breaking on Bloomberg/ Judge accepted offer
Should see news that judge excepted the offer. See you at $15
Get back in
Is that what your gut tells you?
Here’s the bounce back up
Notice how quite the Governor is now. Typical Newsom, that dude couldn’t find his ass with both hands.