Where's the sting in PG&E's bankruptcy?

The Contra Costa Times ^ | Sat, Apr. 06, 2002 | Rick Jurgens

[Ernest_at_the_Beach]

But for PG&E Corp., the bankruptcy of its huge utility subsidiary has hardly been an occasion for reaching for the Novocain.

PG&E's elixir has been the utility's status as a "solvent debtor" and its promise to fully repay all its creditors -- assurances that PG&E lawyers recite like a mantra in court arguments and legal briefs.

[Ernest_at_the_Beach]

Calpowercrisis:

To find all articles tagged or indexed using Calpowercrisis, click below:
	click here >>>	Calpowercrisis	<<< click here
(To view all FR Bump Lists, click here)

[let freedom sing]

here is it-- ouch!

[Psycho_Bunny]

Funny how when Congress tried to clamp down on this Bankruptcy behavior - which companies and individuals have been abusing for years - all the libs were screaming that "the mean Republicans are hurting poor people".

Now that the shoe's on a power company's foot they're all "Whaaaaaaaa....look at all the abuse of the Bankruptcy system!!!".

Liberals are stupid.

[Amerigomag]

This whole affair (calpowercrisis) appears to be in the twilite zone until you evaluate it from the prospective of reality.

Gray Davis went on a mad spending spree with other people's money in December 2000 to keep his dreams of reelection alive. Now that it's time to pay the piper we've ended up with paradoxes (PG&E's Chp 11 is only one example) because Davis steadfastly refuses to accept responsibilty for his excesses.

Davis is hell bent to paint the instruments (power producers and distributors) of his failures in judgement as the responsible culprits.

[Free the USA]

bttt

[snopercod]

Federal regulations and California regulations both require that a utility be "creditworthy" in order to purchase power on "the grid". PG&E did not meet these requirements, and could no longer legally buy and sell power. That is a fact.

To the best of my knowledge, PG&E is still not creditworthy under federal regs.