Posted on 10/12/2019 7:05:37 AM PDT by libstripper
Pacific Gas & Electric Company shareholders are facing the possibility of a worst-case scenario -- the value of their holdings getting completely wiped out -- after a federal bankruptcy judge’s ruling.
(Excerpt) Read more at foxbusiness.com ...
Not shareholders.
I agree, I also think that’s the plan. The idiots want to socialize the electric utilities, and this is an easy way for them to take over PG&E to “save” the citizens of California.
If I had PG&E stock I’d be selling like the proverbial hot cake salesman.
Even a loss now will be better than what happens as more days go by.
I can’t imagine a logical reason to keep such a loser in one’s portfolio.
If a broker is recommending PG&E, or not urging to sell, then they should be sued for mismanagement.
Not one dime!
So the left will destroy the company running their grid. OK. I’m sure the company they put in place will be 1000% worse. Idiots.
Just imagine a publicly owned utility company with a Board of Directors of woke crazies!
Can you say electricity rationing?
“Special groups” get the electricity first....
The white flight out of California would turn into a stampede.
You cannot move the super high voltage lines on towers to underground......
*chuckle*
Living in Fairbanks, we have 3 board members in our utility that are infatuated with “renewables”. These wing-nuts are pissing away money left and right. The CEO works for the board and with him directing the other executives, they are quite creative at hiding their waste. It’s pretty disgusting.
This is actually one of the standard outcomes for corporate bankruptcies when liabilities exceed assets, and is taught in the standard corporate law course in law schools. If the business can continue even in such an instance, the value of the shareholder's stock is determined to be zero and their claims are wiped out.
The holders of corporate bonds become the new shareholders, with their stocks valued at the amount of the bonds owing.
From what I've heard, PG&E is close to the line of its shareholder values being zero when the value of the wildfire claims is determined. If that happens, the bankruptcy judge will then determine the form of ownership of PG&E after bankruptcy. The holders of its corporate bonds are one of the groups appearing before the bankruptcy court with plans to take over the company's management after bankruptcy.
And, having lived in California all my life, this could not happen to a more deserving company. PG&E really is a direct and immediate threat to the public's health and safety. PG&E's corporate culture is rotten and it badly needs a complete restructuring and mass firings of its management & staff.
CalPers is almost certainly the biggest shareholder. I doubt it holds a majority of PG&E’s stock. Throw in the teachers’ retirement systemt (CalSTRS) and they might have a majority.
I call them the woke zombies.
First they infiltrate an organization.
Then they bloat it.
Then it explodes in a bloody mess.
Good analogy
Easy answer, Texas.
Calif refuses to allow new needed generating plants,
So they purchase electric power from Texas for lots of money.
re: “Can there be any doubt the left is a cargo cult?”
Feynman would be proud in your usage of his ‘cargo cult’ reference.
re: “You cannot move the super high voltage lines on towers to underground......”
Go ahead and let him try to violate the laws of physics; it serves as an object lesson for the rest of the non-technical ‘corps’ ...
re: “So they purchase electric power from Texas for lots of money.”
The ‘means of transfer’ is not in place to facilitate this ...
Jim,
I have read where as Calif. hasn’t made any new power plants in decades while electric useage increases.
Also that over the last few decades Texas has built them and sells such power to Calif.
“ You cannot move the super high voltage lines on towers to underground......”
Why not?
L
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