WATCH THE DEMS PROTECT THE CRIMINAL MGMT OF PG&E LIKE THEY DO THEIR CRONY BANKSTERS!
"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."
STEALING AMERICA!
Here’s how California
surrendered to Mexico… OR WAS HANDED TO MEXICO BY NANCY PELOSI, DIANNE
FEINSTEIN, KAMALA HARRIS, JERRY BROWN and GAVIN NEWSOM!
http://mexicanoccupation.blogspot.com/2018/08/california-under-mex-occupation-do-not.html
WHY DID THE FIRST LADY OF CORRUPTION and AMERICA’S
GREATEST WAR PROFITEER SENATOR DIANNE FEINSTEIN and her cronies
PACIFIC GAS & ELECTRIC BURN DOWN MEXIFORNIA?
CALIFORNIA
BURNS …. Again!
The Mexican
welfare state under the weight of corruption and staggering cost of the LA RAZA
welfare state on their legals’ backs!
"In
fact, the destruction has again exposed the criminal indifference and
negligence of the ruling class and both its political parties, Democrat and
Republican. Social infrastructure, including fire departments, have been
starved of funds for decades as trillions of dollars have been funneled into
the bank accounts of the rich."
DIANNE FEINSTEIN’S FIRES:
This is what crony capitalism gives you!
"In fact, the destruction has
again exposed the criminal indifference and negligence of the ruling class and
both its political parties, Democrat and Republican. Social infrastructure,
including fire departments, have been starved of funds for decades as trillions
of dollars have been funneled into the bank accounts of the rich."
PG&E to File for Bankruptcy Amid Mounting Liabilities from CA Wildfires
1:52
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 effect electric or natural gas service for its customers as a result of the proceedings.
Breitbart TV
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.”
PG&E’s Stock Drops As It Announces It Will File For Bankruptcy This Month
Today, Pacific Gas and Electric announced it intends to file for bankruptcy. The company is required by California law to give its employees 15 days notice so the announcement today means the company can file by the end of the month. The company’s CEO announced she was stepping down yesterday. From CNBC:
Shares of the company dropped nearly 50 percent in early trading Monday, one day after the company said Chief Executive Geisha Williams was stepping down. The stock has lost more than 80 percent of its value over the last three months…The company, California’s largest investor-owned utility, has 16 million customers across a 70,000-square-mile service area in Northern and Central California. There was some speculation that PG&E was bluffing in order to force aid from California. CNBC’s David Faber said that sources told him that is not the case.
Last week there were reports that PG&E was considering an option dubbed “Project Falcon” which would have sold off the company’s gas assets in an attempt to cover its liabilities. But there were a couple of problems with that plan. For one thing, the gas business has also had serious safety issues which, according to some analysts, means the company was unlikely to get the $10-$15 billion it was looking for in a sale. Second, even if the company could get top dollar for the gas business, it still wouldn’t be nearly enough to cover their expected liability from the Camp Fire combined with still outstanding liability from 17 fires in 2017. From the San Francisco Chronicle:
Analysts estimate that PG&E could face as much as $30 billion in liability because of the 2017 Wine Country fires and the 2018 Camp Fire, which killed 86 people and destroyed the town of Paradise in Butte County. That figure includes civil claims filed by fire survivors and families alleging wrongful death, property damage and personal injury. PG&E’s wildfire insurance for the year that began Aug. 1, 2018, covers $1.4 billion.The California Department of Forestry and Fire Protection, or Cal Fire, has determined that PG&E equipment ignited 17 of the wildfires that tore through Northern California in 2017. Investigators forwarded 11 of those cases to local district attorney’s offices for possible criminal prosecutionThe cause of the worst 2017 wildfire — the Tubbs Fire, which killed 24 people and leveled neighborhoods in and around Santa Rosa — is still under investigation.
Responsibility for the Camp Fire hasn’t been officially placed on PG&E yet, but the company has already admitted it had a short in a high voltage line 15 minutes before the fire started in the same area where it started. It’s just a matter of time until investigators make it official.
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