When Biden took office, one of his first acts was the elimination of our border security. Like a power-hungry dictator, Biden simply decided to ignore our immigration laws. His catastrophic border policy resulted in untold millions of unidentified foreign citizens from around the world pouring into our country. Its impact is now being felt in cities across the country. The worst is yet to come. PETER LEMISKA - AND WE'RE ALREADY THERE!!!
Saturday, December 14, 2019
CALIFORNIA GOV GIVES CRIMINAL PACIFIC GAS & ELECTRIC THE MIDDLE FINGER! - SEN. DIANNE FEINSTEIN STILL KEEPS HER CORRUPT MOUTH CLOSED ABOUT THE CRIMES OF HER BIGGEST PAYMASTER
PG& E HAS LOOTED CALIFORNIA FOR DECADES FAR IN EXCESS OF THEIR FIRES. THEY ALSO HAVE OWNED THE MOST CORRUPT AND SELF-SERVING POLITICIAN IN HISTORY: DIANNE FEINSTEIN!
Opinion: California’s Dark Ages
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High gas prices and rolling blackouts by PG&E are hitting Californians hard, thanks to years of mismanagement by politicians in Sacramento. Image: Rich Pedroncelli/Associated Press
California Governor Threatens to Block PG&E Bankruptcy Exit
Democrat Gavin Newsom says changes needed before he will sign off on embattled utility’s proposed plan to exit chapter 11
In a letter Friday to PG&E, California Gov. Gavin Newsom, right, said the company’s plan ‘fails to address most of the issues we previously raised.’PHOTO: CHRISTIAN MONTERROSA/ASSOCIATED PRESS
By
Katherine Blunt and
Christine Mai-Duc
California Gov. Gavin Newsom is demanding changes to PG&E Corp. ’s plan to pay wildfire victims and exit bankruptcy, saying the company’s current proposal “falls woefully short” of a law outlining requirements that would allow the utility to receive state assistance.
In a letter Friday to PG&E, the Democratic governor said the company’s plan “fails to address most of the issues we previously raised,” including a transformed corporate board and sufficient financial stability to make major safety investments.
“For too long, PG&E has been mismanaged, failed to make adequate investments in fire safety and fire prevention, and neglected critical infrastructure,” Mr. Newsom said in the letter. “PG&E has simply violated the public trust.”
The current plan put forth by PG&E would result in a “company that, in my judgment, will not be positioned to provide safe, reliable, and affordable electric service,” he added.
PG&E said in a statement that it believed its plan met state law and was “the best course forward for all stakeholders.”
“We’ve welcomed feedback from all stakeholders throughout these proceedings and will continue to work diligently in the coming days to resolve any issues that may arise,” the company said.
Mr. Newsom signaled that he wants the company to overhaul its board to include more directors with “extensive safety experience.” The majority of the board, he said, should be Californians.
The company reconstituted its board earlier this year in the months following its chapter 11 filing. Many of the directors hail from Wall Street.
Mr. Newsom also raised concerns that the reorganization plan, which contemplates issuing a substantial amount of debt to pay billions of dollars in wildfire claims, would restrict the company’s ability to raise capital and invest in safety improvements.
The company must reach an agreement with Mr. Newsom to move forward with its restructuring plan, which it amended Thursday to reflect the $13.5 billion settlement with wildfire victims.
It is up to him to determine whether the plan meets the requirements set forth in legislation that earlier this year established a California wildfire fund to help the state’s largest utilities handle fire-related liability costs. To participate in the fund, PG&E must exit bankruptcy by June 30, 2020, and make a series of changes to its safety practices, among other things.
State Sen. Bill Dodd, the author of the wildfire fund legislation, indicated support for Mr. Newsom’s stance Friday.
“We all know that we can’t trust PG&E to do the right thing or even follow the law,” Mr. Dodd, a Democrat, said, adding, “We need to achieve systemic change in the structure and governance of PG&E to ensure safe, reliable power.”
PG&E’s proposed settlement with wildfire victims matches an offer by a rival bankruptcy exit proposal backed by Elliott Management Corp. and other investors in the bonds of California’s largest utility. The bondholders had earlier struck a tentative $13.5 billion settlement with fire victims.
The bondholder group said in a statement Thursday that PG&E’s latest plan failed to meet the standards set forth in the wildfire fund legislation, saying it would leave the company “substantially more levered and more vulnerable, with an inferior governance and oversight structure.”
Elliott’s proposal involves paying off wildfire debts with equity, while the company and its shareholders would rely more heavily on debt financing.
PG&E must also get approval from the U.S. Bankruptcy Court in San Francisco on the settlement with victims. However, the SEC filing says the settlement with wildfire victims terminates if PG&E doesn’t comply with the state law, in the sole judgment of Mr. Newsom.
PG&E sought bankruptcy protection in January, citing more than $30 billion in potential liability costs. Its equipment was determined to have sparked 19 wildfires in 2017 and 2018 that collectively killed more than 100 people.
Mr. Newsom last month announced that he plans to take a much more active role in shaping the future of PG&E, which pre-emptively cut power to millions of Californians this fall in an attempt to prevent its equipment from sparking more fires. He threatened a state takeover unless PG&E meets the state-imposed deadline for exiting bankruptcy and dramatically improves the safety of its electric grid before the next wildfire season.
Mr. Newsom has held meetings in recent weeks with PG&E executives, investors and representatives for wildfire victims to discuss the company’s reorganization plan. He assigned his cabinet secretary, Ana Matosantos, to head a team tasked with preparing a plan should the state need to intervene.
Wildfires Become an Insurance Nightmare for Californians
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Wildfires Become an Insurance Nightmare for Californians
California wildfires cost insurance companies more than $24 billion over the past two years. As those insurers look to cover their losses, here’s a look at how homeowners like Grass Valley resident Christy Hubbard are paying the price. Photo/Video: Jake Nicol/The Wall Street Journal
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