What’s today’s “motion for relief from stay” all about?
The dispute about PG&E’s total liabilities.
When it filed bankruptcy, PG&E said its liabilities as a result of the 2017 and 2018 wildfires totaled at least $30 billion. Yet, PG&E now proposes to resolve all wildfire claims by funding a trust for wildfire claimants of substantially
PG&E now accepts responsibility for the Camp Fire. PG&E says that it wants to pay claimants for what they’ve been through, and that it wants to set aside $14 billion for that purpose. But here’s the catch: in order to be paid, victims must file papers with the bankruptcy court by October 21. If you
PG&E Chief Financial Officer Jason Wells appeared in Bankruptcy Court to answer questions under oath. It was his second time. The first time, I asked him about the bonus PG&E paid to CEO Geisha Williams as she was shown
Scott Deveau and Mark Chediak of Bloomberg report that PG&E is likely to sign Bill Johnson as its new CEO. Bill Johnson was most recently CEO of the Tennessee Valley Authority, the large southeastern public utility. Critics are glad Johnson is now gone from the TVA because, they say, he consistently favored corporate interests over
PG&E has asked the bankruptcy judge to approve an employee bonus program that rewards employees more for boosting PG&E’s bottom line that for making the electrical safe. We object.
This week PG&E appeared in bankruptcy court to answer questions under oath put to it by wildfire survivors and other creditors. PG&E and its lawyers resisted answering some questions and, in one instance, outright refused to do so even after being directed to answer by the United States Bankruptcy Trustee. (So much for PG&E’s commitment
PG&E asked the bankruptcy judge to approve bonuses to its employees totaling $130 million. We objected, arguing that “every dollar PG&E pays out to its executives in bonuses is a dollar the victims who were burned out by those executives don’t get.”
While sympathetic to our argument, the bankruptcy judge ruled that, under the
When it filed bankruptcy, PG&E committed to pay its army of bankruptcy lawyers on a monthly basis many millions of dollars in fees. Some of that money might better be directed to PG&E victims who have been homeless for years now, especially since PG&E swears in court that it filed it bankruptcy to serve the
PG&E told he bankruptcy judge today that its goal in bankruptcy is to establish a fund against which wildfire victims can make a claim. Our Northern California Wildfire Lawyers explained why PG&E is not to be trusted.
Dario DeGhetaldi, Amanda Riddle, and Mike Danko explain why PG&E should be viewed with
PG&E says that its bankruptcy will be in the best interests of its wildfire victims. Not true. PG&E’s only motivation in filing for bankruptcy is to protect shareholder value by keeping as much money as possible out of the hands of its victims and in the corporate coffers.
KRON4 Asks Mike
