The California death spiral continues as PG&E prepares to file bankruptcy as a result of the Camp Fire in California. The cost of living in California will continue to skyrocket in no small part but I don’t know how this will all play out. Pension holders could get screwed.

I just picked the first Google link that came up.

https://www.reuters.com/articl...ruptcy-idUSKCN1P815B

Welcome to your new job Gov. Newsome. L

It seems as though this could be a major hit for bond holders

So...... in September of 2017 the PGE stock price was $70. Today it is $8.

This would be a good time to buy, no?

I thought I recognized the name PG&E. It's the same company that Erin Brokovich was instrumental in building the case against in 1993. They were discharging hexavalent chromium into unlined ponds some of which eventually got into the water supply. The case was settled for $333 million. Makes you wonder what that case would be settled for today.

quote:

Originally posted by thumperfbc:
So...... in September of 2017 the PGE stock price was $70. Today it is $8.

This would be a good time to buy, no?

No, but September 2017 would have been a great time to short.

Being serious, no time is a great time to short anything unless you are both a) in the securities business and b) are playing with someone else's money.

They think their equipment might have caused that Camp Fire fire? If true, their liability would be huge.

So, today PGE is turning off the electricity in much of California due to wildfire hazards.

I just saw on Fox Business that Elon Musk is promising to install big batteries at the Tesla supercharging stations, in just a few weeks. They are awaiting approval, he says.

Of course, they can't pump gas (at $4.29 a gallon) for real cars either.

Article is from January 2019


In June it was announced executive bonuses in excess of 11 mil to be paid out. Bankruptcy judge was supposed to decide if it could go through in July. I’ve not heard if that was approved or not

quote:

Originally posted by mholmes:
...The case was settled for $333 million. Makes you wonder what that case would be settled for today.

According to the CPI inflation calculator, $333 mil in 1993 is $600 mil today. Lotta money.

quote:

Originally posted by thumperfbc:
So...... in September of 2017 the PGE stock price was $70. Today it is $8.

This would be a good time to buy, no?

Compared to September of 2017, Absolutely! Unfortunately, tomorrow might be an even better day than today, and it might keep getting “even better” from there...