California v. PG&E
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- Dec 15, 2019 9:45 pm GMT
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In roughly the last week, PG&E appeared to have reached a settlement with all of the claimants from the 2017 and 2018 wildfires, where PG&E would pay roughly $13.5 Billion (with lots of conditions and caveats). However Governor Newsom quickly rejected this settlement.
Below are three links. The first is for an excellent CBS News Article regarding this that lays out the current scenario, the second is to a draft of the Governor’s five-page letter to PG&E rejecting this settlement (also linked in the CBS Article), and the third is PG&E’s response. The governor’s letter lays out the conditions for a settlement in accordance with AB 1054 and thus participation in the fund that mitigates liability from wildfires from 2019 onward.
I will let the readers draw their own conclusions, but in my opinion, unless PG&E negotiates an agreement with the Governor (and thus the other California government stakeholders), their chances of escaping their bankruptcy whole is minimal.