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Ancient Gaseous Emanation
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12/6/2019


SAN FRANCISCO — Pacific Gas and Electric says it has reached a $13.5 billion settlement that will resolve all major claims related to devastating wildfires blamed on its outdated equipment and negligence.

The settlement, which the utility says was reached Friday, still requires court approval. PG&E says it is a key step in leading it out of Chapter 11 bankruptcy.

PG&E HAD SYSTEMIC PROBLEMS WITH POWER LINE MAINTENANCE, CALIFORNIA PROBE FINDS

It adds that the settlement will resolve all claims arising from the 2017 Northern California wildfires and 2018 Camp Fire, as well as all claims from the 2015 Butte Fire and 2016 Ghost Ship Fire in Oakland.

“From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal," Bill Johnson, PG&E Corporation's CEO and president, said in a statement. “We want to help our customers, our neighbors and our friends in those impacted areas recover and rebuild after these tragic wildfires.”

TickerSecurityLastChangeChange %
PCGPG & E CORP.9.65-0.13-1.33%

The settlement is still subject to a number of conditions involving PG&E’s Chapter 11 bankruptcy reorganization plans, which must be completed by June 30, 2020.

Friday's settlement figure responds to pressure from Gov. Gavin Newsom to give wildfire victims more than it originally offered, but it still relies on the bankruptcy judge's approval as part of the proceedings. A February hearing at which an official estimation of losses will be made still looms for the utility and could upend any settlement deals.

“We appreciate all the hard work by many stakeholders that went into reaching this agreement,” Johnson said. “With this important milestone now accomplished, we are focused on emerging from Chapter 11 as the utility of the future that our customers and communities expect and deserve.”

PG&E said the proposed settlement is the third it has reached as it works through its Chapter 11 case. The utility previously reached a $1 billion settlement with cities, counties and other public utilities and an $11 billion agreement with insurance companies and other entities that have paid claims relating to the 2017 and 2018 fires.




https://www.foxbusiness.com/markets/pge-says-it-has-reached-13-5-billion-wildfire-settlement
 

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Ancient Gaseous Emanation
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Discussion Starter #3
Settlements to date
$13.5 billion
$11 billion
$1 billion
 

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Yes, I know that. Insurance companies are in the gambling business and should suffer as well. I would assume most of the 25 billion is to pay off the insurance company which I'll bet is inflated. They don't want a loss and even though they have been collecting money from homeowners, they figure that is theirs to keep and will stiff anyone for the total bill.
I see Duke Energy or another service provider buying off pieces of PG&E territory. We will see what happens.
I still feel bad for the PG&E workforce that have a substantial amount of money in their 401k's
 

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Ancient Gaseous Emanation
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53,782 Posts
Discussion Starter #6
Yes, I know that. Insurance companies are in the gambling business and should suffer as well. I would assume most of the 25 billion is to pay off the insurance company which I'll bet is inflated. They don't want a loss and even though they have been collecting money from homeowners, they figure that is theirs to keep and will stiff anyone for the total bill.
I see Duke Energy or another service provider buying off pieces of PG&E territory. We will see what happens.
I still feel bad for the PG&E workforce that have a substantial amount of money in their 401k's
$11 billion agreement with insurance companies and other entities that have paid claims relating to the 2017 and 2018 fires.
 

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Grand Imperial Poobah
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I see Duke Energy or another service provider buying off pieces of PG&E territory.
California would be better off breaking up PG&E and turning the pieces into electric coops, where the consumer is part owner of the company.
 

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What happens to 401k if company goes bankrupt?

Depends on how the 401k is invested. If the 401k bought shares in the sponsor company (like Ford investing 100% into Ford common stock), then a bankrupt company would make the 401k shares worthless. A 401k is not considered an asset that can be seized by creditors. So, if the company goes bankrupt, the 401k should not also die or be sold off.

 

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I worked for a large telecommunications company and we had a 401K plan. The company would match 66 2/3% of every dollar I put in up to 6%. I could invest up to 16% of my pay but the company would only match 6%. Their match was in company stock. I could also buy company stock with my share or select one or as many of the other funds offered and I think there was about 8 different choices.I'm not familiar with PG&E 401K numbers or how it is administered but I assume it is basically the same. If so, the worst case scenario would be that a PG&E guy put his investment into PG&E stock along with the company match. In this case the employee would be 100% invested in PG&E stock which closed Friday at 9.65 from a high of around 49. This is a pretty good hit for those expecting to retire soon.
 

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I expect my rates to go up.
Oh they will. TANSTASFL

Actually PG&E should sue the state who made them divert funds for all of those inadequate green projects
 

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I worked for a large telecommunications company and we had a 401K plan. The company would match 66 2/3% of every dollar I put in up to 6%. I could invest up to 16% of my pay but the company would only match 6%. Their match was in company stock. I could also buy company stock with my share or select one or as many of the other funds offered and I think there was about 8 different choices.I'm not familiar with PG&E 401K numbers or how it is administered but I assume it is basically the same. If so, the worst case scenario would be that a PG&E guy put his investment into PG&E stock along with the company match. In this case the employee would be 100% invested in PG&E stock which closed Friday at 9.65 from a high of around 49. This is a pretty good hit for those expecting to retire soon.
I worked for a utility next door to PG&E, the 401K was through Vanguard, NOT company stock. Yes you also had the opportunity to buy company stock at a slight employee discount, but this wasn't Enron.
 
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