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zBrown

Ice climber
Jan 14, 2019 - 02:04pm PT
PG&E Plans To File For Bankruptcy Over Possible Liability In California Wildfires
January 14, 20192:54 PM ET


Pacific Gas & Electric Corp., the parent company of California's largest utility, plans to file for Chapter 11 bankruptcy protection amid what could be billions of dollars in liability costs over the massive wildfires that have torn through California in recent years.

The company made the announcement Monday. Just hours earlier, PG&E said that its CEO, Geisha Williams, would be stepping down.
Reilly

Mountain climber
The Other Monrovia- CA
Jan 14, 2019 - 02:44pm PT
^^^ Now dipsh!t Californians will see a real financial fiasco plus they’ll really holler when
their lights and A/C goes off.
August West

Trad climber
Where the wind blows strange
Jan 14, 2019 - 04:16pm PT
Reilly,

So what do you think the alternative should be?

Having CA give PG&E a bailout?

If taxpayers are going to be on the hook for PG&E, let them declare bankruptcy, wipe out the shareholders, and then have the state of CA take the business over.
Reilly

Mountain climber
The Other Monrovia- CA
Jan 15, 2019 - 07:52am PT
Having the state take over will be a disaster. The state already showed its incompetence in
its oversight. If adequate oversight was possible (yes, an oxymoron) then something more
reasonable could be contrived. But we’re talking about a state that is spending $100 BILLION
on a train that nobody will ride.

And how about PG&E giving its lame ass CEO Geisha (😳) Williams a $4.5 million
golden parachute for quitting yesterday? You can’t make this sh!t up!
Reilly

Mountain climber
The Other Monrovia- CA
Jan 15, 2019 - 08:36am PT
So the power goes out more often, so what?

My friend on dialysis doesn’t share yer sang froid.
Charlie D.

Trad climber
Western Slope, Tahoe Sierra
Jan 15, 2019 - 10:04am PT
BTW....we found an entity to insure us being in the highest risk tier - Lloyds of London. Our premium doubled to roughly $3600/yr, we were happy to find someone. The issue is they are not underwritten by the State of Calif so if they go belly up and we suffer a loss....that’s it.
Chaz

Trad climber
Jan 15, 2019 - 10:26am PT
Jesus! They could have bankrupted themselves by doing something useful - like burying their f*#king lines - and there'd be a hundred dead people still alive and a whole town still standing right now.

Granted a monopoly to sell something everybody has to have at the highest rate in the entire country, and they found a way to go broke!
Reilly

Mountain climber
The Other Monrovia- CA
Jan 15, 2019 - 10:45am PT
Oh, yeah, and they’re a tad leery of insuring sinking ships. 😈
August West

Trad climber
Where the wind blows strange
Jan 15, 2019 - 10:55am PT
Having the state take over will be a disaster. The state already showed its incompetence in
its oversight. If adequate oversight was possible (yes, an oxymoron) then something more
reasonable could be contrived. But we’re talking about a state that is spending $100 BILLION
on a train that nobody will ride.

And how about PG&E giving its lame ass CEO Geisha (😳) Williams a $4.5 million
golden parachute for quitting yesterday? You can’t make this sh!t up!

So besides getting some popcorn and enjoying the show, CA should do what?

Turn into a completely unregulated company? Lawsuits would still bankrupt it.
Give it immunity from fire related lawsuits and just live with tens or hundreds of billions of dollar fires each year?

Pass a law saying the CEO can't get a multi-million dollar bonus?

I known, make snide comments on SuperTopo. That'll show em.
Reilly

Mountain climber
The Other Monrovia- CA
Jan 15, 2019 - 11:36am PT
Pass a law saying the CEO can't get a multi-million dollar bonus?

That would be a very good start especially if said corp is a ‘public’ utility.
formerclimber

Boulder climber
CA
Jan 30, 2019 - 10:19am PT
Camp Fire cause is still undetermined, not sure why there's so much blaming of PG&E is going on.
Tubbs Fire (Santa Rosa) had not been caused by PG&E, by the way, but by a homeowner -- as had been determined few days ago. Facts should be obtained first, before blaming PG&E (as to Paradise: anything, like dry lighting strike, homeless campfire, railroad spark, negligent homeowner would have easily caused it all to burn down...have you seen that environment, right around town, before the fire? It was obvious that it was not "if" but "when" question. Most insurers had left the town way before the fire).
The idea of burying the power lines...why should PG&E bury them, if federal, State regulations are all OK with not burying them and tax and rate payers (who'd have to pitch in, with enormous costs involved) would never agree to high costs of implementing this?
As to deaths in this fire: the real blame is in on the City of Paradise and Butte County, I think. They issued numerous construction permits over years in a very high risk area, while it was clear that there're no adequate evacuation routes for that population. They had chosen not to install a siren. Of course, Butte County isn't such a lucrative suing subject as the power company...all they got to their name is probably the meth labs.
August West

Trad climber
Where the wind blows strange
Jan 30, 2019 - 11:13am PT
Camp Fire cause is still undetermined, not sure why there's so much blaming of PG&E is going on.

Sure, people are quick to point fingers. But PG&E is so confident of their innocence that they decided to preemptively declare bankruptcy in order to reduce their payout for fire related damages.
mouse from merced

Trad climber
The finger of fate, my friends, is fickle.
Mar 5, 2019 - 12:46pm PT
https://www.fresnobee.com/news/state/california/article226887989.html

California wildfires in 2018 killed more than 100 people, destroyed more than 22,000 buildings and burned over 1.8 million acres of land, making it the worst fire year on record, trailed closely by 2017.

“This coming year has all the indications of being just as possibly catastrophic as last year and the year before,” Cal Fire Director Thom Porter told a Senate committee in January.

Of further interest:
Inmates help battle California’s wildfires. But when freed, most can’t get firefighting jobs.
https://www.fresnobee.com/news/state/california/article217422815.html
rottingjohnny

Sport climber
Sands Motel , Las Vegas
Mar 5, 2019 - 06:55pm PT
Just because you like to watch sh#t burn doesn’t mean you’re a bad person Dingus .
Reilly

Mountain climber
The Other Monrovia- CA
Mar 5, 2019 - 09:04pm PT
He got the heinous 3 hots and a cot.* Out in 15, if that. Oh, the horror!

*with cable, of course. It would be cruel and inhumane otherwise, right?
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