Timely trade in PG&E options reaps millions in paper profit A well-timed trade in PG&E (NYSE:PCG) options reaped a huge paper profitafter shares soared 74% when a state regulator cleared the company from any responsibilities related to the 2017 Tubbs wildfire. Minutes before the shares jumped, an unnamed trader paid $200K for 10K call contracts betting on the shares rising above $12 by Feb. 8; PG&E shares were at $7.34 at the time and went on to end the day at $13.95, sparking the paper value of the contracts to $3.7M. Yesterday, another 10K call contracts betting on PG&E shares rising above $10 by Feb. 1 were bought for $300K; by the close of trading today, these contracts were worth $4.7M on paper. The two trades likely were made by the same trader, surmises Henry Schwartz, president of Trade Alert, adding that they are likely to invite regulators’ scrutiny. https://seekingalpha.com/news/3425913-timely-trade-pg-and-e-options-reaps-millions-paper-profit
PG&E remains the utility California loves to hate, despite fire report The utility’s stock price, which had tanked from about $43 a share last year at this time to about $7, perked up on the report, to about $14. But as the state’s largest utility prepares to file for Chapter 11 reorganization in bankruptcy court in apparent anticipation of a less forgiving Camp Fire verdict, Californians haven’t had much of an appetite for “innocent until proven guilty.” (San Jose Inside)
%% Also likely, the worst run state forestry dept in US saying ''its ok''; will likely draw more attention. LOL .The bull side may look better if they '' fire'' all the officers/managers+ it closes /keeps closing above 50dma/200dma. Good thing for the bears, CA has a state flag with a bear on it, PCG mismanagement for years, + 200dma +50. NOT a predicition ,not bank insured-may lose value.
PG&E Bankruptcy Pacific Gas and Electric has finally filed for Chapter 11 bankruptcy protection. The utility faces liabilities of as much as $30 billion for wildfires in Northern California. State Senator Bill Dodd on the filing: "It's extremely disappointing and underscores the need for change at PG&E in both its leadership and culture. Wildfire victims shouldn't have to deal with the uncertainty this causes, which in many respects re-victimizes them." CBS San Francisco
PG&E receives $4B plan from investors to head off bankruptcy Billionaires and private investment firms are lining up with competing proposals to keep PG&E Corp. from filing for bankruptcy in the aftermath of California’s deadly wildfires. A consortium sent a proposal on Monday backed by $4 billion of bonds that could convert into shares of PG&E, one person with knowledge of the matter said. (U.S. News)
%% The good news is the CEO says the'' power will stay on'' Glad to hear that The bad news is all most all the trends are still down,IBD [investors.com]is usually right, they note its a done deal=bankruptcy.50 billion in debt- dont blame them. Thats fine with me if any want to buy a dead cat/rat bounce ; but there is a reason most sell a dead cat/rat.. Not a prediction ;may lose value again
Wildfires push PG&E to seek voluntary bankruptcy protection Facing mounting litigation related to devastating wildfires, PG&E Corp. and primary operating subsidiary Pacific Gas and Electric Co., the largest natural gas utility in California, on Tuesday sought protection under Chapter 11 of the U.S. Bankruptcy Code. (Natural Gas Intelligence)
Federal judge asks PG&E: Should I ‘let you keep killing people?’ Rules utility violated its felony probation https://www.mercurynews.com/2019/01...hether-to-toughen-pges-probation-terms-today/
Judge says PG&E has “clear-cut” pattern of starting wildfires A federal judge said the California utility giant has a “clear-cut pattern” of starting wildfires and needs “strong medicine” put in place before this year’s season begins. U.S. District Judge William Alsup is overseeing PG&E’s probation for safety violations that led to felony convictions for the 2010 explosion of one of its gas pipelines. (Insurance Journal)