PG&E Another train wreck stock

[HGTVfan]

I was a shareholder for eight years, sold a year ago this month after rumblings about liability for the Napa fires and PCG eliminated its dividend. When I sold the stock was off its highs but above what I paid for it. A nice dividend for many years.

I’m not surprised by today’s news.

 

[Lakewood90712]

PG&E Corporation - Press Release

Will file chapter 11 on Jan 29th.

Shares are holding near $9 Institution ownership is 80 %

Current market cap is about 4.5 Billion, roughly equal to cash on hand.

 

[38Chevy454]

It certainly does not look good with the latest news of filing bankruptcy and the CEO leaving. Not sure what the new governor can do, in spite of his comments about trying to shield some liability.

 

[Lakewood90712]

San Francisco city power ?

Very large blocks traded today at very low prices , about $5 recovered to $6 and change. Mutual funds dumping it ? and who are the buyers ?

On another note S.F. city gov. toying with buying part of the system : https://www.utilitydive.com/news/sa...tility-as-pge-prepares-bankruptcy-fil/546087/

Would be a complex act, but I believe more likely to happen than not.