Since we spoke about PG&E a few weeks ago, the company has filed for bankruptcy and the stock has basically doubled. Those are usually not successive acts in a one-month period, so what's going on? We ask WYCO Researcher, a Seeking Alpha author and expert on bankruptcy proceedings, to walk us through the PCG's fall, the recent stock price rise, and why there's still a lot of money to be lost for shareholders (in his view).
Topics covered:
2:45 minute mark - Inverse condemnation, the Constitution, and what makes this case unique 7:30 - The tough spot this puts California utilities in and the effect of climate change 11:30 – Bankruptcy as less than the driving factor for PCG shares, and what's yet to be priced in since filing 15:15 – Avoiding utility risk - just do it 17:00 – The thornier implications of bankruptcy, and the different claims 25:00 – Baupost’s position and risky business 29:00 – The thicket of inverse condemnation in the modern world 32:00 – Simpler than it looks? And BlueMountain’s counterproductive step 35:30 – Final thoughts – in bankruptcy, it’s the little things that kill a thesisBehind The Idea #100: The Alphies 2.0
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