Law360 (January 24, 2020, 4:55 PM EST) -- As Law360 recently reported, California Gov. Gavin Newsom is asking the federal bankruptcy court overseeing Pacific Gas and Electric Co.’s bankruptcy to reject the plan agreed to among a group of bondholders and wildfire claimants.
Newsom’s lawyers argue that the plan does not satisfy the requirements of a new taxpayer bailout law — known as A.B. 1054 — that requires utility fire victims to be made whole as a condition of PG&E’s access to the $21 billion bailout fund for future fires.
Given this standoff, I argue that it would be legally impermissible for U.S. Bankruptcy Court Judge Dennis Montali to approve the plan, and it...
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