https://apnews.com/b9cf5113c46347f584564b8f763f31b2
The key being here
The bankruptcy filing immediately puts a halt to the wildfire lawsuits and consolidates them in bankruptcy court, where legal experts say victims will likely receive less money.
Wildfire victims have little chance of getting punitive damages or taking their claims to a jury in a bankruptcy proceeding. Instead, they will have to tussle with PG&E’s creditors, including bondholders, for a payout from the company.
You're not out of this yet, you fucks.
If Trump were to hand them bankruptcy (if he even has that power, but he probably does), I'm pretty sure pitchforks would rise.
I don't think the president has that power.
Why are they being sued for the wildfires?
Their infrastructure has caused many of them, and they knew it was going to happen.
From what i can gather- For cutting gigantic corners in the safety department.
Another issue is fires in the past have been started by PG&E equipment. The company has known about these issues for a long time now.
Gotta make that $$$ though.
It’s all the more galling that they started these fires after blasting propoganda commercials about how they were setting up new infrastructure that could let them turn off questionable grind segments that might start a fire, then said they were going to leave sections on despite knowing they were likely to start a fire. These fucks should be charged as if they had personally lit a match.
I had no idea that there were privately owned utilities in the US. I thought they were all state-owned throughout the country.
That sounds incredibly stupid to have. California ought to just take the company at this point.
This sounds really familiar, doesn't this kind of shit happen often; companies declaring bankruptcy to weasel out of debts and lawsuits only to begin anew under another name?
He can't.
Everyone says that America has a lawsuit-focused culture, but what they don't realize is, with a creation of a lawsuit culture comes a "weasel out of lawsuit" culture as well.
Unfortunately, due to the ever increasing erosion of most regulatory bodies and/or lobbyist undermining/under-the-table-deals. Lawsuits are sometimes the only legal recourse for individuals affected.
When the authorities failed to protect you, vigilantism goes on the rise. Legally speaking.
GOOD
I sure hope so. I can imagine him just showing up saying he has a good friend there who says they had absolutely nothing to do with it, and that its the firefighter's fault instead.
California is a very stupid ball, they still have the capacity to avoid droughts and even reduce the strain on aquifers but guess who owns them. Bottling Companies. Because unlike the East Coast, which defines fresh water as a common good that must be maintained, most Western States give water ownership over which is as stupid as it stands.
TL:DR it was standard practice under the conditions running up to the wildfires to have pre-emptive blackouts in case of downed lines from draught and high winds, the inevitible happened, causing the fire, and even after the fire started they still didn't enact preventative blackouts, making the fires worse. And this is not the first time this has happened. So they fucked up in a way that they absolutely knew better to do, repeatedly, and basically burnt a lot of california to the ground and killed a bunch of people because fucking who knows why.
Bankruptcy has nothing to do with the executive or legislative branches of government. It's between a company and it's creditors, and the courts.
"Bankruptcy" means you can't repay your debts. A company cannot "file for bankruptcy." They file for bankruptcy protection under the bankruptcy laws of the US. Usually its Chapter 7 or Chapter 11 bankruptcy protection which basically grants the company mercy as long as it restructures and pays off the debts in the future. There's a lot of bankruptcy protection chapters that companies can use if they're facing bankruptcy in order to get their shit together. If the process wasn't organized you'd have people collecting their debts with a baseball bat to the knees.
Basically bankruptcy doesn't mean you're fucked and got to stop doing business. It just means you're in a really bad spot and need to figure out a way to pay your debts. Sometimes that involves Chapter 7 bankruptcy where you have to liquidate assets until your debts are settled. If theres any company left after that, or some other investor steps in, then you can carry on like nothing happened. Companies never die. They just get sold, either as a whole, parts, or scraps.
You have to file for bankruptcy protection in a bankruptcy court:
“It shows PG&E does not actually have the best interests of the wildfire victims in mind,” she said.
Riddle attended the first court hearing on PG&E’s bankruptcy Tuesday. Judge Dennis Montali did not rule on any requests by PG&E, including approval for up to $5.5 billion in bankruptcy financing. He said he would give the public a chance to weigh in on the case in the future and set another hearing for Thursday.
“For me and for most of you by my calculation we haven’t even had 14 hours to absorb what was filed just after midnight,” he told a packed courtroom.
The judge could deny their request, I don't know what happens then. Probably liquidation. Technically speaking, if PG&E cannot afford to pay fines related to the fires, that have to do some kind of bankruptcy proceedings.
Then he'd bail them out, somehow.
The President doesn't have the authority to appropriate a dollar to buy a Snickers from the White House vending machine, he can't arbitrarily bail out a bankrupt company unless he wants to do it out of his own pocket.
Any loans provided by the federal government would have to be done through Congress. The president doesn't have that power.
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