Bondholders are lenders, while stockholders actually own the company. The group competing with the bondholders consists of three hedge funds that own a combined 10 percent of PG&E’s stock — Abrams Capital, Knighthead Capital and Redwood Capital. They have become influential players in the company’s operations. In April they played a big role in installing Bill Johnson, the former head of the Tennessee Valley Authority, as chief executive of PG&E. Their stock is worth just under $1 billion.