Why hedge funds are fighting for control of PG&E — and what it means for you

07.23.19

San Francisco Chronicle

…Three hedge funds that have invested in PG&E already stand to reap large profits if the company’s shares — which closed Monday at $17.65 — continue trading around their current prices or higher.

The firms — Abrams Capital Management, Redwood Capital Management and Knighthead Capital Management — all bought millions of PG&E shares around the time the company and its subsidiary Pacific Gas and Electric Co. filed for bankruptcy protection and the weeks afterward. The stock has since substantially appreciated: As of this month, they were sitting on a collective profit of about $450 million, according to a Chronicle analysis of Securities and Exchange Commission filings.

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