Case Update: PG&E Bankruptcy, A Non-Standard Recovery Effort

Mike Lange
Mike Lange, Esq.
August 31, 2023

We are pleased to see FRT’s unique service model for the PG&E bankruptcy starting to bear fruit for clients. After 26 rounds of debtor objections, no FRT client claims have been impacted.

 

Update on Proceedings
On July 28, 2023, the bankruptcy court entered an order requiring in part that if a claimant had not yet received a settlement offer, the debtors had to either make one or object to their claim by August 15, 2023.

That same order requires claimants, if they choose, to amend their claims by no later than October 6, 2023. It gives them the option to adopt allegations in another amended claim and/or in the federal district court securities class action against the PG&E directors and officers (the D&O Suit) by no later than October 13, 2023. Finally, the order sets deadlines for the debtors to object to remaining claims.

On August 23, 2023, the court heard oral argument on the third attempt by lead counsel in the D&O Suit to certify a claimant class. We expect the court’s ruling soon.

 

FRT Support Model
As of August 17, 2023, the debtors say 5,639 Securities Claims (roughly 64%) have been resolved. Following a wave of offers before August 15, 2023, FRT has been helping claimants – including newly added clients whose claims were filed by competitors that withdrew support – formulate their responses. Each client controls the resolution of its own claims, and each has different priorities and goals. Some are accepting, some are countering, and some are rejecting.

 

Conclusion
PG&E continues to showcase the challenges of non-standard matters. For FRT clients, our unique service model enables us to tailor support for each client and meet their needs. We are pleased that some have achieved resolution, and will continue to support those choosing to amend and continue.

 

This blog has been prepared for the exclusive use and benefit of the addressee(s) and solely for the purpose for which it is provided. Unless we provide express prior written consent, no part of this article should be reproduced, distributed or communicated to any third-party. We do not accept any liability if this article is used for an alternative purpose from which it is intended, nor to any third-party in respect of this report.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.