Two Regulators? Protest of PG&E Bankruptcy Fails

U.S. Northern District Court judge Vaughn Walker ruled that California Public Utilities Commission members Loretta Lynch and Carl Wood have no standing to challenge Pacific Gas & Electric?s bankruptcy settlement. The July 16 order appears to be the end of the line for challenges to the agreement. ?By failing to attend [federal bankruptcy court] hearings of which they undoubtedly had notices and failing to file their objections to the [settlement] until after the settlement had been confirmed,? Lynch and Wood failed to fulfill the prerequisites needed to create legal standing in the case, Walker stated. The commissioners said there was nothing to which they could object prior to the settlement and added that negotiations of the deal were under a gag order. Walker said that even if the regulators were found to have standing, they lack a direct financial interest in the litigation. Lynch and Wood voted against the hotly contested last-minute bankruptcy settlement approved by the state commission in December 2003. ?As this order appears to dispose of the case,? Walker closed the file and terminated all pending motions. PG&E officially emerged from bankruptcy April 12. An earlier motion by the commissioners to stop the utility?s reorganization plan from moving forward until their challenge was heard in court was denied April 19. (C-04-0580)

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Two Regulators? Protest of PG&E Bankruptcy Fails

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