"Gallogly made his mark, and his money, in finance."
Sure did. The firm he co-founded, Centerbridge, has reaped big profits off the largest "climate change bankruptcy": PG&E's.
Last year, we were first to report Centerbridge loaned money to a lawyer for 16,000 PG&E fire victims
Sure did. The firm he co-founded, Centerbridge, has reaped big profits off the largest "climate change bankruptcy": PG&E's.
Last year, we were first to report Centerbridge loaned money to a lawyer for 16,000 PG&E fire victims
https://twitter.com/axios/status/1366586055583883267
That lawyer was key to deciding whether to broker a deal with a group of PG&E shareholders (Centerbridge) or PG&E bondholders (Apollo/Elliott).
He went with Centerbridge. That decision has left PG&E fire victims owning 24% of the company through a trust.
kqed.org/news/11813173/…
He went with Centerbridge. That decision has left PG&E fire victims owning 24% of the company through a trust.
kqed.org/news/11813173/…
Centerbridge hadn't just provided litigation funding to that lawyer.
It wasn't just a holder of PG&E stock, and debt too.
Below are Centerbridge's holdings as of September 2019 👇
This shows Centerbridge had also purchased a bunch of insurance claims against PG&E.
It wasn't just a holder of PG&E stock, and debt too.
Below are Centerbridge's holdings as of September 2019 👇
This shows Centerbridge had also purchased a bunch of insurance claims against PG&E.
That month, holders of those insurance claims struck a deal with PG&E:
$11 billion cash
Two months later, PG&E announced its deal with 80,000 fire survivors:
$6.75 billion cash (in installments) + at least 20.9% of PG&E shares
$11 billion cash
Two months later, PG&E announced its deal with 80,000 fire survivors:
$6.75 billion cash (in installments) + at least 20.9% of PG&E shares
Here's Gallogly profiled in the Wall Street Journal on his departure around that time.
"The people said that he is leaving Centerbridge to concentrate on public policy issues such as climate change."
wsj.com/articles/cente…
"The people said that he is leaving Centerbridge to concentrate on public policy issues such as climate change."
wsj.com/articles/cente…
The deal with the Centerbridge group requires the Fire Victim Trust to sell 477,000,000 shares of PG&E (the company that harmed them) to compensate fire victims.
It hasn't sold 1 share, as $pcg has languished in this bull market. Victims are waiting...
npr.org/2020/12/29/951…
It hasn't sold 1 share, as $pcg has languished in this bull market. Victims are waiting...
npr.org/2020/12/29/951…
The deal with the Centerbridge group requires the Fire Victim Trust to sell 477,000,000 shares of PG&E (the company that harmed them) to compensate fire victims.
It hasn't sold 1 share, as $pcg has languished in this bull market. Victims are waiting...
npr.org/2020/12/29/951…
It hasn't sold 1 share, as $pcg has languished in this bull market. Victims are waiting...
npr.org/2020/12/29/951…
PG&E's last CEO told me it was normal for a company's victims to get its stock in bankruptcy (false)
And he said he would do everything he could to keep the stock price up so survivors could get a good price (he left PG&E as soon as it exited Chapter 11) kqed.org/news/11805766/…
And he said he would do everything he could to keep the stock price up so survivors could get a good price (he left PG&E as soon as it exited Chapter 11) kqed.org/news/11805766/…
Because of the stock, a deal worth "approximately $13.5 billion" is worth $11.9 billion (on paper) today. Last week's earnings/annual report didn't help $pcg. Here's just 1 example:
https://twitter.com/lilyjamali/status/1364993841959346178
PG&E's bankruptcy boiled down to fire victims going up against shareholders like Centerbridge.
As unsecured creditors, survivors were supposed to rank above shareholders in the Chapter 11 pecking order. Shareholders often get nothing. That's not what happened here.
As unsecured creditors, survivors were supposed to rank above shareholders in the Chapter 11 pecking order. Shareholders often get nothing. That's not what happened here.
So yeah, Gallogly/Centerbridge seem to know a lot about climate change.
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