Some of the biggest names in the hedge-fund industry may have gotten whacked by betting on PG&E at exactly the wrong time (PCG)
|01/14/2019||Posted by BusinessMediaguide.Com under General World News||
- Pacific Gas and Electric Company, California’s biggest utility provider, has seen its value plunge by 80% after last November’s deadly California wildfire.
- The utility on Monday said it intends to file bankruptcy petitions at the end of the month to reorganize under Chapter 11.
- Eight hedge funds snapped up shares in the third quarter — before the wildfire broke out.
- Including Monday’s loss, those eight firms would have lost $1.8 billion over the past three months if they held on to their positions, according to Markets Insider’s calculations.