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To: XBrit who wrote (91446)	4/7/2001 5:54:09 PM
From: BigBull	Respond to of 436258

Julius don't get me started on an energy rant! <ggg> I could go on for daaaaays. ;o} Not a BK lawyer and am certainly not familiar with the intricacies of such a huge case. Imo one thing is certain, this may be the most watched Cali case since OJ. Another thing is certain is that out of state electric producers and NG producers will DEMAND a premium for their products until uncertainty about payment is resolved. And yes, I think California electric consumers will get stuck, big time. And yes the blackouts will continue. Want a villain? Imo the true heavy of this sad tale is none other than - Elliot Richardson - author of the worst energy policy since "Colonel" Drake drilled the first oil well.

To: XBrit who wrote (91446)	4/7/2001 6:53:44 PM
From: BigBull	Read Replies (1) \| Respond to of 436258

Here's a federal agency ruling on Cali energy crises: biz.yahoo.com I hear the Washington Demo's are trying to make political hay with it as well. That BK judge will see more heat than Lance Ito could even imagine. I'll say a few prayers for California tonight.

To: XBrit who wrote (91446)	4/7/2001 11:43:58 PM
From: Ilaine	Read Replies (1) \| Respond to of 436258

Essentially the power of a judge in a bankruptcy case is to decide who gets what. They are dividing up the corpse, if it's dead, or else deciding how much to pay in pennies to the dollar if it's not dead. In a debtor-in-possession Chapter 11, there isn't (usually) a trustee (neutral third party) so the neutral third party is the judge. The corporation continues to operate but under the supervision of the judge. The automatic stay prevents creditors from filing suit to collect money that is owed, or using other legal actions to make sure they get paid. Leases and contracts can be rejected (legalese for breached) by the person filing bankruptcy but not by the other party. The judge can get PG&E out of onerous contracts, and can approve new ones, but he can't force anyone to the table. If California doesn't want to deal, he can't make them deal. All he can do is approve or deny a proposed deal. And try to knock some sense into people's heads. Bankruptcy judges are very pragmatic people, usually.