“Most of the clients had reservations about it, because the plan is badly flawed,” Danko said. “However, they also understood quite clearly that there was no alternative.” Rejecting the plan would mean “thermonuclear meltdown,” Danko said. Read San Francisco Chronicle Article Online.

Some wildfire victims are campaigning to defeat PG&E’s plan to pay victims $13.5 billion in stock and cash and exit bankruptcy.  They fear the stock value is too uncertain and want to vote against the plan and attempt to renegotiate the deal. “The only way for fire victims to get a fair deal is to…

“This takes care of our concerns that paying the fine would reduce the amount available for the victims,” Mike Danko, the lawyer for the victims, said in an email. “We’re satisfied with this result.” Insurers with claims against PG&E in bankruptcy agreed to wait 15 days to be paid, letting the fund generate enough interest…

Mike Danko explains to the Wall Street Journal  that if the Wildfire Victims’ Trust is funded in part with PG&E stock, then victims would necessarily bear the financial risk of future wildfires, at least until the stock can be sold.  But the risk is mitigated by a $21 billion insurance fund that PG&E would be…