Beginning in September 2018 and while the wildfires were still burning, Third Bridge Connections began researching the situation for investors across the U.S. and Europe.
Third Bridge mapped the potential impacts and angles of the bankruptcy declaration on client positions, revealing potential concerns about liability, possible claims, rate case approval process through state and federal regulatory bodies, outlook for the insurance industry, risk reduction costs, valuation of assets and historical transaction precedents.
Third Bridge then developed bespoke lists of specialists who could provide insights for clients in these areas. The experts included:
- Lawyers who had served as general counsel for utilities or had litigated cases involving utilities
- Property and casualty insurance executives
- Former California Public Utilities Commission commissioners and employees
- Federal Energy Regulatory Commission specialists
- Former employees of PG&E
Because of the depth of research, asking the right questions of both clients and experts and anticipating concerns, Third Bridge was able to help clients in each asset class navigate an extremely complex crisis, including the insurance aspect, the level and success of PG&E’s lobbying efforts, the outlook for its business and the Rate Cases and actual infrastructure of PG&E.