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PG&E Corporation Message Board

  • StockPlunger StockPlunger Mar 16, 1999 2:00 PM Flag

    Block Trade

    Does anyone know when PG&E does & doesnt do block
    That seems to be the only time the stock goes
    significantly up.

    The dividend didnt even cause the
    stock to go up very much.

    I heard PG&E's stock
    is suppose to go down to 29 over the next 2-3

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    • usually you will see large block trades when the
      market is doing bad. Traditionally Utilities do very
      well when Wall Street doesn't. Also, large block
      trades happen, especially at PG&E when the stock's value
      declines a bit, such as now, (institutional investors
      bailing out). It will jump back up to the 32s pretty
      quick. One thing this company is, like its stock, very
      predictable. Just happen to work for them...

      • 1 Reply to goinglong2
      • Item No. 4
        Appoint Independent Directors to
        all Key Board Committees
        This shareholder
        resolution will be voted at the April 21, 1999 PG&E annual
        shareholder meeting. It is submitted and recommended by John
        Chevedden, Redondo Beach, California.
        It is also
        recommended that you vote Yes on:
        #5 for Simple Majority
        #7 for Cumulative Voting

        RESOLVED: Appoint
        Independent Directors for all Key Board Committees to enhance
        management oversight. Key board committees
        � Compensation
        � Nomination &
        � Audit Committees

        These important oversight-committees require heightened
        independence, free of Directors with significant money and
        management ties to PG&E.
        The 1998 PG&E proxy statement
        listed the following Directors who had profited directly
        or indirectly from their financial and management
        ties to PG&E in 1997:

        1) Dr. David
        Lawrence CEO of Kaiser Health Plan
        � PG&E paid
        $23-Million to Kaiser --up 11% from $21 million in

        2) David Coulter CEO of BankAmerica Corp. (until fired
        Oct. 1998)
        � PG&E paid $2.5 million to Bank of
        America (to manage $100s-of- millions of credit,
        banking and loan services) -- up 300% from $.6 million
        in 1996.

        3) Lee Cox Vice Chairman of
        AirTouch Communications
        � PG&E paid $1.5 Million to
        AirTouch -- up 36% from $1.1 million in

        4) Rebecca Morgan CEO of JVSV Network
        � PG&E paid
        $100,000 to JVSV.

        5) Richard Clark

        Former PG&E CEO -- tends to protect entrenched policies.

        During its policy of paying $10s-of millions to the
        employers of PG&E directors, PG&E has substantially
        under-performed the S&P 500 and the Dow Jones Utilities Index in
        the most recent 5-year period. The graph on page
        shows the PG&E under-performance. Additionally, the 39%
        dividend cut of 2-1/2 years ago has not been
        A director whose employer has an annual contract of
        $23 million with PG&E helps determine the pay for the
        PG&E CEO. This is a clear conflict of interest and
        divided loyalty. It sends a message to PG&E1s 20,000
        employees that divided loyalty is good for the board and,
        by example, good for 20,000
        Additionally, the need for greater oversight is clear with the
        perils and opportunities from utility deregulation. PG&E
        said it will be severely handicapped under
        deregulation without a $28 billion customer utility tax.

        PG&E sent California shareholders a report that said
        California would need to raise income taxes by 38% and sales
        taxes by 45% (using certain assumptions) unless the $28
        billion customer utility tax was upheld.
        Under the
        watered-down PG&E definition of independence, a compensation
        committee stacked with directors whose employers each have
        $23 million in annual contracts with PG&E, could
        "ensure independent oversight of management."

        Institutional Shareholder services (, a leading
        proxy analysis firm for institutional shareholders,
        said a fundamental tenet of corporate governance is a
        board that is independent and therefore capable of
        objective oversight of top management.
        ISS supported
        this resolution in 1998 and also the resolutions to
        "Reinstate Simple Majority Vote" and for "Cumulative
        Voting." These resolutions are again presented for
        shareholder approval in this proxy statement as Items 5 and

        Appoint Independent Directors to all Key
        Board Committees
        Vote YES on 4

    • hey newtoboard,

      I'm not sure what specific
      conditions exist in your area as fart as dereg goes however,
      it would be wise not to get yourself locked in to
      any contracts at this point. You may get it cheaper
      for the short term but your major utilities will be
      able to compete with the smaller ESPs energy service
      providers very soon. And also, maybe people don't know
      this, two things, ESPs are popping up all over the
      place telling people about all these energy savings
      they can give them 30-40% in some cases. NO way! YOu
      are only buying the generation portion of your energy
      from these suppliers, not the distribution of it,
      maintenance, transition costs and so on. It is a very small
      portion... To answer your question, a month from now there
      may be hundreds of additonal options and if your
      locked in to a contract you are SOL.


    • i don't think so, con ed is out of ny city and
      they have been involved in deals with north east
      utilities. first buying their plants ,spinning them off to a
      nonregulated arm to avoid the laws of new england, and now
      buying their wires

    • We want you to do this, that and the other thing
      but we don't want you to have enough money to be able
      to get the job done so we can stand there with a
      straight face and say "See, we knew you're a

      If you don't have the money, you can't do the
      upgrades and you can't have the people to get the job done
      when it comes to fire, flood, earthquake and heatwave.
      But hey.....leave it to the facisist left to tell a
      company how much they need to run a business. And when
      the business can't make it because of their over
      regulation....then they step in and say "See, we can do it." Just
      like place like Santa Clara and San Francisco. Where's
      Thomas Jefferson and George Washington when you need
      them. Talking about spinning in your grave.

    • You were just on the PPW msg board advising them
      the same, to short the stock. Aren't there any of
      these cheap west coast utilities that you like. This is
      the only place to be in a stock market over 9000. A
      secure essential service paying a good dividend will
      keep me nice and warm when the internet stocks take a
      dive. If you want to short something, why not AOL or that ilk.
      Why would you advise dumping an
      elec/or gas utility such as PPW AVA, EIX, or PCG? I don't
      get it.

    • If the market drops to 9000, (which it won't)
      PG&E stocks will rocket upward, as they always do when
      other sectors are falling. If you know anything about
      utility stocks you would know this. utilities have always
      done well when the market crashes or is struggling.
      Selling at 31 is dumb, wait for 32+ it closed there last
      friday, and will be there again soon...

    • Go Irish.

    • The inaction by the California PUC is really
      driving the price down - Wall Street hates uncertainty.
      Even if the news is bad (that seems to already be
      factored in ) I think PGE will go back up when they
      decide. If I were a suspicious person, I would say there
      is an attempt to drive the price down, and make a
      killing if the PUC decision isn't bad.

    • This one caught me flat footed. Now that the bad
      news is out MS comes out with downgrade. They are
      behind the game as usual. What is your long term (2-5
      yr) outlook for the company? The management looks
      weak. Are they at risk of a takeover?

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56.24-0.09(-0.16%)Feb 5 4:02 PMEST