Does anyone know when PG&E does & doesnt do block
That seems to be the only time the stock goes
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
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...
Item No. 4
Appoint Independent Directors to
all Key Board Committees
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
Independent Directors for all Key Board Committees to enhance
management oversight. Key board committees
� 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
� 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
3) Lee Cox Vice Chairman of
� 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.
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 (www.cda.com/iss), 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.
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
Vote YES on 4
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
Amazon.com or that ilk.
Why would you advise dumping an
elec/or gas utility such as PPW AVA, EIX, or PCG? I don't
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...
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?