BREAKING: Largest utility in U.S. files for bankruptcy as it faces billions in potential damages from California wildfires.
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They are doing this to avoid civil liability.
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You bankrupt the leadership....?
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From what I've gathered, it sounds like a disaster financially for a lot of people, depending on what happens next. Usually it's good news for consumers when a corporation with monopoly over an area gets in trouble... but this is a complicated mess that'll take time to unravel.
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This risk is what insurance was created to solve--so their mgmt didn't manage their insurance program correctly, which is what Directors and Officers coverage and errors and omissions coverage is for...which then leads to who is really to blame and s/b replaced.
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