If PG&E files for bankruptcy, control of the company passes to a
federal judge. If you subscribe to the NY Times site, see
http://www.nytimes.com/2001/01/18/national/18ENER.html
Here's the first paragraph:
LOS ANGELES, Jan. 17 - Politicians and
power company executives have bickered
for months about how best to solve
California's energy problems, but ultimately it
may come down to this: a bankruptcy court
judge may be the only person with the authority
to ask for the rate increases and cost cuts that a
growing chorus of analysts say are necessary,
but that nobody in the state has been able to
agree upon.
--Steve Bellovin, http://www.research.att.com/~smb