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LABATON SUCHAROW LLP 

Thomas A. Dubbs 

Louis Gottlieb 

Carol C. Villegas 

Jeffrey A. Dubbin (SBN 287199) 

140 Broadway 

New York, New York 10005 

LOWENSTEIN SANDLER LLP 

Michael S. Etkin (pro hac vice)

Andrew Behlmann (pro hac vice) 

One Lowenstein Drive 

Roseland, New Jersey 07068

Lead Counsel to Lead Plaintiff and the 

Proposed Class 

Bankruptcy Counsel to Lead Plaintiff 

and the Proposed Class 

MICHELSON LAW GROUP 

Randy Michelson (SBN 114095) 

220 Montgomery Street, Suite 2100 

San Francisco, California 94104 

Additional counsel listed on Exhibit A 

Bankruptcy Counsel to Lead Plaintiff 

and the Proposed Class 

UNITED STATES BANKRUPTCY COURT 

NORTHERN DISTRICT OF CALIFORNIA 

SAN FRANCISCO DIVISION 

In re: 

PG&E CORPORATION 

 - and – 

PACIFIC GAS AND ELECTRIC COMPANY, 

 Debtors. 

☒ Affects Both Debtors 

☐ Affects PG&E Corporation 

☐ Affects Pacific Gas and Electric Company 

Case No. 19-30088 (DM) (Lead Case) 

Chapter 11 

(Jointly Administered) 

SECURITIES LEAD PLAINTIFF’S 

STATEMENT AND RESERVATION OF 

RIGHTS WITH RESPECT TO [ECF NO. 

5038] 

Objection Deadline: December 16, 2019 at 

12:00 PM (Pacific Time) 

 

Hearing Date: December 17, 2019 at 10:00 

AM (Pacific Time) 

Case: 19-30088 Doc# 5127 Filed: 12/16/19 Entered: 12/16/19 11:43:52 Page 1 of

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Public Employees Retirement Association of New Mexico (“Lead Plaintiff” or “PERA”), 

the court-appointed lead plaintiff in the securities class action captioned as In re PG&E 

Corporation Securities Litigation, Case No. 18-03509 (the “Securities Litigation”) pending in 

the United States District Court for the Northern District of California (the “District Court”), on 

behalf of itself and the proposed class it represents in the Securities Litigation (the “Class”), 

together with York County on behalf of the County of York Retirement Fund, City of Warren 

Police and Fire Retirement System, and Mid-Jersey Trucking Industry & Local No. 701 Pension 

Fund (collectively with Lead Plaintiff, the “Securities Plaintiffs”), hereby submit this statement 

and reservation of rights with respect to the Debtors’ Motion Pursuant to 11 U.S.C. §§363(b) 

and 105(a) and Fed. R. Bankr. P. 6004 and 9019 for Entry of an Order (I) Authorizing the 

Debtors and TCC to Enter Into Restructuring Support Agreement With the TCC, Consenting Fire 

Claimant Professionals, and Shareholder Proponents and (II) Granting Related Relief (the 

“TCC RSA Motion”) [ECF No. 5038] and respectfully state as follows: 

STATEMENT AND RESERVATION OF RIGHTS 

Lead Plaintiff does not object to the relief sought in the TCC RSA Motion as a general 

matter since it does not seek to bind Lead Plaintiff or the Class to the Tort Claimants RSA (as 

defined in the TCC RSA Motion). Prior to filing this Statement and Reservation of Rights, 

bankruptcy counsel for Lead Plaintiff conferred with counsel for the Debtors, who confirmed 

that: 

 the Assigned Rights and Causes of Action (as defined in the TCC RSA Motion) 

include only claims and causes of action that are property of the Debtors’ estates, 

and do not include any of the claims of Lead Plaintiff and the Class asserted, or 

that could be asserted, in the Securities Litigation (which are direct claims held by 

Lead Plaintiff and the members of the Class, and thus are not property of the 

Debtors’ estates); 

 the reference in the TCC RSA Motion to “2015 and 2016 insurance policies” 

refers solely to general liability insurance policies, and not directors’ and officers’ 

liability insurance; and 

Case: 19-30088 Doc# 5127 Filed: 12/16/19 Entered: 12/16/19 11:43:52 Page 2 of

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 the claims asserted in the Securities Litigation and in the class and individual 

proofs of claim filed by the Securities Plaintiffs1

 are not “Fire Claims” (as defined 

in the TCC RSA Motion). 

Nothing in the Tort Claimants RSA or Term Sheet (each as defined in the TCC RSA 

Motion), if approved, should prejudice Lead Plaintiff’s rights to interpose objections to the 

Amended Plan (as defined in the TCC RSA Motion) or the related disclosure statement, once 

filed, prior to the relevant objection deadlines. Therefore, for the avoidance of any doubt, 

notwithstanding the entry of any order approving the Tort Claimants RSA, Lead Plaintiff 

reserves the right, on behalf of itself and the Class, to object to confirmation of the Amended 

Plan, or any other plan filed in these Chapter 11 Cases, and approval of any disclosure statement 

and solicitation procedures proposed in connection therewith, on any grounds whatsoever. 

Dated: December 16, 2019 LOWENSTEIN SANDLER LLP 

MICHELSON LAW GROUP 

By: /s/ Randy Michelson 

Randy Michelson (SBN 114095) 

Bankruptcy Counsel to Lead Plaintiff and the Class 

 

1

 Claim Nos. 61556, 68009, 69105, 69202, 71310, 71345, 72193, 72200, 72273, and 72620 

Case: 19-30088 Doc# 5127 Filed: 12/16/19 Entered: 12/16/19 11:43:52 Page 3 of

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EXHIBIT A 

COUNSEL 

LOWENSTEIN SANDLER LLP 

Michael S. Etkin (pro hac vice) 

Andrew Behlmann (pro hac vice) 

One Lowenstein Drive 

Roseland, New Jersey 07068 

Telephone 973-597-2500 

Facsimile 973-597-2333 

metkin@lowenstein.com 

abehlmann@lowenstein.com 

MICHELSON LAW GROUP 

Randy Michelson, Esq. (SBN 114095) 

220 Montgomery Street, Suite 2100 

San Francisco, CA 94104 

Telephone 415-512-8600 

Facsimile 415-512-8601 

randy.michelson@michelsonlawgroup.com 

Bankruptcy Counsel to Lead Plaintiff and the Proposed Class 

LABATON SUCHAROW LLP

Thomas A. Dubbs 

Louis Gottlieb 

Carol C. Villegas 

Jeffrey A. Dubbin (SBN 287199) 

Aram Boghosian 

140 Broadway 

New York, New York 10005 

Telephone 212-907-0700 

tdubbs@labaton.com 

lgottlieb@labaton.com 

cvillegas@labaton.com 

jdubbin@labaton.com 

aboghosian@labaton.com 

Lead Counsel to Lead Plaintiff and the 

Proposed Class 

WAGSTAFFE, VON LOEWENFELDT, 

BUSCH & RADWICK, LLP 

James M. Wagstaffe (SBN 95535) 

Frank Busch (SBN 258288) 

100 Pine Street, Suite 725 

San Francisco, California 94111 

Telephone 415-357-8900 

wagstaffe@wvbrlaw.com 

busch@wvbrlaw.com 

Liaison Counsel for the Proposed Class

ROBBINS GELLER RUDMAN & DOWD LLP 

Darren J. Robbins (SBN 168593) 

Brian E. Cochran (SBN 286202) 

655 West Broadway, Suite 1900 

San Diego, California 92101 

Telephone 619-231-1058 

darrenr@rgrdlaw.com 

bcochran@rgrdlaw.com 

ROBBINS GELLER RUDMAN & DOWD LLP 

Willow E. Radcliffe (SBN 200089) 

Kenneth J. Black (SBN 291871) 

Post Montgomery Center 

One Montgomery Street, Suite 1800 

San Francisco, California 94104 

Telephone 415-288-4545 

willowr@rgrdlaw.com 

kennyb@rgrdlaw.com 

VANOVERBEKE, MICHAUD & 

TIMMONY, P.C.

Thomas C. Michaud 

79 Alfred Street 

Detroit, Michigan 48201 

Telephone 313-578-1200 

tmichaud@vmtlaw.com 

Additional Counsel for the Securities Act Plaintiffs 

Case: 19-30088 Doc# 5127 Filed: 12/16/19 Entered: 12/16/19 11:43:52 Page 4 of

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EXHIBIT B 

RESERVATION OF RIGHTS 

This Reservation of Rights and any subsequent pleading, appearance, argument, 

claim, or suit made or filed by Lead Plaintiff, either individually or for the Class or any 

member thereof, do not, shall not, and shall not be deemed to: 

a. constitute a submission by Lead Plaintiff, either individually or for the Class 

or any member thereof, to the jurisdiction of the Bankruptcy Court; 

b. constitute consent by Lead Plaintiff, either individually or for the Class or 

any member thereof, to entry by the Bankruptcy Court of any final order or 

judgment, or any other order having the effect of a final order or judgment, 

in any non-core proceeding, which consent is hereby withheld unless, and 

solely to the extent, expressly granted in the future with respect to a specific 

matter or proceeding; 

c. waive any substantive or procedural rights of Lead Plaintiff or the Class or 

any member thereof, including but not limited to (a) the right to challenge 

the constitutional authority of the Bankruptcy Court to enter a final order or 

judgment, or any other order having the effect of a final order or judgment, 

on any matter; (b) the right to have final orders and judgments, and any 

other order having the effect of a final order or judgment, in non-core 

matters entered only after de novo review by a United States District Court 

judge; (c) the right to trial by jury in any proceedings so triable herein, in the 

Chapter 11 Cases, including all adversary proceedings and other related 

cases and proceedings (collectively, “Related Proceedings”), in the Securities 

Litigation, or in any other case, controversy, or proceeding related to or 

arising from the Debtors, the Chapter 11 Cases, any Related Proceedings, or 

the Securities Litigation; (d) the right to seek withdrawal of the bankruptcy 

reference by a United States District Court in any matter subject to 

mandatory or discretionary withdrawal; or (e) all other rights, claims, 

actions, arguments, counterarguments, defenses, setoffs, or recoupments to 

which Lead Plaintiff or the Class or any member thereof are or may be 

entitled under agreements, at law, in equity, or otherwise, all of which are 

expressly reserved. 

 For the avoidance of doubt, Lead Plaintiff, on behalf of itself and the Class, does 

not, and will not impliedly, consent to this Court’s adjudication of, including through any 

order of this Court purporting to adjudicate, release, waive, enjoin, or otherwise impact, 

the claims of Lead Plaintiff and the Class or any member thereof against any defendant 

now or hereafter named in the Securities Litigation. 

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