You have the biggest utility company in the country going under, and they're rewarding their employees. Gov. Gray Davis called it greedy. There's no question they're solely focused on their own interest. This is an act of arrogance and greed. In fact, bankruptcy lawyers say such payments are hardly unusual.
Bankruptcy law allows companies to operate while they restructure.
The state has been negotiating the purchase of transmission lines by the state. Having said that, I still have an obligation to negotiate with them and to work out the best arrangement I can, presumably in bankruptcy court now instead of in Sacramento. The crisis has plunged parts of California into darkness several times this year as the utilities initiated a series of rolling blackouts. Judy Muller contributed to this report. Bankruptcy Calif. Power Regulator Calls for Rate Boost Back in Black in California Calif.