The parent company blames the deregulation initiative. According to Glynn, the company tried the regulatory path and the legislative path for remedy prior to filing Chapter 11, and failed. Currently the utility company, as of the date of bankruptcy filing, is approximately 8.9 billion dollars in debt.
Power tends to corrupt and absolute power corrupts absolutely.
Which is exactly what we have here. The utility company has been in existence since 1912 and has been issuing dividends to shareholders since 1916. Pay us our due or die serf'. Governor Gray Davis is claiming corporate greed. These questions have not been asked of the utility company in a public forum, let alone the parent corporation.