NEW YORK,
Jan. 24, 2019 /PRNewswire/
-- BlueMountain Capital Management, LLC ("BlueMountain"), a
private diversified alternative asset management firm, today
issued an open letter to Shareholders of PG&E Corporation saying
it plans to announce a "New Slate" of Board Members by no later than
February 21. The Board Election will
be held at the Annual Shareholder Meeting, slated for May 21.
"The Current Board has not only failed the Company and its
shareholders; it has failed its customers; it has failed its
employees; and, it has failed the people of
California," reads the letter. "The
Company has lost the public's trust, and it has severely damaged its
relationship with regulators and elected officials."
"A publicly regulated utility needs a strong working partnership
with the public sector. In order to rebuild essential relationships
and restore trust, the Company needs an entirely new board," the
letter continues. "We expect the New Slate would insist the Company
work collaboratively with the state of
California and its citizens to
transform the Company."
"The Current Board has chosen to do just the opposite. As you are
undoubtedly aware, the Current Board announced their intention to
file a voluntary, costly, and unnecessary bankruptcy, which, in our
view, violates their fiduciary duties to the Company and to you."
"We plan to nominate a New Slate that will provide appropriate
oversight and ensure the Company has a strong and experienced
management team, a strategy to address its challenges, and an
effective implementation plan," the letter says.
The full text of the letter can be viewed on BlueMountain's website
here:
https://www.bluemountaincapital.com/what-is-new/
About BlueMountain Capital Management, LLC BlueMountain
Capital Management, LLC ("BlueMountain") is a diversified
alternative asset management firm managing approximately
$19 billion of assets. BlueMountain's
diverse team of professionals in
New York and
London is supported by the firm's
institutionalized and proprietary infrastructure, including
specialized operations and risk management technology. For more
information about BlueMountain, please visit:
www.bluemountaincapital.com
Media Contact:Tom Vogel
Dukas Linden Public Relations
(646) 808-3663
BMCM@dlpr.com
PG&E Stakeholder Contact:pcg@bluemountaincapital.com
SOURCE BlueMountain Capital Management, LLC
Related Links
http://www.bluemountaincapital.com
