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US DEPARTMENT OF LABOR SUES ORACLE AMERICA INC. FOR DISCRIMINATORY EMPLOYMENT PRACTICES



News Release

Please note:  As of January 20, 2017, information in some news releases may be out of date or not reflect current policies.

US DEPARTMENT OF LABOR SUES ORACLE AMERICA INC. FOR DISCRIMINATORY EMPLOYMENT PRACTICES




image


Lawsuit could cost company millions in federal contracts
SAN FRANCISCO 
– The U.S. Department of Labor has filed a lawsuit against Oracle America, Inc. alleging the leading technology company has a systemic practice of paying Caucasian male workers
more than their counterparts in the same job title, which led to pay discrimination against female, African American and Asian employees. The suit also challenges Oracle’s systemic practice of favoring Asian workers in its recruiting and
hiring practices for product development and other technical roles, which resulted in hiring discrimination against non-Asian applicants.
Oracle designs, manufactures, and sells software and hardware products, as well as offers services related to its products to the federal government.

The lawsuit filed by the department’s Office of Federal Contract Compliance Programs is the result of an OFCCP compliance review of Oracle’s equal employment opportunity practices at its Redwood Shores
headquarters. During the investigation – which began in 2014 – Oracle also refused to comply with the agency’s routine requests for employment data and records.  For example, Oracle refused to provide prior-year compensation data for
all employees, complete hiring data for certain business lines, and employee complaints of discrimination.   OFCCP attempted for almost a year to resolve Oracle’s alleged discrimination violations before filing the suit.

Oracle has received hundreds of millions in federal government contracts. As a federal contractor, Oracle is prohibited from engaging in employment discrimination on the basis of race, color, sex, sexual orientation or gender identity or
national origin and is required to take affirmative action to ensure that equal employment opportunity is provided to applicants and employees in all aspects of employment. If Oracle fails to provide relief as ordered in the lawsuit, OFCCP
requests that all its government contracts be canceled and that it be debarred from entering into future federal contracts.

“Federal contractors are required to comply with all applicable anti-discrimination laws,” said OFCCP Acting Director Thomas M. Dowd. “We filed this lawsuit to enforce those requirements.”

Filed with the Office of Administrative Law Judges, the complaint asks the court to enjoin Oracle permanently from discriminating against females, African Americans and Asians in compensation practices and against African American, Hispanic
and Caucasian applicants in hiring practices. OFCCP is also seeking complete relief for the affected class including lost wages, stock, interest, front wages, salary adjustments, promotions and all other lost benefits of employment and a reform
of discriminatory policies.


The complaint can be viewed here.

OFCCP enforces Executive Order 11246, Section 503 of the Rehabilitation Act of 1973 and the Vietnam Era Veterans’ Readjustment Assistance Act of 1974.
These laws, as amended, make it illegal for contractors and subcontractors doing business with the federal government to discriminate in employment because of race, color, religion, sex, sexual orientation, gender identity, national origin,
disability or status as a protected veteran. In addition, contractors and subcontractors are prohibited from discriminating against applicants or employees because they have inquired about, discussed or disclosed their compensation or that
of others, subject to certain limitations. For more information, please call OFCCP’s toll-free helpline at 800-397-6251 or visit http://www.dol.gov/ofccp/.


OFCCP News Release: 01/18/2017


Media Contact Name: Leo Kay


Email: kay.leo.f@dol.gov





Phone Number: (415) 625-2630




Media Contact Name: Jose Carnevali


Email: carnevali.jose@dol.gov


Phone Number: (415) 625-2631


Release Number: 17-0071-SAN





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Fair Isaac and Braun Consulting Announce Acquisition Agreement

EX-99.2 a2143768zex-99_2.htm EXHIBIT 99.2 

Exhibit 99.2
[FAIR ISSAC LOGO]GRAPHIC
Contact:Investors & Analysts:
Megan Forrester
Fair Isaac Corporation
(800) 213-5542
investor@fairisaac.com
Thomas A. Schuler
Braun Consulting
(312) 822-5681
tschuler@braunconsult.com

 

Media:
Brian Kane
Fair Isaac Corporation
(612) 758-5232
briankane@fairisaac.com

 

 
Fair Isaac and Braun Consulting Announce Acquisition Agreement
Addition of Braun will advance Fair Isaac's expertise in analytics-driven marketing
services and broaden its presence in markets targeted for growth

Noon conference call also to update Fair Isaac's fiscal year 2005 guidance
        MINNEAPOLIS and CHICAGO—September 21, 2004—Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, and Braun Consulting, Inc. (NASDAQ:BRNC), a marketing strategy and technology consulting firm, today announced agreement on a plan for Fair Isaac to acquire Braun. The acquisition terms have been approved by both companies' Boards of Directors, and the transaction is expected to close in the fourth calendar quarter.
        The acquisition will build upon Fair Isaac's marketing analytics offerings through the addition of Braun's proven customer management, product strategy and organizational consulting expertise. The move also will expand Fair Isaac's client base and presence in priority growth markets, including healthcare, retail and pharmaceuticals. Braun's experienced senior management team, including founder and CEO Steven Braun, will remain with Fair Isaac and play integral roles in delivering the companies' combined marketing solutions and services to the marketplace.
        "Adding Braun's roster of seasoned experts will advance and augment our Precision Marketing offerings at a time when more businesses are realizing that the key to increasing customer value and forging loyalty is a more strategic, data-driven marketing approach," said Tom Grudnowski, CEO of Fair Isaac. "We will be uniquely positioned to help organizations achieve new levels of insight into their customers and convert that insight into smarter, more powerful marketing initiatives that deliver a true competitive advantage."
        Fair Isaac plans to leverage Braun's consulting practice to help executives who have a stake in the success of marketing efforts—including business unit leaders, operating managers and senior marketing executives—set the strategic context and direction for results-oriented Precision Marketing initiatives. Fair Isaac also expects that Braun's technology integration experience will help ensure customers realize the greatest benefit from its Precision Marketing solutions. Effective integration through a customized infrastructure can enable a business to execute analytics-influenced decision strategies at every point of customer interaction.
        "Our Board of Directors is pleased with the terms of this transaction, which it believes brings great value to Braun's stockholders," said Braun. "Fair Isaac and Braun share a common view that a customer-focused, analytics-driven marketing strategy is the first step toward real marketing success. The next step is ensuring that clients can implement that strategy effectively and consistently across the organization, and we believe that our technology integration expertise combined with Fair Isaac's


unmatched analytics will enable marketers to make the most relevant and profitable decision each time they interact with a customer."
Structure and Terms
        Under the acquisition agreement, approved by both Boards of Directors, the stockholders of Braun Consulting will receive $2.34 in cash for each share of Braun. Steven Braun also has agreed to vote shares representing approximately 48 percent of Braun's outstanding stock in favor of the acquisition. The transaction is structured as a merger, whereby Braun will become a wholly-owned subsidiary of Fair Isaac. The net cash value of the transaction is approximately $30 million after assumption of the Braun balance sheet, based on Braun's approximate 17,227,000 shares of currently outstanding stock. The transaction is expected to close in the fourth calendar quarter, subject to approval by Braun's stockholders.
        Robert W. Baird & Co. served as financial advisor to Braun Consulting on this transaction.
        Fair Isaac will host a conference call today at 12:00 noon Central Time / 1:00 p.m. Eastern Time to discuss this acquisition in more detail and update Fair Isaac's previously provided fiscal year 2005 guidance. Interested parties may dial-in to the call at 1-800-603-9523 in the U.S., or 706-679-7702 from outside the U.S. The conference ID number is 1003248.
About Braun Consulting
        Braun Consulting, Inc. (NASDAQ: BRNC) is a professional services firm delivering customer-focused business solutions to Fortune 1000 and middle market companies. Braun Consulting combines cutting-edge business intelligence and CRM/eCRM technologies with business strategy to help clients optimize customer value. Founded in 1993, Chicago-based Braun Consulting has five offices throughout the U.S. Braun Consulting maintains strategic alliances with top developers of enterprise applications, including BEA Systems, Microsoft, Oracle, Unica, Siebel, Business Objects, Documentum, and others. Additional information about Braun Consulting is available at http://www.braunconsult.com.
About Fair Isaac
        Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company's predictive modeling, decision analysis, intelligence management, decision management systems and consulting services powers billions of mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations, and government agencies. Through the www.myfico.com Web site, consumers use the company's FICO® scores, the standard measure of credit risk, to manage their financial health. For more information, visit www.fairisaac.com.
Availability of Proxy Statement
        All of the stockholders of Braun Consulting, Inc. should read the proxy statement concerning the acquisition by Fair Isaac that Braun will file with the SEC and mail to its stockholders. The proxy statement will contain important information that you should consider before making any decision regarding the acquisition. You will be able to obtain the proxy statement, as well as other filings containing information about Braun, without charge, at the SEC's web site located at www.sec.gov. Copies of the proxy statement and Braun's SEC filings that will be incorporated by reference in the proxy statement will also be obtainable, without charge, from Braun's web site at www.braunconsult.com or from Braun Consulting, Inc., 20 West Kinzie Street, Suite 1500, Chicago, Illinois 60610, Attention: Corporate Secretary.


Information Concerning Participants
        Braun, its directors, and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Braun's stockholders to approve the acquisition by Fair Isaac. Please refer to Braun's definitive proxy statement when it becomes available for a discussion of all interests, direct or indirect, by security holdings or otherwise, of such persons in Braun.
Statement Concerning Forward-Looking Information
        Except for historical information contained herein, the statements contained in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risk that the merger may not be consummated, risks regarding employee relations and other risks concerning Fair Isaac and Braun and their respective operations that are detailed in the periodic filings with the SEC of Fair Isaac and Braun, including their most recent filings on Form 10-K and Form 10-Q. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's and Braun's results could differ materially from Fair Isaac's and Braun's expectations in these statements. Fair Isaac and Braun disclaim any intent or obligation to update these forward-looking statements.
        Fair Isaac and FICO are trademarks or registered trademarks of Fair Isaac Corporation, in the United States and/or in other countries. Other product and company names herein may be the trademarks of their respective owners.








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My sales connection Chesley "Sully" The Miracle on the Hudson US Airways Flight 1549

I first me Sully at Church in 2004 or earlier. At the time I was enduring a long list of setbacks, real simple stuff, explosions, arson, assault and battery plus enduring the early version of the Contra Costa Enforcement Taskforce (CNET).

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FBI Director Mueller and the San Bruno Explosion

Cnetscandal.blogspot.com

Instructor at the FBI West Coast Bomb School.

Noteable cases were Judi bari Bombing

Cnetscandal.blogspot.com
Cnetscandal.blogspot.com








Incidents via MapBox






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Connecting Private Equity Fraudsters to the industry deaths.



My former customers, projects, suppliers and resources.
Godaddy: Loss of semantically relevant
Oracle: Appearing on TV with Oracle Spokesman Robert Hoffman
Sabre Holdings: The link between Richard Blum, Senator Feinstein, CBRE,
Wells Fargo Bank: The Bank Explosion, The Credit Card Payment Center Arson, the Suicide of a Wells Fargo Employee, the Death of Adin Giliani (AMTRK)
ComputerLand ~ the Millard Tax Fraud, MERISAL FAB Earnings Restatement via reports by Pete Bennett, William Tauscher
Symantec - The project to nowhere - it was a heat-sucking, blood sucking clandestine operation


Cisco - The A's Games with the new CEO


Blackstone Group - The Private Equity Connections






President Clinton - The DC-3 Drug Cartels landing on Chicquita Parkway in 1975 and the murders of my friends


Blackhawk Networks - Bill Tauscher - The Stock Options Swindler re-Invest in ComputerLand, the Murder of the Pamela Vitale wife of Attorney Daniel Horowitz at 500 La Gonda Way Danville, Swindling Sid Corrie.


Silver Lake - Steve Burd, Paul Hazen, Cynthia Kempf, KKR, Jamey Sheets, Rich






Anschutz Entertainment Group (AEG)






Silver Lake, the largest technology-focused private equity firm, has reached a deal to sell a 9.9 percent stake to the California Public Employees’ Retirement System for about $275 million, according to people briefed on the deal.

https://www.codeply.com/render/BqDWOEqiVb

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The Business Connection between Phil Anschutz and Larry Ellison - Only billionaire can buy from another Billionaire

The Business Connection between 
Philip Anschutz and Larry Ellison
The Connection Between Ian Murdock, Larry Ellison and Marc Benioff 

Bennett v. Southern Pacific was lost when witness Floyd Brown Jr. 



Phil Anschutz, America’s most reclusive billionaire, with his fingers in everything from international properties, to movies, to entertainment, is expected to start accepting bids on the sale of his Anschutz Entertainment Group (AEG) at $10 billion and up. AEG is a major and very profitable part of the Anschutz Empire. He’s spent years putting together the conglomerate, which is now the world’s largest owner of sports teams, plus the stadiums they play in, including Los Angeles’ Staples Center, the home of the Lakers, as well as the Kings hockey team. AEG is also the world’s second largest promoter of live concerts and entertainment extravaganzas featuring such stars as Justin Bieber, Celine Dion, Taylor Swift, and Jennifer Lopez. He was even set to bring Michael Jackson back on his ill fated “This Is It” Tour.


Perhaps the most surprising aspect of the upcoming sale is that it would mean Anschutz’s relinquishing his ownership in six Major League Soccer teams, including the L.A Galaxy for which he personally wrote a check for the $500 million package it took to get David Beckham, along with Posh, on board. So, why is he prepared to give all that up for the sake of several billion dollars he doesn’t exactly need?

Based on his track record, even though Anschutz is 72, no one thinks for a minute he is looking to cash out. He has always had a plan, and quite often, this has involved liquidating an existing investment and swiftly moving into another opportunity. He spent years building the Union Pacific railroad, which he sold at a huge profit, while retaining the rights to build along the tracks. This allowed him to form Qwest Communications and build the first national all fiber optic network. He is a staunch fundamentalist Christian who started a movie company, Walden Media, to make wholesome family films. After several years of losing money, he produced “Ray,” the life story of Ray Charles, complete with drugs, sex, rock & roll—and ultimately redemption. It won two Oscars and made more than $75 million at the box office. You can never take what he is doing at face value, because when Anschutz puts a deal together, there are often wheels within wheels that only become clear later on.


Perhaps the key to the current mystery is that just over two weeks ago, Los Angeles City Council signed off on a deal with AEG worth more than $1 billion to build a downtown football stadium, which in turn, would hopefully attract a National Football League (NFL) franchise to the city. As is typical with most cities faced with the prospect of picking up a national team, Los Angeles had ignored its unhealthy budgetary situation and extended massive tax breaks and other pot sweeteners to have Anschutz sign off on the deal. To be fair, AEG informed the council it was putting itself up for sale a couple of days before the vote, and vaguely promised that the new owners would honor the deal. But by that time, the train was leaving the station and none of the council members wanted to miss that fun-filled NFL bar car.


The beauty of all this for Anschutz is that he upped the price of the company from the early estimates of $7 billion or so, to $10-billion-plus, and he no longer has to actually deliver a football team. That’s up to the new owners of AEG, meaning they are the poor saps who will have to live through an increasingly common affliction amongst builders of humungous, but empty, sports stadia… The Al Davis Syndrome. Named after the Oakland Raider’s long-time owner, Al Davis who used to shop the Raiders around to cities dumb enough to put up a couple of million for an exploratory meeting. Al would hit town, have the meeting, then leave town, obviously with the money. Irwindale, California, famous for its sand and gravel pits, became notorious in 1987 for establishing the “Al Davis Syndrome Record,” when they gave him $10 million for the privilege of a couple of brief meetings.


But just to prove that your average billionaire is as crazy as the next one, Larry Ellison, CEO of Oracle, and the third richest man in America, is considering making a bid for AEG. Rumor has it; the big attraction will be moving that highly prized NFL team to Los Angeles. I mean, why not, he owns everything else. He’s the guy who shows you his new atomic-powered helicopter, which is parked on the deck of his new battleship sized yacht, which is moored at his new island. Ellison recently cashed out some Oracle shares for a total of $4.3 billion and told CNBC that the money was for “just in case I go shopping and something catches my eye.”


For what it’s worth, my bet is that Anschutz has something truly ambitious cooking, even by his standards, and needs the mountain of cash this sale would generate. He has never taken on major debt and wouldn’t start now. Because of his right-wing politics, religious beliefs, and prior experience in entertainment and communications, could we be looking at the founding of a new TV/digital/internet/social channel whose express purpose would be the propagation of the beliefs Anschutz holds dear?

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101 Ygnacio Valley Rd Ste 310 Walnut Creek





REBOB INVESTMENTS, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Principal, Mailing, and Registered Agent
Registered Agent:   Lance M Geertsen
Filing Date:   February 23, 2007
File Number:   200705510006
Contact Us About The Company Profile For Rebob Investments, LLC


AEIVEOS SCIENCES GROUP, L.L.C.
WASHINGTON WA LIMITED-LIABILITY COMPANY
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Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Officer
Registered Agent:  
Filing Date:   March 01, 1996
File Number:   601694221
Contact Us About The Company Profile For Aeiveos Sciences Group, L.L.C.


JAKS CINEMA, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Principal and Mailing
Registered Agent:   Natalie Delagnes Talbott
Filing Date:   May 23, 2013
File Number:   201314410104
Contact Us About The Company Profile For Jaks Cinema, LLC


GWL GLOBAL INVESTMENTS, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Principal and Mailing
Registered Agent:   Natalie Delagnes Talbott
Filing Date:   March 26, 2014
File Number:   201408610347
Contact Us About The Company Profile For Gwl Global Investments, LLC


EASY STRIDE, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Mailing and Registered Agent
Registered Agent:   Robert Bradley
Filing Date:   June 26, 2014
File Number:   201417810240
Contact Us About The Company Profile For Easy Stride, LLC


SITARAM, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
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Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Principal, Mailing, and Registered Agent
Registered Agent:   Jennifer Drue
Filing Date:   August 19, 2015
File Number:   201523210043
Contact Us About The Company Profile For Sitaram, LLC


MHL LOGISTICS, LLC
CALIFORNIA FOREIGN LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Principal and Mailing
Registered Agent:   Natalie D Talbott
Filing Date:   March 28, 2016
File Number:   201609610241
Contact Us About The Company Profile For Mhl Logistics, LLC


CAPITAL HOLDINGS V, LLC
CALIFORNIA FOREIGN LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:   101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596
Address Types:   Mailing
Registered Agent:   Natalie Talbott
Filing Date:   October 28, 2016
File Number:   201630810261
Contact Us About The Company Profile For Capital Holdings V, LLC

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101 Ygnacio Valley Rd Ste 310 Walnut Creek, CA 94596

REBOB INVESTMENTS, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Principal, Mailing, and Registered Agent
Registered Agent:  Lance M Geertsen
Filing Date:  February 23, 2007
File Number:  200705510006
Contact Us About The Company Profile For Rebob Investments, LLC
AEIVEOS SCIENCES GROUP, L.L.C.
WASHINGTON WA LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Officer
Registered Agent:  
Filing Date:  March 01, 1996
File Number:  601694221
Contact Us About The Company Profile For Aeiveos Sciences Group, L.L.C.
Sponsored Links
JAKS CINEMA, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Principal and Mailing
Registered Agent:  Natalie Delagnes Talbott
Filing Date:  May 23, 2013
File Number:  201314410104
Contact Us About The Company Profile For Jaks Cinema, LLC
GWL GLOBAL INVESTMENTS, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Principal and Mailing
Registered Agent:  Natalie Delagnes Talbott
Filing Date:  March 26, 2014
File Number:  201408610347
Contact Us About The Company Profile For Gwl Global Investments, LLC
EASY STRIDE, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Mailing and Registered Agent
Registered Agent:  Robert Bradley
Filing Date:  June 26, 2014
File Number:  201417810240
Contact Us About The Company Profile For Easy Stride, LLC
SITARAM, LLC
CALIFORNIA DOMESTIC LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Principal, Mailing, and Registered Agent
Registered Agent:  Jennifer Drue
Filing Date:  August 19, 2015
File Number:  201523210043
Contact Us About The Company Profile For Sitaram, LLC
MHL LOGISTICS, LLC
CALIFORNIA FOREIGN LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Principal and Mailing
Registered Agent:  Natalie D Talbott
Filing Date:  March 28, 2016
File Number:  201609610241
Contact Us About The Company Profile For Mhl Logistics, LLC
CAPITAL HOLDINGS V, LLC
CALIFORNIA FOREIGN LIMITED-LIABILITY COMPANY
WRITE REVIEW
Address:  101 Ygnacio Valley Rd Ste 310
Walnut Creek, CA 94596
Address Types:  Mailing
Registered Agent:  Natalie Talbott
Filing Date:  October 28, 2016
File Number:  201630810261
Contact Us About The Company Profile For Capital Holdings V, LLC
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PG&E board must be ousted amid wildfire woes: big investor

PG&E board must be ousted amid wildfire woes: big investor

Big investor says entire PG&E must be fired after years of fatal disasters


PG&E’s entire board of directors should be ousted and replaced in the wake of what a big investor describes as a series of failures and blunders that have caused fatal disasters that stretch back nearly a decade, according to a regulatory filing on Thursday.
Among the catastrophes that investor Blue Mountain Capital Management cited: a fatal explosion in San Bruno in 2010, falsification of gas pipeline records over several years from 2012 through 2017, a lethal series of infernos in the North Bay Wine Country and nearby regions in October 2017 and a deadly wildfire in Butte County that essentially destroyed the town of Paradise in November 2018.
“The current PG&E 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,” Blue Mountain stated in an open letter to PG&E’s shareholders.
The series of failures presided over by the board of directors, according to Blue Mountain Capital, has severely harmed PG&E.
“The company has lost the public’s trust, and it has severely damaged its relationship with regulators and elected officials,” Blue Mountain Capital stated.
The investment firm noted that roughly half of the current directors were on the board before and after a fatal explosion that PG&E caused in September 2010 — nearly a decade ago — that killed eight and destroyed a San Bruno neighborhood.
In 2015, the state Public Utilities Commission imposed a $1.6 billion penalty on PG&E for causing the explosion, the largest financial punishment ever levied on an American utility.
In 2016, PG&E became a felon when a federal jury convicted the company of crimes it committed before and after the San Bruno explosion.
Blue Mountain became an activist shareholder after it became apparent that PG&E intended to file for a Chapter 11 bankruptcy. By some estimates, PG&E’s mountain of debts and wildfire-related liabilities could total $30 billion.
Blue Mountain believes PG&E actually isn’t insolvent and that state lawmakers, Gov. Gavin Newsom and the PUC should work to seek solutions besides bankruptcy. Blue Mountain’s approach includes what some critics would describe as a bailout of PG&E by state taxpayers and the company’s customers.
“We urge you to exercise your rights and duties as owners” and participate in an election that could result in a completely new board of directors, Blue Mountain stated in its letter. “It is time for shareholders to step up.”
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Vice ~ The Movie about Halliburton, George W. Bush and Dick Cheney

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Contra Costa Bar Letter June 26, 2013

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