-Hit long term resistance at 14.51 today and was rejected
-Hit long term resistance at 14.11 and was rejected
-Hit long term resistance at 14.03 around market close and seems to have been rejected again
-After hours saw higher lows but kept hitting resistance at 14.00.
Currently Price sits at 14.07
Due to current bankruptcy filing pending approval it would seem that this would be the ideal time for major players to make their exit. It is my belief that recent increase in share price has been in preparation via manipulation by major players to pull out before or at news regarding bankruptcy status.Now no longer in the S&P500 having been booted PG&E fully intends on pursuing chapter 11 Bankruptcy. In light of mounting debts caused by recent disasters in which PG&E has been found liable an argument can be made that the company is solvent (meaning their debts do not eclipse their income) but as of right now the total debts can only be estimated and may wind up being far more than the company is capable of handling without filing for bankruptcy.
If bankruptcy is approved i expect that the stock price will rapidly decline or existing shares will be wiped out completely.
if bankruptcy is not approved i expect to see this spike before diving downwards.
71.385 billion in total assets
51.68 billion in existing debt
Estimates of +30 billion from California wildfire liabilities.
19.444 billion in tangible assets which include 12.833 Billion in common shares
Unless liabillities for California wildfire are less than estimates in the ball park of under 20 billion i don't see much upside for bullish share holders
-Hit long term resistance at 14.11 and was rejected
-Hit long term resistance at 14.03 around market close and seems to have been rejected again
-After hours saw higher lows but kept hitting resistance at 14.00.
Currently Price sits at 14.07
Due to current bankruptcy filing pending approval it would seem that this would be the ideal time for major players to make their exit. It is my belief that recent increase in share price has been in preparation via manipulation by major players to pull out before or at news regarding bankruptcy status.Now no longer in the S&P500 having been booted PG&E fully intends on pursuing chapter 11 Bankruptcy. In light of mounting debts caused by recent disasters in which PG&E has been found liable an argument can be made that the company is solvent (meaning their debts do not eclipse their income) but as of right now the total debts can only be estimated and may wind up being far more than the company is capable of handling without filing for bankruptcy.
If bankruptcy is approved i expect that the stock price will rapidly decline or existing shares will be wiped out completely.
if bankruptcy is not approved i expect to see this spike before diving downwards.
71.385 billion in total assets
51.68 billion in existing debt
Estimates of +30 billion from California wildfire liabilities.
19.444 billion in tangible assets which include 12.833 Billion in common shares
Unless liabillities for California wildfire are less than estimates in the ball park of under 20 billion i don't see much upside for bullish share holders