Paul Singer, as we have noted, is used to getting his way. Well, in the matter of the bankruptcy of California’s largest utility and fiery-clearer-of-ground PG&E, Singer most certainly did not get his way. And when Paul Singer does not get his way, he tends to get cranky. This tendency, furthermore, is exacerbated when he agrees to not get his way in exchange for something, and that something is not forthcoming—especially if it is stymied in what he perceives to be some dastardly and ungentlemanly way. That Paul Singer will not abide—and Paul Singer can be a very patient man when he’s angry.
PG&E was supposed to help Elliott gain access to as much as $2 billion in equity commitments, as part of a settlement struck in January to resolve competing and sometimes contentious restructuring plans, according to a court filing by Elliott…. PG&E allegedly breached its obligation, “and concealed that breach until after the evidence had closed with respect to the confirmation hearing, Elliott is now entitled to seek payment of this administrative expense claim,” the firm said….
Elliott complained that PG&E failed to use its “best efforts” to persuade other investors involved in the company’s reorganization to give Elliott the investment rights.”