PG&E Takes Out Full-Page Ad
SAN FRANCISCO (AP) _ Pacific Gas and Electric Co. and its parent corporation have taken out a full-page newspaper ad to refute charges of illegal transactions between the two.
Last week, state Attorney General Bill Lockyer sued the parent corporation, claiming it siphoned more than $4.5 billion from PG&E and then illegally drove it into bankruptcy.
The unfair business practices suit was filed in San Francisco Superior Court. It paints a sinister image of PG&E Corp., a holding company formed five years ago as part of California’s deregulated electricity market.
The ad, which appeared in more than a dozen California newspapers, including the Los Angeles Times and San Francisco Chronicle, denies wrongdoing and says all transactions were legal.
``We want people to know the facts, to know our view on the lawsuit and the motivation behind it,″ said Brian Hertzog, a spokesman for PG&E Corp.
The ad claims the attorney general filed the suit in an attempt to derail the bankruptcy proceedings.
``Basically, PG&E says you deserve the truth, that’s why the attorney general filed the lawsuit against PG&E Corp.,″ said Sandra Michioku, a Lockyer spokeswoman.