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Hedge Funds Fight Over PG&E

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Hedge Funds Fight Over PG&E Boss Lady Cellphone robbery Teen arrested after chase, search NEWS, PAGE A2 Sims takes on small business ownership YOUR BUSINESS, PAGE C1 Full Steen ahead ‘Gnat’ to enter Vintage Hall of Fame SPORTS, B1 SUNNY AND WARM 85 • 57 WEATHER B4 | WEDNESDAY, SEPTEMBER 4, 2019 | napavalleyregister.com | $1 UTILITIES Hedge funds fight over PG&E How much will tions are fi ghting over Assembly But a consortium of hedge Paul Singer of hedge fund Elliott “Are you willing to pay higher Bill 235. That’s a controversial bill funds that own billions of dollars Management, is a supporter of utility bills to bail out PG&E?” California wildfire being drafted that PG&E says it worth of PG&E corporate bonds President Donald Trump — have says the narrator of an anti-AB 235 needs to exit bankruptcy and pay is working behind the scenes in teamed with left-leaning organi- radio ad sponsored by the bond- victims get paid? billions of dollars in claims from Sacramento, and with a market- zations such as Californians for holder group. the 2017 wine country fi res, which ing campaign aimed at pressur- Energy Choice and The Utility PG&E and its allies — a collec- DALE KASLER AND BRYAN ANDERSON killed 44 people, and last Novem- ing lawmakers, to kill the eff ort. Reform Network to try to sink AB tion of hedge funds that own 49 The Sacramento Bee ber’s Camp Fire, which killed 86 Separately, the bondholders are 235. The California Teachers As- percent of the utility’s stock — Dueling packs of Wall Street people. attempting a hostile takeover of sociation also came out against insist customers wouldn’t pay a hedge funds are waging a down- The bill, by Assemblyman Chad PG&E through the bankruptcy the bill. dime under AB 235. It has lined up to-the-wire battle for control Mayes, R-Yucca Valley, calls for case, with their own plan for pay- Their main argument: The support from such groups as the of PG&E Corp. But it’s wildfi re the state to borrow up to $20 bil- ing fi re claims — and scuttling AB plan would force ratepayers, not California Wind Energy Associ- victims from places like Paradise lion at tax-free, low interest rates 235 could strengthen their hand shareholders, to actually foot the ation and the California Building and Santa Rosa who could tip the on PG&E’s behalf — and says considerably. bill for wildfi re claims by putting Industry Association. balance. PG&E shareholders will repay the In a strange-bedfellow alliance, pressure on the state to increase Two billionaire investor fac- debt out of future profi ts. the bondholders — whose leader, PG&E’s profi ts. Please see WILDFIRE, Page A3 COMMUNITY LITIGATION Contractor sues Blue Note for expenses $380,705 reportedly owed to Napa business JENNIFER HUFFMAN jhuff [email protected] A Napa contractor is suing the Blue Note Napa Valley and the Napa Valley Opera House, saying he wasn’t paid $380,705 promised for work done at the historic building. According to the complaint, fi led on Aug. 20 in Napa County SUBMITTED Superior Court, Bowman Con- A Napa-based fi lm, “Never Too Old,” was shot on a single, long day in June. The volunteer crew is hoping that it will be chosen for debut at the struction and Development Inc. Napa Valley Film Festival. is owed money for work done after July 29, 2016 at the Opera House. The actual time period of the work was not included in the complaint. The company, represented DIY Napans film a local movie by John Bowman of Napa, was hired to do “carpentry, electri- Homegrown efforts This movie is the fi rst pro- May, stars in the fi lm as a mother because her children go away. cal, plumbing and related work” duction by the Filmmakers of whose daughter just went off to “When people leave the the- for the Blue Note “project,” at tells story of a Napa Valley, a group that came college, leaving her unsure of ater … hopefully they’ll say: 1030 Main St., according to the together thanks to Keely Dervin. what’s next. With some encour- ‘Let’s go dancing’ or ‘Let’s go live complaint. woman ready for a Dervin, a local actress and fi lm- agement from two girlfriends, life,’” Dervin said. An attorney for Bowman Con- maker, had a hunch that there she musters up enough energy Her other goal was to get her struction, John Burton said the new life beginning were others like her – that is, to put on a dress and go dancing, newly formed group excited work included the remodel of the people with a passion for fi lm- where maybe she will fi gure out about and engaged in producing downstairs facility for the Blue MARIA SESTITO making – in the Napa Valley. how to begin again. a fi lm. And, hopefully, she added, Note music venue. The Napa Valley has been the She followed that hunch Dervin, age 49 and not quite to have it show in the Napa Valley Burton said Bowman Con- backdrop for many Hollywood and, nine months ago, created an empty-nester herself yet, said Film Festival. struction was paid about movies and, just this summer, a Meet-Up group. In June, that that she wanted to tell this story Amy Brown, programming $100,000 but is still owed Netfl ix released “Wine Coun- little group, now at 50 members, because, in the United States, she manager at the Napa Valley $380,705. try,” featuring Amy Poehler and made a movie called “Never Too said, “women of a certain age” Film Festival, said that the fes- “I don’t know why they’re not her costars visiting many spots Old.” are often written off . Dervin said tival loves seeing submissions paying him,” said Burton. “No known to locals and tourists. Dervin, who wrote the script that she wanted to show people This movie isn’t that. along with Bay Area director Ally that a woman’s life isn’t over just Please see MOVIE, Page A3 Please see CONTRACTOR, Page A4 GOVERNMENT St. Helena requests a new city hall Plans call for new ing instead to the Adams Street Lane, new council chambers next property. to it, and moving City Hall staff council chambers, The council directed consul- into an expanded and renovated tants to come back with cost es- library building. updated library timates on four options involving — A new City Hall at Adams/ a new City Hall, a separate coun- Library, new council chambers, JESSE DUARTE cil chambers that would double and an expanded and renovated [email protected] as community event space, and library. JESSE DUARTE, STAR FILE PHOTO ST. HELENA — The City the library. — A new library at the cur- The city of St. Helena is considering what to do with its 5.6-acre Adams Street Council is reconsidering tenta- The four options are: rent City Hall site, new council property next to the library. A portion of the site could become a new city hall tive plans to rebuild City Hall on — A new library at the cor- and library. its current site and is now look- ner of Adams Street and Library Please see CITY HALL, Page A4 OBITUARIES | PAGE C5 BRIDGE C3 CROSSWORD C3 SPORTS B1 Betty J. Jobe, Ronald Martin Oneal BUSINESS C1 OPINION A5 SUDOKU C4 COMICS C4 SCOREBOARD B3 WEATHER B4 M • • • • Follow us online: 1 $1 D Volume 157, Issue 10 A Lee Enterprises Newspaper Copyright 2019 facebook.com/NapaValleyRegister twitter.com@NapaRegister instagram.com/naparegister A2 | WEDNESDAY, SEPTEMBER 4, 2019 NEWS NAPA VALLEY REGISTER Today Thursday Thursday History will remember how Trump The Register continues its series of With the 32nd annual Open Studios just responded to Hong Kong pro-democ- weekly Prep Football Focus features weeks away, artists throughout Napa AT NAPAVALLEYREGISTER.COM racy protests says Jackson Diehl. on standout high school players. Valley are busy preparing for the event. LOCAL BRIEFS Napa County and drink vendors will par- ticipate. China’s face-swapping app holds Airport For more information, go to www.napacountyair- Day festival port.org. this Saturday FOR THE RECORD provokes privacy concern Napa County’s annual The listing for the Napa Airport Day on Saturday Valley Republican Women COLUM MURPHY AND deepfakes of this kind has will feature plane exhibits, in Sunday’s Community ZHEPING HUANG matured rapidly, to the classic cars, live music and Bulletin on page C5 of the Tribune News Service point where it can believ- face painting from 11 a.m. Napa Valley Register listed HONG KONG — Chinese ably impersonate famous to 3 p.m. at 2030 Airport the incorrect luncheon face-swap app Zao rocketed personalities like Joe Ro- Road. price. to the top of app store charts gan and make them say Admission is free. Food Lunch is $27. over the weekend, but user whatever the aspiring faker delight at the prospect of types. U.S. politicians are becoming instant super- wrestling with the issue of stars quickly turned sour as how to regulate this emer- privacy implications began gent misinformation threat, Sonoma shuts down to sink in. and top Democrat Adam Launched recently, Zao is Schiff has described it as a currently topping the free source of “nightmarish sce- largest non-permitted download chart on China’s narios” for the 2020 presi- iOS store. Its popularity dential election. has also pushed another At the individual level, cannabis grow face-swap app, Yanji, to FaceApp is the most fa- fifth place on the list.
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