Here's how I think this thing has played (is playing) out:

PG&E was very tactical.
They knew that the Edison deal was imminent.
They see the Edison deal as extremely adverse to their interests.
They feared that the pressure on them to do the same deal would be enormous 
once the Governor announced the Edison deal.
Thus, in an incredibly dramatic attempt to pre-empt the possibility that 
they'd have to accept the Edison deal, PG&E threw itself into bankruptcy.  
(Preemption seems to have been very successful, at least at this point.)
So I think that they wanted everyone to know, including Wall Street and the 
Governor, that the decision's been made---they're going the way of Ch. 11, 
not the way of J. Bryson and Edison.

This make sense?

Best,
Jeff



	Karen Denne
	04/10/2001 10:22 AM
		
		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: 
		 Subject: Re: PG&E Issues Statement After State And Southern California 
Edison Reach An Agreement

What was the point of that statement?  It sure seemed like a non-statement...