1. Activist Investor Ubben Criticizes PG&E Board Selection Process

    Activist Investor Ubben Criticizes PG&E Board Selection Process

    (Bloomberg) -- Activist investor Jeff Ubben criticized PG&E Corp. for postponing its deadline for nominating board members for a fifth time as the bankrupt utility-owner negotiates with competing shareholder groups. Ubben, ValueAct Capital Management’s chief executive officer, is part of a slate of director candidates put forth by the hedge fund BlueMountain Capital Management LLC...

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    1. Extension after extension, BlueMountain's well-vetted and public slate is being ignored, and every shareholder and stakeholder should be disappointed in this process.
    2. As the board continues to work through this process of identifying and evaluating candidates, it is committed to engaging with a broad base of shareholders and other stakeholders to solicit their views on new independent director candidates.
    3. We do not know the quality or nature of the directors being considered.
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