16
Comparative Appellate Risk
¨Whereas
the PG&E Plan contains provisions that violate numerous California and
local laws and, therefore, relies upon the preemption of these laws, the
OCC/CPUC Plan successfully reorganizes PG&E in accordance with
such laws
—PG&E
Plan subject to ongoing litigation regarding ability of bankruptcy law to preempt state regulatory law
—CPUC and
California Attorney General have committed to fight preemption to the U.S. Supreme Court, if necessary
—the United States, by the
Department of Justice, has filed a brief urging the United States Court of Appeals for the Ninth Circuit
to reject PG&E’s theory of express
preemption
¨PG&E
Plan violates the sovereign immunity of the CPUC and the State of
California
The OCC/CPUC Plan carries a lower degree of
appellate risk than the PG&E Plan