Hedge funds have billions on the line at PG&E’s bankruptcy hearing — and equity-holder Seth Klarman is pitted against bond-holder Paul Singer

Pacific Gas & Electric, the bankrupt California utility that’s been found partially responsible for causing two of the state’s devastating wildfires, has been a target for dozens of hedge funds.
In a bankruptcy hearing on Monday, a judge will decide between a deal put forth by the equity holders, which would benefit Seth Klarman’s Baupost Group, and a settlement from bond holders, led by Paul Singer’s Elliott Management and supported by victims of the wildfires.