PG&E Defends Itself In Newspaper Ads
Jan 18, 2002, 12:00 AM
Pacific Gas and Electric Co. and its parent corporation have taken out a full-page newspaper ad to refute charges of illegal transactions between the two. Last week, state Attorney General Bill Lockyer sued the parent corporation, claiming it siphoned more than $4.5 billion from PG&E and then illegally drove it into bankruptcy. The unfair business practices suit was filed in San Francisco Superior Court. It paints a sinister image of PG&E Corp., a holding company formed five years ago as part of California's deregulated electricity market. The ad, which appeared in more than a dozen California newspapers, including the Los Angeles Times and San Francisco Chronicle, as well as The Wall Steet Journal's website, denies wrongdoing and says all transactions were legal.