Hedge fund prepares proxy fight to oust embattled PG&E's board
Share:
(Reuters) - PG&E Corp shareholder BlueMountain Capital Management LLC said on Thursday it is preparing a challenge to the embattled utility owner's board, arguing its plan to file for bankruptcy in the wake of catastrophic wildfires in California is harming investors.The hedge fund, which owns about 2 percent of PG&E, said it is trying to rally support from other shareholders to replace all of the company's ten board members at this year's annual meeting expected in May.BlueMountain's..