Seth Klarman’s Baupost Group has been the poster child of the hedge fund industry’s ill-timed stock-market bets on the troubled utility PG&E Corp., which announced plans for bankruptcy. It turns out, though, that Baupost’s stock purchases, valued at $873 million at the end of September, are just part of a bigger and more complex wager on California’s largest utility. Baupost also bought $1 billion of legal claims in November that an insurer held against the utility, giving the hedge fund the right to recover losses incurred from the deadly wildfires in 2017, according to people familiar with the matter.