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Hedge Funds Lose Millions On Pg&e

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On Tuesday, PG&E (PCG), the California-based energy and utility giant, filed for chapter 11 bankruptcy following the massive liabilities the power provider faces in the wake of the wildfires. Shares of PG&E were about 5% in early trading. Famed value investor Seth Klarman, the founder of Boston-based Baupost Group, is the largest hedge fund shareholder of PG&E and has seen his position decline 74% in the last few months. In a letter to investors sent last week, Klarman explained that the fund purchased PG&E right before the stock "slumped badly" on "tragic developments that led to financial distress."

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