Seth Klarman’s Baupost Doubles Down On PG&E Bet

According to Baupost's third 13F filing, the Boston based hedge fund, which manages around $30 billion for clients, increased its position in Californian utility supplier PG&E Corp by more than 320% in the quarter to just under 19 million shares. At a price of $46 per share at the time the 13F was published, the stake was worth approximately $870 million.

Q3 hedge fund letters, conference, scoops etc

Since then, shares in PG&E have plunged. At the beginning of this week, the utility announced that it was preparing to file for bankruptcy in an attempt to hold off creditors while continuing to provide electricity and natural gas without interruption...