Hedge fund wants to replace PG&E board amid bankruptcy concerns - SFChronicle.com

Hedge fund wants to replace PG&E board amid bankruptcy concerns - SFChronicle.com: Continuing its sharp criticism of PG&E Corp.’s plan to file for bankruptcy protection, a New York hedge fund on Thursday launched a campaign to replace the company’s board of directors as the firm tries to reshape the direction of the embattled business. BlueMountain Capital Management, which says it manages funds that own more than 11 million shares of PG&E’s common stock, released an open letter to shareholders saying it plans to announce a full slate of new directors by Feb. 21, three months before the company’s annual meeting is scheduled. The firm repeated its skepticism about the need for PG&E’s planned bankruptcy filing, expected next week, and said it’s “time for shareholders to step up” and put new faces in the boardroom.