[vkou]

1. The stock recovered within 2 years and then shot to the moon.

2. You're not counting all the dividends they've siphoned out.

3. The reason it's at $16 today is because the company destroyed its own value... By prioritizing dividends over maintenance. Which killed a lot of people, destroyed a ton of property, with the damages exceeding the value of the firm. Yet, instead of being zeroed out, the shareholders are still there, still collecting dividends, and in a few years of guaranteed 10% margins, I'm sure the stock will recover.

[JumpCrisscross]

> The stock recovered within 2 years and then shot to the moon

After the bankruptcy? Did the shareholders maintain their ownership through bankruptcy? Or were the creditors turned into shareholders?

[vkou]

They did, through both bankruptcies.

They came out squeaky clean in 2001, keeping all their shares. (Major shout-out to the State of California for bailing them out, and shouldering all the subsequent liabilities from that adventure.)

The second one diluted them by 22%, by creating and giving new stock to the people who won lawsuits against the firm. The stock's up by more than 22% since the impact of the fires on the company was realized...

If they were zeroed out after either bankruptcy, I wouldn't be kvetching, but here we are...