california update 5 29 01 executive summary california treasurer angelides sets dates bridge loans bonds california supreme court may see challenge plan b angelides bridge loans bonds ca treasurer angelides said beginning 15 august state set bridge loan revenue bonds issued september october angelides concerned cash crisis july august however quite worried problems cash flow october november based calculations done numbers dwr parts government payment terms power fears cash management problem california supreme court challenge plan b california attorney michael sturmwasser expected challenge plan b california supreme court basis results retroactive rate increase removes puc authority review power purchases plan b enables socal collect dedicated rate component pay undercollect expenses going forward socal pg words fair chance succeeding however regardless whether challenge succeeds fails likely cloud issue bail significantly deflate prospects plan b ferc impose cost based controls power prices sources believe might go long way toward avoiding problems happen puc could declare ferc rates reasonable would likely greatly lessen crisis keep socal liquid however measures ferc require significant lead time sources state state needs tease feds done conducting studies obtain current cost data update data ferc would use determining cost controls sources report process teasing ferc yet started chiefly california politicians focused flat price caps ferc unlikely impose appears state asking ferc wrong measures delaying process way state avoid constitutional issues would state purchase utilities municipal entities would subject puc regulation however remains significant opposition idea especially republican side state purchase utilities would likely gain momentum plan b began fail reasons cited additionally state purchase utilities would less expensive utilities bankruptcy sturmwasser partner sturmwasser woocher santa monica law firm offices top floor tallest building santa monica overlooking beach utilities lawyer 30 years clients include consumer advocacy group turn toward utilities rate normalcy among others sturmwasser reportedly look funding support legal challenge find money elsewhere likely able support pocket