california update 5 15 01 executive summary new extraordinary session opened today forbearance period extended socal qfs placing liens socal moving closer bankruptcy mou dead nation plan b alternative mou become bill tomorrow gaining interest sides house socal davis yet give support new extraordinary session yesterday senate assembly passed resolutions close extraordinary session bills lst session introduced 2 nd session last amended bill number forbearance period extended regarding forbearance extended socal banker creditors parent company credit extended 30 june utility forbearance 15 september qfs placing liens socal assets qfs placing liens socal assets property freezing bank assets result socal moving ever closer bankruptcy maybe early later next week actions behalf qfs added incentives legislature move quickly alternative mou alternative plan mou mou socal essentially deal number alternative plans proposed legislature held meetings last night democratic assemblyman nation plan b alternative mou plan gaining momentum according sources republican assembly leader cox signed people work plan implying republican interest senator burton office also reported work plan b governor davis office aware plan yet comment also word time whether republican senate leadership support nation plan b key details nation plan include 1 2 billion option state purchase socal transmission assets money would given socal state regardless whether option exercised detail likely unpopular voters remainder undercollect stated 3 5 billion amount determined puc review would paid securitization undercollect socal moreover utility would sell state additional power cost beyond 10 years already agreed upon memorandum understanding additional power company sources sources report nation plan also currently calls generators take 30 haircut nation plan b likely introduced bill tomorrow likely go start legislative process early next week next scheduled floor session thursday able tell fast legislature intends move bill indication whether socal edison would agree nation plan sources believe likely socal would object least plan provisions example puc audit socal debt amount determine direct rate component pay undercollect socal much odds puc wishes play little role possible socal ultimately agree plan state reportedly may offer similar deal pg e