california update 6 12 01 confidential information one source reported socal started ring fence assets reported earlier sign starting protect case bankruptcy pg e started activity week prior announcement involuntary bankruptcy mou plan bs fall apart chances socal bankruptcy increases following information provided source meet senior white house members earlier today price caps white house taking extremely tough line price caps well aware congressional pressure price caps determined resist california feel davis made serious blunder initiated court case price caps commented lose made court administrations white house considering time type relief orders northwest believe existing price mitigation plan working extent white house believes socal close bankruptcy matter time ferc white house thinking replacing hebert chairman ferc response would wood toes line bother changing