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Hedge Fund Titans Baupost, D.E. Shaw Caught in PG&E Value Trap

(Bloomberg) Top hedge funds scooped up or held shares of PG&E Corp. in the third quarter, with the beaten down stock of the California utility appearing to be a good value. Since then it has taken more pounding. Shares fell 22 percent Monday on fears that the utility could file for bankruptcy to deal with as much as $30 billion in liabilities from wildfires. PG&E is down about 59 percent since Sept. 30, the date of the last filings for big investors.

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