BlueMountain, a PG&E shareholder that pushed to keep PG&E out of bankruptcy, launched a proxy fight to replace its board in the days prior to the company’s Chapter 11 filing in January and has been seeking support from other investors. On Friday, ValueAct Chief Executive Officer Jeff Ubben stepped forward to say one of his funds has taken a position in the company, and BlueMountain named him as one of its 13 nominations for the board. In joining the campaign, Ubben said in an interview that PG&E “needs a restart to gain the trust of stakeholders.” ValueAct Spring Fund has bought 1 million shares of PG&E, according to BlueMountain’s open letter to PG&E shareholders.
