I think it all looks interesting for sure..even with a stake in the game, i'm finding this all fascinating to follow. The morgan stanley note was interesting in that they mention the ch 11 filing could be challenged, given that they are potentially solvent. I'm pretty sure PG&E is just filing in order to get the state to reverse the inverse condemnation laws, since fundamentally the company is in good shape, ~$6 Billion in operating income on average per year; if they were able to stretch out any claims against them over the course of several years, while somehow adjusting the laws so that they don't get screwed on any future fires (while at the same time cleaning up their sloppiness) they would be perfectly fine.
I also find it interesting that at the source of the Camp Fires from 2018, PG&E found bullet holes at the transmission pole.
https://www.cnn.com/2018/12/13/us/pge-camp-fire-report-outages/index.html
Now the big problem here, is that it will probably be a while- at least a few months I think - before they actually determine the cause of that fire, but can you imagine if someone was just taking target practice at a few poles and ignited the fire? Totally possible. Again, not likely to help them stave off bankruptcy, but certainly a homerun wild card moving forward.