SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN THE STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
Pacific Gas & Electric
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(Name of Issuer)
Series G 4.8% Preferred Stock
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(Title of Class of Securities)
694308701
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(CUSIP Number)
August 21, 2001
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[x ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP No. 694308701 Schedule 13G
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
King Street Capital, L.P.
13-3812174
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
[ ] (a)
[x] (b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 26,250
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
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8 SHARED DISPOSITIVE POWER
26,250
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,250
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.3%
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12 TYPE OF REPORTING PERSON
PN
CUSIP No. 694308701 Schedule 13G
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Capital, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 48,750
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
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8 SHARED DISPOSITIVE POWER
48,750
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,750
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
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12 TYPE OF REPORTING PERSON
CO
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CUSIP No. 694308701 Schedule 13G
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Advisors, L.L.C.
13-3812173
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 26,250
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
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8 SHARED DISPOSITIVE POWER
26,250
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,250
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
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12 TYPE OF REPORTING PERSON
OO, IA
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CUSIP No. 694308701 Schedule 13G
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Capital Management, L.L.C.
13-3978904
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 48,750
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
48,750
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,750
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
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12 TYPE OF REPORTING PERSON
OO, IA
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CUSIP No. 694308701 Schedule 13G
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
O. Francis Biondi, Jr.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
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3 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |_|
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 75,000
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
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8 SHARED DISPOSITIVE POWER
75,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
75,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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12 TYPE OF REPORTING PERSON
IN
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CUSIP No. 694308701 Schedule 13G
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Brian J. Higgins
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)|_|
(b) x
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3 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |_|
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 75,000
PERSON ----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------
8 SHARED DISPOSITIVE POWER
75,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
75,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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12 TYPE OF REPORTING PERSON
IN
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Item 1(a). Name of Issuer.
PACIFIC GAS & ELECTRIC COMPANY
Item 1(b). Address of Issuer's Principal Executive Offices.
77 Beale Street, P.O. 770000
San Francisco, CA 94177
Item 2(a). Name of Person Filing.
This schedule is being jointly filed by King Street Capital, L.P.
("KSC L.P."), King Street Capital Ltd. ("KSC Ltd."), King Street Advisors,
L.L.C. ("KSA"), King Street Capital Management, L.L.C. ("KSCM"), O. Francis
Biondi, Jr. and Brian J. Higgins. KSC LP, KSC Ltd., KSA, KSCM, Mr. Biondi and
Mr. Higgins are collectively referred to herein as the "Reporting Persons."
Item 2(b). Address of Principal Business Office or, if None, Residence.
The principal business address of KSC Ltd. is:
c/o HWR Services
Craigmuir Chambers
P.O. Box 71
Road Town, Tortola
British Virgin Islands
The principal business address of each of the other Reporting
Persons is:
575 Lexington Avenue
7th Floor
New York, New York 10022
Item 2(c). Citizenship.
Mr. Biondi and Mr. Higgins are both United States citizens. KSC Ltd.
is organized under the laws of the British Virgin Islands. Each of the other
Reporting Persons is orga nized under the laws of the State of Delaware.
Item 2(d). Title of Class of Securities.
Series G 4.8% Preferred Stock ("Preferred Stock")
Item 2(e). CUSIP Number.
694308701
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section
15 of the Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the
Exchange Act.
(c) [ ] Insurance company as defined in section
3(a)(19) of the Exchange Act.
(d) [ ] Investment company registered under Section
8 of the Investment Company Act.
(e) [ ] An investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan or endowment fund
in accordance with Rule 13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person
in accordance with Rule 13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section
3(b) of the Federal Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the
definition of an investment company under
Section 3(c)(14) of the Investment Company Act.
Item 4. Ownership.
As of January 29, 2002, 26,250 shares of Preferred Stock, or 3.3% of
the total outstanding shares of Preferred Stock on that date, were held by KSC
L.P and 48,750 shares of Preferred Stock, or 6.1% of the total outstanding
shares of Preferred Stock on the date, were held by KSC Ltd. Because KSA is
the general partner of KSC L.P., pursuant to Rule 13d-1, as of January 29,
2002, KSA may be deemed to be the beneficial owner of 26,250
shares of Preferred Stock, or 3.3% of the total outstanding shares of
Preferred Stock on that date, consisting of the shares owned by KSC L.P.
Because KSCM is the investment adviser to KSC Ltd., pursuant to Rule 13d-1, as
of January 29, 2002, KSCM may be deemed to be the beneficial owner of 48,750
shares of Preferred Stock, or 6.1% of the total outstanding shares of
Preferred Stock on that date, consisting of the shares owned by KSC Ltd.
Because Mr. Biondi is a managing member of, and owns a 50% interest in, each
of KSA and KSCM , pursuant to Rule 13d-1, as of January 29, 2002, Mr. Biondi
may be deemed to be the beneficial owner of 75,000 shares of Preferred Stock,
or 9.5% of the total outstanding shares of Preferred Stock on that date,
consisting of the shares owned by KSC L.P. and KSC Ltd. Because Mr. Higgins is
a managing member of, and owns a 50% interest in, each of KSA and KSCM,
pursuant to Rule 13d-1, as of January 29, 2002, Mr. Higgins may be deemed to
be the beneficial owner of 75,000 shares of Preferred Stock, or 9.5% of the
total outstanding shares of Preferred Stock on that date, consisting of the
shares owned by KSC L.P. and KSC Ltd.
KSC L.P. may be deemed to have shared voting and dispositive power
over the 26,250 shares of Preferred Stock it owns, or 3.3% of the total
outstanding shares of Preferred Stock. KSC Ltd. may be deemed to have shared
voting and dispositive power over the 48,750 shares of Preferred Stock it
owns, or 6.1% of the total outstanding shares of Preferred Stock. Because of
the relationship described above, KSA may be deemed to have shared voting and
dispositive power over the 26,250 shares of Preferred Stock owned by KSC L.P.,
or 3.3% of the total outstanding shares of Preferred Stock. Because of the
relationships described above, KSCM may be deemed to have shared voting and
dispositive power over the 48,750 shares of Preferred Stock owned by KSC Ltd.,
or 6.1% of the total outstanding shares of Preferred Stock. Because of the
relationships described above, Mr. Biondi may be deemed to have shared voting
and dispositive power over an aggregate of 75,000 shares of Preferred Stock,
or 9.5% of the total outstanding shares of Preferred Stock, consisting of
shares owned by KSC L.P. and KSC Ltd. Because of the relationships described
above, Mr. Higgins may be deemed to have shared voting and dispositive power
over an aggregate of 75,000 shares of Preferred Stock, or 9.5% of the total
outstanding shares of Preferred Stock, consisting of shares owned by KSC L.P.
and KSC Ltd.
Because of the relationships described above, the Reporting Persons
may be deemed to constitute a "group" within the meaning of Rule 13d-5 under
the Securities and Exchange Act of 1934, and as such, each member of the group
would be deemed to beneficially own, in the aggregate, all the shares of
Preferred Stock held by members of the group. The Reporting Persons do not
admit that they constitute a group within the meaning of Rule 13d-5.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Dated: January 31, 2002
KING STREET CAPITAL, L.P.
By: King Street Advisors, L.L.C., its general partner
By: /s/ Brian J. Higgins
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Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL, LTD.
By: /s/ Brian J. Higgins
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Name: Brian J. Higgins
Title: Director
KING STREET ADVISORS, L.L.C.
By: /s/ Brian J. Higgins
----------------------
Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL MANAGEMENT, L.L.C.
By: /s/ Brian J. Higgins
----------------------
Name: Brian J. Higgins
Title: Managing Member
/s/ O. Francis Biondi, Jr.
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O. Francis Biondi, Jr.
/s/ Brian J. Higgins
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Brian J. Higgins