While analysts say the likelihood of that happening is slim, the man in charge of putting together the deal — State Treasurer Philip Angelides — warned that last week’s rejection of the bond plan by the California Public Utilities Commission raises doubts that the deal will ever get done.
Failure to sell the bonds might mean the firms working on the deal — Orrick, Herrington & Sutcliffe; O’Melveny & Myers; Sidley Austin Brown & Wood; and New York’s Hawkins, Delafield & Wood — may not get paid.
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