Subject: Re: sobering quote on BHE
I wouldn't worry about BHE "going out of business" - I think the comment was about the possibility of a single subsidiary of BHE going through bankruptcy - which I think is unlikely and of course would be a restructuring not "going out of business."

I really wish I understood this situation better.

I read it as suggesting that management was worried that burying electrical lines would be mandated, but in a way that the cost would not be allowed to count as adding to the regulated asset base. And the notion that Berkshire would, in that situation, simply say "no", as it would be confiscatory.

Jim