Hedge funds have billions on the line at PG&E's bankruptcy hearing - and equity-holder Seth Klarman is pitted against bond-holder Paul Singer

• Pacific Gas & Electric, the bankrupt California utility that's been found partially responsible for causing two of the state's devastating wildfires, has been a target for dozens of hedge funds.
• In a bankruptcy hearing on Monday, a judge will decide between a deal put forth by the equity holders, which would benefit Seth Klarman's Baupost Group, and a settlement from bond holders, led by Paul Singer's Elliott Management and supported by victims of the wildfires.
• Major shareholders in the company agreed to an $11 billion Chapter 11 bankruptcy plan in early September that would have paid out funds like Baupost and TPG that held insurance claims at a premium, but that plan no longer has support of wildfire victims.
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The final decision in the sprawling multi-billion-dollar bankruptcy of Pacific Gas & Electric will make some well-known hedge fund managers very happy, and ruin the years-long work of others.

The California utility that was found partially responsible for some of the state's recent massive wildfires had the backing of its major shareholders - including David Abrams' Abrams Capital, John Paulson's hedge fund, Fidelity, and dozens of other managers - for an $11 billion Chapter 11 plan that would have paid out insurance claims at a rate that would make Seth Klarman's Baupost Group hundreds of millions.

Baupost owns more than $3 billion in insurance claims that the Boston-based manager would have been paid back 59 cents on the dollar for under the bankruptcy plan - double the amount of what the firm paid for some of the claims.

But the plan has been challenged by another high-powered group of hedge funds and asset managers, led by Paul Singer's Elliott Management and Pacific Investment Management Company, who own the utility's bonds. They have put forward a bankruptcy proposal where the group of bondholders would pump $29.2 billion into the company to take control of it - and basically push the equity-holders out of the equation.

One important group representing the victims of the wildfires has made its allegiance known. It has sided with bondholders, under a plan in which $14.5 billion would go to those who lost homes, cars, and loved ones in the natural disasters.

The latest iteration of the saga will play out on Monday, when Judge Dennis Montali is set to rule on whether both plans would be able to move ahead. Below is a rundown of the funds that will be hanging on his every word.