A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. It is an important development for fire survivors, and I share the press releaseissued today for more details. A vote for Yes or No was essentially all the victims received no substantial input. This time period may be shorter than the statute of limitations that might otherwise apply in the civil court. Trotter pointed out that the insurance trust received $11 billion in cash to satisfy its claim of having to payout $16 billion to its insureds and for maintaining an additional $4 billion in reserve. RELATED: Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. Read Less than 1% of all claims have been appealed. As part of a settlement, the Fire Victim Trust received half of an expected $13.5 billion payout in stock and the rest in cash. (2020, December 19). 2023 United Policyholders The material on this site is for informational purposes only and is not a substitute for legal advice. In addition to ensuring survivors would not be taxed on trust payments, the new law includes a provision exempting attorneys' fees from taxation to ensure that recipients of PG&E funds do not pay taxes on lawyers they did not hire. 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A 15% increase was tacked on to the 30% pro-rata payments most claimants have already seen, meaning fire victims should have received 45% of their full approved claim. endstream endobj startxref (18), (1) Jamali, L. J. Justice John K. Trotter (Ret. Additional rounds of pro rata payments will follow until the fund is depleted. It appears there are no age or competency requirements for retirement in the U.S. Bankruptcy Court system. The Tort Claimants Committee (or TCC) is designed to give the individuals and families most affected by the 2017 and 2018 fires an independent and official voice throughout the bankruptcy case. Https://Inthesetimes.Com/Article/California-Fire-Victims-Awaiting-Payment-from-Utility-Company Retrieved June 5, 2022, from https://inthesetimes.com/article/california-fire-victims-awaiting-payment-from-utility-company, (4) Jamali, L. J. Newsom approved Montalis bankruptcy plan for PGE. The Un-Trustworthy PG&E Fire Victim Trust (PVT). She added: We will continue to monitor the markets in collaboration with our financial advisors to monetize the remaining shares as quickly as we can, but in a responsible manner, taking into account price, market conditions and the needs of fire survivors.. All quotes delayed a minimum of 15 minutes. https://santarosapressdemocrat-ca.newsmemory.com/?token=CRID_john.stalcup@sbcglobal.net_26654&message_id=22606q2IXHqZd6krXsywJL3uC1IEx3QU&utm_source=emailMarketing&utm_medium=email&utm_campaign=email+stats, (14) https://www.counties.org/sites/main/files/file-attachments/inverse_condemnation_fact_sheet_league__csac.pdf, (15) https://www.firevictimtrust.com/Docs/FAQs.pdf, (16) https://www.sfchronicle.com/business/article/PG-E-victims-lawyer-scrutinized-over-Wall-15241511.php#:~:text=San%20Antonio%20lawyer%20Mikal%20Watts,that%20became%20public%20days%20earlier, (17) https://krcrtv.com/north-coast-news/eureka-local-news/judge-refuses-to-approve-fire-victims-letter-attacking-pge-04-09-2020, (18) https://www.reinsurancene.ws/pge-pays-11bn-settlement-to-re-insurers-joins-wildfire-fund/, (19) https://www.firevictimtrust.com/Docs/Trustee_Response_to_5-28-22_Editorial.pdf, Ramona D. ElliotDirector, United States Trustee Program, https://www.kqed.org/news/11891626/hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait, https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, Https://Inthesetimes.Com/Article/California-Fire-Victims-Awaiting-Payment-from-Utility-Company, https://inthesetimes.com/article/california-fire-victims-awaiting-payment-from-utility-company, https://www.capradio.org/articles/2021/05/17/a-cascade-of-outrage-follows-investigation-into-pge-fire-victim-trust-expenses/, Https://Leginfo.Legislature.ca.Gov/Faces/billTextClient.Xhtml?bill_id=201920200AB1054, https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1054, https://abc7news.com/pg-e-fire-victims-victim-trust-fund-ca-wildfire-not-paid-taxpayer/11593929/, https://www.kqed.org/news/11851347/pge-bankruptcy-yields-700-million-legal-fee-bonanza-for-wall-street-firms, Https://Www.Pbs.Org/Newshour/Show/Most-Fire-Victims-Are-Still-Waiting-to-Be-Paid-by-Pges-Fire-Victim-Fund-Investigation-Finds, https://www.pbs.org/newshour/show/most-fire-victims-are-still-waiting-to-be-paid-by-pges-fire-victim-fund-investigation-finds, https://www.sfchronicle.com/bayarea/article/They-need-help-now-In-Gold-Country-PG-E-16407001.php, https://santarosapressdemocrat-ca.newsmemory.com/?token=CRID_john.stalcup@sbcglobal.net_26654&message_id=22606q2IXHqZd6krXsywJL3uC1IEx3QU&utm_source=emailMarketing&utm_medium=email&utm_campaign=email+stats, https://www.counties.org/sites/main/files/file-attachments/inverse_condemnation_fact_sheet_league__csac.pdf, https://www.firevictimtrust.com/Docs/FAQs.pdf, https://www.sfchronicle.com/business/article/PG-E-victims-lawyer-scrutinized-over-Wall-15241511.php#:~:text=San%20Antonio%20lawyer%20Mikal%20Watts,that%20became%20public%20days%20earlier, https://krcrtv.com/north-coast-news/eureka-local-news/judge-refuses-to-approve-fire-victims-letter-attacking-pge-04-09-2020, https://www.reinsurancene.ws/pge-pays-11bn-settlement-to-re-insurers-joins-wildfire-fund/, https://www.firevictimtrust.com/Docs/Trustee_Response_to_5-28-22_Editorial.pdf. Hedge Funds Cash Out Billions in PG&E Stock. Thats between $800 and $1,250 per hour. California Governor's Office of Emergency Services, Christopher and Urmila - 2017 Tubbs Fire Victims, FEMA can help California communities recover under the Stafford Act, Home insurance availability, affordability AND quality is shrinking: States and the Feds must coordinate and take action to protect homeownership in the US. Also, the trust gained another $480 million through the sale of 40 million shares of PG&E stock. But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. Capradio. PG&E Bankruptcy Yields $700 Million Fee Bonanza. He noted that the bankruptcy court created two pots of money, one for the insurance companies and another for fire victims, including federal and state agency claimants. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (10) ALLYN, J. Retrieved June 5, 2022, from https://www.kqed.org/news/11851347/pge-bankruptcy-yields-700-million-legal-fee-bonanza-for-wall-street-firms, (8) PBS. https://twitter.com/Cal_OES/status/1609310956794019840. But its enterprise value of $60 billion is under 8 times estimated EBITDA over the next 12 months, whereas peers trade over 11 times, according to Refinitiv. This petition focuses on the victims of the Northern California wildfires between 2015 and 2018, including all wildfires in this period for which PGE was held legally responsible for victims losses in their 2019 U.S. Bankruptcy filing and proceedings and codified in their exit from their bankruptcy process, resulting in the creation of the PGE Fire Victim Trust. Without all your input I have no idea how we could have recovered. Indie Pop Star Michelle Lambert Plays Market and Main in Martinez! I hope 2023 will be a good year for fire survivors and am delighted to share that the Fire Victim Trust announced today that it will be increasing pro rata payments from 45 percent to 60 percent effective January 31, 2023. Read the press release here. Newsom put his imprimatur on this deal and soon thereafter gave PG&E a safety regulation pass so they could exit the bankruptcy process and continue to operate with business as usual, that is, with little ongoing responsibility for making major wildfire mitigation efforts to their electric service lines and a backstop of California tax payers funds to payoff their next victims at 100% of their losses. (2021, June 25). The trust, which he took over two years ago, was funded with $13.5 billion, half in cash and half in the PG&E common stock. PG&E is in the process of paying $13.5 billion to survivors of the deadly Butte, North Bay, and Camp fires; legislation will protect these funds from federal taxes. 153 0 obj <>stream These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. Kiwanis 'Surf 'n Turf' Shrimp & Tri-Tip Drive-Thru Dinner 2023: Woodland, Suisun City Waterfront Restaurant Week 2023, Boys & Girls Clubs Crab Feed To-Go Fundraiser 2023: Napa, Rancho Cotate Athletic Boosters Crab & Pasta Feed 2023: Rohnert Park, Riding & Driving Club Crab Feed - Dine-In & To-Go 2023: Petaluma, Knights Of Columbus All-You-Can-Eat Shrimp Feed 2023: St. Peter's, Cloverdale, Kiwanis Crab Feed 2023: Community Center, Yountville, Knights Of Columbus All-You-Can-Eat Crab Feed 2023: Mendocino, SonRise Community Fellowship All-You-Can-Eat Crab Feed 2023: Vacaville, Tamalpais Community Services District Crab Feed 2023: Mill Valley, Final Storm Will Add To Historic Wet Period In Bay Area, Pedestrian Fatally Struck On Highway 12 In Sonoma County, Highway 37 Reopens After Weekend Flooding; Lane Closure Continues, Photos: 10th Annual Napa PorchFest Brings Good Vibrations, 17 Napa Valley Restaurants On 2022 Wine Spectator List. And, Trustee Trotter, 86 when he was appointed by Judge Montali is now 88 draws a salary of $125,000 per month as the Trustee. Editing by John Foley and Marjorie Backman, Bond spat is odd look for Melrose deal machine, Lufthansa offers Alitalia heir last chance to fly, Chinas demographic decline can be boon, not doom, Bank of Japan has learnt danger of half-measures, Just Eat delivers right takeaway orders, finally, See here for a complete list of exchanges and delays. He said his rent is triple what he paid for his mortgage in Paradise. Trotter also said that the trust is hoping to maximize their assets by getting a loan from the state of California or from some other instrument that will allow the trust to complete and increase their prorated statements without having to sell more shares in a down market. The North Bay fires of 2017 alone claimed 44 lives, burned more than 200,000 acres and destroyed 5,300 homes in Napa, Sonoma, Lake, Mendocino and Solano counties. Happy New Year. With such financial leverage, certainly Trustee Trotter could (and still could) have found a way to leverage our position by borrowing against our stock and preserving our position rather than squandering it away. Gov. Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. (17). (15). The number of claimants, variety of claims, quantity of claims, and size of the multi-billion dollar fund make this one of the largest and most complex mass tort settlements in California history. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. As PG&E Fire Victim Trust Racks Up $51 Million In Fees, Survivors Wait For Help While fire victims waited, a special PG&E Fire Victim Trust in charge of compensating survivors racked up $51 million in overhead costs last year. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (3) Allyn, J. Reach us by phone or through our brief online form at any time to discuss your claim. iv. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. If he or Ms. Yanni (his replacement appointed solely by Trustee Trotter) sells the remaining 377 million of the victims shares for the same loss, victims stand to lose over $1.1 billion of their $13.5 billion settlement, perhaps much more. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. Many, many thanks., The disaster recovery resources you provided helped many individuals and families., Certificate of Appreciation in recognition of your outstanding contributions to the Third Supervisorial District and the County of San Diego., (United Policyholders) provided helpful insights into the state of the current insurance market for earthquake, fire and flood coverage, and the critical rile insurance plays in the ability of our communities recover from such catastrophic events. Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. In his letter to victims, Trotter recounted the creation of the trust and its recent history. All rights reserved. (12,19). Butte County survivors similarly filed lawsuits following the 2018 Camp Fire, with a motion to coordinate those cases still pending at the time PG&E initiated bankruptcy proceedings. The company may have to spend $20 billion burying power lines, and while it might like to pass those costs on to customers, its rates are already among the highest in the nation. At this time, the court has not yet issued a claims Bar Date (the deadline for submitting claims), nor has the court approved an official claim form for wildfire losses. But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. Many more fire victims are struggling to do the same. Furthermore, Gov. An unidentified spokesman for the Fire Victim Trust told KQED the fund has now increased its payments to families, putting $195.2 million into the hands of those who lost loved ones, homes and businesses to fires caused by PG&E. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. A. That is stinging traders who bet the central bank would be forced to widen a 10-year government bonds trading band again, having expanded it to 0.50% from 0.25% in December under market pressure. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Our one and only goal is to give everyone whose lives have been disrupted and devastated by the wildfires the financial resources they need to rebuild their lives as soon as possible.. Bipartisan legislation could make that money tax-free from the federal government -- but the bill is stuck in Congress. While insurers and municipalities took cash during the restructuring process, individual victims accepted a $13.5 billion bundle of cash and stock, to be injected into a trust on their behalf. The trust has paid out $1.88 billion to date to more than 35,000 victims, and the new influx will allow that payment to swell to about $2.5 billion. (14), The PGE Bankruptcy Court settlement, which Governor Newsom approved, favors and fully compensates everyone except the wildfire victims. "I have heard from constituents across our community who are deeply, deeply concerned that they will face a tax burden upon receiving a payout from PG&E," Thompson said in a news release. He leaves his leadership at the Trust at the end of June 2022. They were just asking legitimate questions on behalf of their constituents. See here for a complete list of exchanges and delays. Representatives for the Fire Victim Trust declined to be interviewed. An annual report filed in federal bankruptcy court last week by its trustee, John Trotter, reported $38. 7 million spent on financial professionals, claims administrators, consultants and other operating expenses between July 1 and the end of 2020. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. The Claims Resolution Procedures approved in PG&Es bankruptcy cases require the Trust to issue a single Determination Notice that includes all claims in each Claims Questionnaire. the press release, the Trustee posted responses to fire survivors' questions submitted during a recent meeting hosted by Sonoma County Supervisors Susan Gorin and James Gore. (4,5,6,7,8). The material on this site is for informational purposes only and is not a substitute for legal advice. By filing for Chapter 11, PG&E will be allowed to continue its business operations while restructuring its debts and resolving liabilities. The investigation by KQED found that in its first year of operation, the trust spent nearly 90% of its funds on overhead while fire victims, many of whom lost their homes, waited for reimbursement. In a bankruptcy settlement, claimants may not ultimately receive the full value of their claims, but they must all receive the same proportionate pro rata value. The Beginning Pacific Gas & Electric - Wildfires are Us! PARADISE, Calif. - Victims from the Butte Fire, North Bay fires, and Camp Fire will receive an increased pro-rata payment from 30% to 45%. It is an important development for fire survivors, and I share the. While you may submit a claim on your own, we highly recommend consulting an attorney before submitting a claim form and electing to represent yourself in a complex bankruptcy matter. (2), This petition also addresses the actions that embellished and continue to embellish these legal, financial, and government entities and politicians who benefited and continue to benefit from wildfire victims disaster recovery. March 12, 2021, San Francisco On Monday, March 15, the Fire Victim Trust (FVT) will begin distributing the first round of pro rata payments toward satisfying the claims of So, 85% of the wildfire victims voted to accept the only deal offered. Because unlike all the other bankruptcy claimants, the victims received one-half of their $13.5 billion dollar settlement in PGE stock. PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. To download an extensive set of FAQs, click here. As part of a settlement, the Fire Victim Trust received half of an expected $13.5 billion payout in stock and the rest in cash. Sign up for free Patch newsletters and alerts. PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. 1054 CHAPTER 79. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. The victims had minimal input into this process. 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