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. We are sympathetic to the fact that the complicated claims evaluation and payout process required by both California law and bankruptcy law can be hard for anyone to understand, said Yanni. Under the direction of the Trustee, the Honorable John K. Trotter (Ret.) If PG&E performed well, so would they. Most importantly, the bankruptcy does not prevent individuals and families impacted by the North Bay and Camp fires from asserting their right to compensation against PG&E. "It was really disappointing that many members of Congress signed a letter asking for clarification and they took five months fooling around getting back to us," said LaMalfa. That price created a shortfall of approximately $2.4 billion less than expected, and it has lingered between $10 and $12 and closed at $9.78 as of Friday, June 17, 2022.. Retrieved June 5, 2022, from https://www.capradio.org/articles/2021/05/17/a-cascade-of-outrage-follows-investigation-into-pge-fire-victim-trust-expenses/, (5) California Legislative Information. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. "I think scheduling for committee time, floor time," said LaMalfa. "You know if the state can get it done, why can't the federal government," said LaMalfa. But all is fine with PGE now and their business and profits are growing again (though their stock is still trading at about $12 per share still under water for the victims stock). Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. So, if you receive $100,000 and give 25% to your attorney, you are still taxed on the full $100,000. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. As noted, Judge Montali is also an octogenarian at 81 years of age and was recently appointed again for another 14-year term as a U.S. bankruptcy judge in April of 2021, meaning hell be 95 when this term of service expires. 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 individuals and families who suffered losses in the 2015 Butte Fire, 2017 North Bay Fires and 2018 Camp Fire. Newsom, you approved this bankruptcy plan and you have the authority and resources at your disposal to correct the inequities to victims created by this plan. The attorneys representing wildfire claimants will work with financial experts to arrive at an aggregate estimation of claims, i.e., the total liability PG&E faces for all wildfire damages. San Francisco, CA Cathy Yanni, Trustee of the Fire Victim Trust (FVT), announced a pro rata payment increase from 45 percent to 60 percent effective January 31, Newsom approved, is and continues to be a tragic outcome for the PG&E wildfire victims. The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. A. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Retrieved June 5, 2022, from https://abc7news.com/pg-e-fire-victims-victim-trust-fund-ca-wildfire-not-paid-taxpayer/11593929/, (7) Jamali, L. J. If you have a claim for fire-related damages, you are considered an unsecured creditor of PG&E for purposes of the bankruptcy process. federal and state agency claims. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. PG&E wildfire victims will soon be able to get a larger share of what is owed to them, thanks to a recent influx of $1 billion into the victim compensation trust fund, according to trust officials. The insurance trust received $11 billion in cash to satisfy its claim of having paid $16 billion to its insured and for maintaining an additional $4 (2021, October 11). Newsom correct the inequities in the PGE wildfire victims' settlement awards that are being adjudicated by the PGE Fire Victim Trust and fully compensate the victims of the 2015, 2017 and 2018 Northern California wildfires as required by California's "inverse condemnation" law which says "if you broke it, you fix it" (which applies to public utilities) and, more importantly, by doing what's morally right. 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. Then I could go deeper based on what I read. If you're on the ABC7 News app, click here to watch live, Videos show parade of storms toppling trees across SF Bay Area, The warning signs your tree may fall during next storm, 18 killed in helicopter crash near Kyiv, Ukraine, including children. Https://Leginfo.Legislature.ca.Gov/Faces/billTextClient.Xhtml?bill_id=201920200AB1054 Retrieved June 5, 2022, from https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1054, (6) Woodrow, M. W. (2022, February 23). Trotter said there had been significant progress in paying out claims. It was done on our dime before being done by the attorneys before the trust was established., We recognize that because of PG&Es bankruptcy, the fire victims have been waiting a long time for compensation, Trotter said in a statement. 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. 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. More fires are a virtual certainty. Newsom. We will continue to move diligently on behalf of the fire victims to attain the highest level of compensation permitted under the Bankruptcy Court orders and the governing Trust documents., Copyright 2023 NBCUniversal Media, LLC. (15). Give the people you love peace of mind by helping them be financially resilient and prepared.ThisGive Peace of Mind Gift Catalogis full of free tips to help spark important discussions and actions around disaster preparedness. I will continue to work with the Town, the County and the Trust to get results for fire victims.. (12) The victims' owned about 24% of the stock in PGE. All local city and county governments, large financial Hedge Funds that were investors in PGE, PGE and its attorneys, and the victims lawyers are and have been paid in full and quickly from the PGE bankruptcy $55 billion dollar settlement. Shortly after the October 2017 North Bay Fires, members of the affected communities began filing lawsuits against PG&E based on the companys alleged role in causing the disaster. 141 0 obj <>/Filter/FlateDecode/ID[<5282CBEF541C3F44B3C7ABABD9F0131F><7AF137A6936E014296BF315C2A3AFEF3>]/Index[115 39]/Info 114 0 R/Length 117/Prev 236867/Root 116 0 R/Size 154/Type/XRef/W[1 3 1]>>stream We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. Cook, 70, and his family are scraping by, living in a rented home 100 miles (161 kilometers) away in Davis, where he shares a three-bedroom rental with his 68-year-old wife, Leslie, their four adult children and three grandchildren. Theyre paying themselves very well," Cook said of the overhead costs. He approved the deal crafted largely favoring the interests of PG&E, Wall Street Hedge Fund investors that owned approximately 10% of PG&Es stock, and a small group of victims law firms that represented large groups of wildfire victims. Closing this discount would more than double its $18 billion market capitalization. He said the fire victims had to push to get tax relief on the stock sale last year. We are part of a significant group of voters. They should not have to pay taxes on these payouts. To the supervisors' points, it is clear that the excruciatingly slow processing of claims that we victims have suffered through for years demonstrates that the deal that Judge Montali helped craft and approve, and his long-term colleague and fellow octogenarian, Trustee Trotter, is overseeing, and which Gov. But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. Bankruptcy Judge Robert Montali, a 23-year veteran of the U.S. Bankruptcy system (now 81 years of age) was chosen by the system to preside over the largest bankruptcy in U.S. legal history which concluded in July 2020. Hedge Funds Cash Out Billions in PG&E Stock. "They have these enormous legal costs and theres not much to show for it.. Retrieved June 5, 2022, from https://www.kqed.org/news/11891626/hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait, (2) Trust Distributed $1.69B to PG&E California Fire Victims in 2021. The legislation would exempt wildfire payouts from income taxes and would allow attorney fees and court costs to be deducted from taxes, right now they are not. The fund had been criticized by fire victims, who complained about slow processing times and administrative costs taken out of the settlement. Landslide Debris Cancels ACE Train Service Through Niles Canyon, Water Agencies Seek Solution to Unhoused Residents Living in Creek Beds, Man Accused in Wife's Murder Made Shocking Google Searches in Days After Her Disappearance, Michigan Family Gets Life in Prison for Killing Family Dollar Guard Over Face Mask Dispute, SF Residents Give City Officials Earful About Increase in Crime, Decrease in Quality of Life, Rain Wednesday Will Add to Historic Wet Period in Bay Area. PG&E filed for bankruptcy voluntarily, and the company is not insolvent. For many Fire Victims, the pro rata payment will not mark the first time they have received compensation from the FVT. Our work to process claims continues, and todays news is a sign of significant progress. Wildfire victims do not lose their right to compensation because of the bankruptcy and should consult an attorney about preparing a claim. 1 Sansome Street, Ste 2830 On September 29th, Governor Gavin Newsom signed a bill which will make PG &E wildfire victims' settlement payments state tax-free, but as of right now fire victims must still This was followed on August 3, 2020, with an additional 748,415 shares. As to the victims payouts, to date (May 27, 2022), about 65% of the victims have received pennies on the dollars for their losses with 35% of the victims still waiting for a first pro rata payment, with most victims challenging their settlement determinations as unfair and underpaid as determined by the hundreds of Trust managers and staff, who incidentally are paid much more than fairly on time each and every month. They were just asking legitimate questions on behalf of their constituents. SAN FRANCISCO (AP) A trust approved by a federal judge to help compensate victims of deadly California wildfires sparked by Pacific Gas & Electric equipment paid survivors just $7 million while racking up $51 million in overhead in its first year of operation, KQED News reported. Read This bill has been a long time coming, and I look forward to continuing this effort with Rep. Thompson so survivors can finally get a financial reprieve.". SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. iv. 16. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. And one-half (i.e., $6.75 billion) of the victims settlement languishes in PGEs underperforming stock.(1,2,3,4,5,6,13). Primarily, those debts and liabilities relate to wildfire claims. 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. Here we are devastated by our losses, wondering how we could ever recover, and our attorneys are saying this settlement offer is our only hope. He said that they ended up hiring 500 people along with a processing firm BrownGreer that was in charge of receiving, reviewing, and valuing the claims. Once they were able to resolve that issue with help of its lawyers, Brown Rudnick, the trust was able to gain another $100 million by having to avoid that capital gains tax, Trotter said. We speak to claimants every day and know how hard this has been for everyone. "We remain right on the exact same spot with the identical house we replaced," said Internicola. Well, when the Trusts oversight committee is a group of nine of the victims attorneys, who, as mentioned, promoted the PGE bankruptcy settlement and were eager to get their fees paid, why not turn a blind eye toward the excessive fees and salaries for the Trustee and his managers and consultants. (8), In fact, the funds earmarked for wildfire disaster victims have first, quickly and more than fairly gone to the unwieldy and ineffectively operated PG&E Fire Victim Trust bureaucracy, (with excessive fees paid to the Trust managers and consultants); to the insurance companies that received full reimbursement of their homeowner insurance subrogation claim payments, and; complete payouts and large stock bonuses to the Hedge Funds for accepting the bad (half-stock) deal they all agreed to offer to the wildfire victims. Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors From 45% to 60% Based on Recent Stock Sales. Meanwhile, the Trust disbursed just $7 million. 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While the TCC acts in the collective interest of all tort claimants, the committee does not represent any individual homeowners, renters, businesses, or other wildfire victims in their damage claims against PG&E. This petition originates from one familys continued trials and tribulations with The Biggest Victim Economy Ever Created: The 2020 PG&E Fire Victim Trust, which was setup to fail the victims by bankruptcy Judge Dennis Montali and continues to treat them unfairly, despite Montalis promise to pay the victims quickly and fairly. 0 (16) Nonetheless, over 35% of wildfire victims are still waiting years later for their settlements and the vast majority have asked for reconsiderations, challenging the Trusts settlements as unfair and their claims as woefully under paid. 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. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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. 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. 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. He pointed out that more than 85% of the victims voted for the plan, and on July 1, 2020, when the utility emerged from bankruptcy, paid $6.75 billion in cash and delivered 478 million shares of PG&E stock to the trust. Why? However, the 68,870 wildfire victims (approximately 250,000 people) have been short-changed and slow-paid pennies on the dollar and were required to take one half of their settlement in PGE stock. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. But the bill is stuck. "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. 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. 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