The PGE 2020 Bankruptcy and PGE Fire Victim Trust. The initial pro rata payment will be 30% of the total approved and accepted claim amount. Never pay out-of-pocket fees or expenses. Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. Today @GavinNewsom announced Nancy Ward as the next Director of Cal OES. He was born in Chico and attended Butte and Chico State. The Un-Trustworthy PG&E Fire Victim Trust (PVT). Then I could go deeper based on what I read. 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, (11) Morris, J. M. (2021, August 23). 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). Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. "We remain right on the exact same spot with the identical house we replaced," said Internicola. 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All Rights Reserved. On June 28th, the Commissioner of the IRS responded to a request by Congressman Mike Thompson and Congressman Doug LaMalfa requesting guidance on the taxability of the settlement funds received from the Fire Victims Trust (FVT). For more information, visit FireVictimTrust.com. Newson, just approved two new rate hikes to PG&E customers (including all PG&E victim customers) totaling a 23% increase to rate payers effective March 2022. Californian utility PG&E (PCG.N) last year earmarked around $6.8 billion of its equity for people who had experienced losses from wildfires it helped to cause. When recently challenged by a letter from the Butte County Board of Supervisor's who presented legitimate questions about the pace and process of the Trust's claims processing, the thin-skinned Trustee refused to respond to the Supervisors and called them "you people" "politicians" with "uninformed, slanderous conclusions". It has been burning for 28 days and is 27% contained, the state agency said on Aug. - PG&E, the nations largest electric utility, told the California Public Utilities Commission on July 18 that its equipment may have been involved with the start of that fire. Hedge Funds Cash Out Billions in PG&E Stock. 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. And Gov. At the time, before the vote of approval by the victims, several the victims lawyers concurred that it was a good deal and victims would be paid right away. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (10) ALLYN, J. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. I am proud to introduce this bill alongside Rep. [Doug] LaMalfa to help our constituents receive the money they are owed, and will continue working to ensure survivors have the resources they need to recover from these tragedies.". (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. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. 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. Director Ward is one of the nations foremost emergency managers with broad experience working at @DHSgov @fema @FEMARegion9 as well as Cal OES. - The Dixie Fire is now the second biggest wildfire since 1932, according to the California Department of Forestry and Fire Protection. We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. Her office says it's currently in the Finance Committee. In November, Yanni told KQED she expected it would take two years to pay all victims with claims. Some fire survivors fear it will take much longer. The longer it takes, the higher the cost of overhead will be. San Francisco Chronicle. This petition requests that Gov. Additional rounds of pro rata payments will follow until the fund is depleted. At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. 115 0 obj
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The FVT laid the groundwork for releasing pro rata payments in mid-February when it began sending Claims Determination Notices to Fire Victims whose claims had been fully processed and evaluated. 52. Who may act as Legal Representative for a Minor Claimant, and what A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. The victims stake has fallen in value to around $4 billion. All such claims must still be filed on an individual basis. 2023 United Policyholders The material on this site is for informational purposes only and is not a substitute for legal advice. Happy New Year. Quick and fair compensation rang through the courtroom and, at last, us victims felt financial retribution was finally on the way after waiting now 5, 3 and 2 years after our respective fires. (17). We are part of a significant group of voters. 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. Paradise mayor Steve Crowder welcomed the news of Trotters retirement. Sound rich to you? The court-ordered trust of over $13 billion was established for survivors of devastating Northern California wildfires including the 2015 Butte Fire, the 2017 North Bay This is different from a class action lawsuit. Read the lettershere. (2020, December 19). On November 14, 2022, the Trust sent letters in support of H.R. However, we encourage all potential claimants to discuss their case with an attorney in a timely manner to begin the process. However, that tweaks failure to reduce the need of central bank intervention has left the BOJ with little appetite for more compromises. So, out of the gate our settlement went from $13.5 billion to $12 billion, and today the stock is about $1.1 billion underwater and victims have experienced a $212 million dollar loss in their Trust funds because Trustee Trotter chose to sell 100 million of victims' shares at $12.04 per share. These individual victims should not be left to fend for themselves in a creditor class outnumbered by sophisticated and deep-pocketed financial institutions and insurance companies.. Thank you @GavinNewsom for the appointment of #NancyWard. %PDF-1.6
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Turns out were still getting soaked while the lawyers, insurance companies, cities and counties, Hedge Funds and Trust fund managers were and continue to be paid in full. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. 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, 153 0 obj
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Huge welcome back! NEW YORK, Aug 11 (Reuters Breakingviews) - An experiment in compensating disaster victims with corporate stock has not gone well. Scott McNutt, a former California State Bar governor and veteran bankruptcy attorney, told KQED the amounts charged are excessive for the meager results obtained so far and that the trust has been completely non-transparent about what its doing for this money., One of the hallmarks of the bankruptcy process is transparency, he said. Santa Rosa Press Democrat. It certainly appears that the lawyers, either working for the Trust or victims, were and are being paid well and in full for their services. Each of these government and financial entities have benefited over the best interests of the wildfire victims, and Trust funds that were meant to go to wildfire victims have first gone to these groups and continue to go to these groups first, as well as to the managers and consultants of the PG&E Fire Victim Trust. 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. Claimants with Submitted Claims Questionnaires (CQs), ,the Many, if not all the victims lawyers, surely wanted the clock to start as soon as possible. We speak to claimants every day and know how hard this has been for everyone. 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.. 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. The trust owns about 24% of the companys shares, worth around $4 billion. 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. 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. "We should not ask survivors to pay federal taxes on compensation that they will use to rebuild their lives. WebThe PGE 2020 Bankruptcy and PGE Fire Victim Trust PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. 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 He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. The Trust reviews claims and issues Determination Notices daily and disburses payments twice monthly, compensating Fire Victims for economic and non-economic damages caused by the 2015 Butte, 2017 North Bay, and 2018 Camp Fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, emotional distress, personal injury or death and related medical expenses. Governor Haruhiko Kurodas battle with market forces has entered a new phase. Because the Trust is a limited fund and bankruptcy laws, court order, and the Trust Documents require that eligible Fire Victims each receive an equal proportion of their awards, Fire Victims receive payments in pro rata installments commensurate with the total cash funding currently available to the Trust. Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. 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. 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. He also said the trust hired Morgan Stanley to manage the sale of the first 100 shares of stocks, netting the trust $1.2 billion. This includes filing and arguing motions before the court, negotiating with the debtor and other stakeholders for the fair compensation of claims, and opposing or supporting any reorganization plan that would permit PG&E to terminate bankruptcy. Wildfire victims do not lose their right to compensation because of the bankruptcy and should consult an attorney about preparing a claim. Gov. We are making every effort to pay as much as we can, as quickly as we can.. Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. The Butte Fire, North Bay Fires and Camp Fire burned 400,000 acres, destroying 10s of thousands of homes and other structures. The Trust issues Determination Notices daily and issues payments twice a month. Broadly, the process involves the following steps: With support from the Governors office and the California legislature, PG&E is expected to emerge from bankruptcy under a reorganization plan in secure (or investable) financial condition. "Down to about two feet of rubble," said Internicola. Get a confidential review of your case at no cost. You brought an important and unique perspective to the hearing, that of homeowners themselves., Whenever I felt confused about any topic I first looked it up in the yellow book. Because of errors in the setup of how the trust was established, the tax issue was left unresolved, he said, triggering unnecessary delays that hindered victim compensation. hb```e"B eap@a~il=6Q,NwkGFGRWTl%Xl) c$sAf>OL2aT`fafa? https://www.cityandstatefl.com/podcast/2022/12/episode-21-how-will-changes-floridas-insurance-laws-affect-homeowners/381003/, This group provided valuable information and support for those who lost their homes in the Fourmile Fire two years ago and they have worked in many other communities that have suffered property damaging disasters. Nine of the 10 biggest conflagrations in California since 1932 have occurred in the past decade, and PG&E told regulators that its equipment may be linked to the giant, currently raging Dixie Fire, too. 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. (2022, May 25). These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. What's wrong with this picture? Again, the majority of wildfire victims had been waiting 3 to 6 years (in our case 3 years) and his words fair settlement in a reasonable amount of time washed over us like a long-awaited shower after being stranded in the wildfire jungle for years. and Claims Administrator Cathy Yanni. Retrieved June 5, 2022, from https://www.sfchronicle.com/bayarea/article/They-need-help-now-In-Gold-Country-PG-E-16407001.php, (12) Andrew Graham. 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. Reach us by phone or through our brief online form at any time to discuss your claim. PG&E Bankruptcy Yields $700 Million Fee Bonanza. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. Why? 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. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. Victims of past fires share PG&Es risk, though, too. 10/31/22 . Please fix it. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. A. Read the letters. 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. This time period may be shorter than the statute of limitations that might otherwise apply in the civil court. PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. In the meantime, between attorney's fees and taxes, fire victims are watching what settlement payments they do receive get smaller, along with their dreams of rebuilding anytime soon. In the aftermath of each fire, thousands of people sought refuge in their vehicles, emergency tent communities or FEMA camps. The court-ordered trust of over $13 billion was established for survivors of devastating Northern California wildfires including the 2015 Butte Fire, the 2017 North Bay Fires and the 2018 Camp Fire. That voicemail was widely criticized by local politicians and inspired another letter from the board. (2022, May 6). 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. "You know if the state can get it done, why can't the federal government," said LaMalfa. It is surprising to me that the enormous task managing a $13.5 billion trust would go to an octogenarian in the twilight years of his life, let alone his professional career, addressing the adjudication of settlements for 68,870 victim families and businesses. After any disputes over the value of claims are resolved, the appropriate amount will be designated for the compensation of wildfire claims and placed into a trust as part of PG&Es Chapter 11 reorganization plan (or, financial restructuring). Every day we are forced to hold the stock, leads to more costs and more taken away from victims, for sure, said Will Abrams, who lost his home in the 2017 Tubbs fire in Santa Rosa. (2021, June 25). 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. 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. KQED analyzed federal bankruptcy court filings, court transcripts and correspondence between victims and staff of the Fire Victim Trust. 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. PARADISE, Calif. - Victims from the Butte Fire, North Bay fires, and Camp Fire will receive an increased pro-rata payment from 30% to 45%. 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. 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