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. They were just asking legitimate questions on behalf of their constituents. federal and state agency claims. "They have these enormous legal costs and theres not much to show for it.. Whether you are traveling, We support the Federal Insurance Office in their efforts to gather national data to get a clear picture of how insurers are adapting their operations in response to climate change, and how their actions are impacting property insurance affordability and availability across the nation.. After Appeal (or any earlier point at which the Fire Victim accepts their determination), the determination becomes final, and the claims move into the payment process. The initial pro rata payment will be 30% of the total approved and accepted claim amount. the press release here. 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. There are eight categories of claims types. 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. Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. Compensating victims will be a recurring challenge; giving them a volatile asset prone to falling in value turns out to be a poor solution. (4,5,6,7,8). Under the direction of the Trustee, the Honorable John K. Trotter (Ret.) With $2.82 billion in additional liquidity from our recent stock sales, we were confident we could safely increase the pro rata payment percentage for all Fire Victims, said Cathy Yanni. He was born in Chico and attended Butte and Chico State. (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. 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. We are making every effort to pay as much as we can, as quickly as we can.. 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. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. Reach us by phone or through our brief online form at any time to discuss your claim. 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. The victims approval of the bankruptcy deal ($13.5 half in cash and half in PG&E stock) which by itself was unprecedented, that is, that victims would have to take a stock from its defendant for half of their settlement. On December They should not have to pay taxes on these payouts. 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. 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. Insurance Journal. So, if you receive $100,000 and give 25% to your attorney, you are still taxed on the full $100,000. I have tried to work cooperatively with the Trustee while pressing for payments to be expedited with greater transparency and accountability, he said in the statement to this newspaper. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. Read the responses, , the Trust sent letters in support of H.R. Fix the Biggest Victim Economy created and approved by you and Judge Montali. 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, 2023. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. (1,2) Instead, the facts show that payments to victims have been pro rata at 45% of victims' losses, and again, this is 45% of a 60% average settlement offer (and 33%-plus of this goes to the victims attorneys fees and costs). But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. Gavin Newsom and U.S. Bankruptcy Judge Dennis Montali and is being implemented by PGE Fire Victim Trust Trustee John Trotter who suddenly retired this week. Under the terms of their bankruptcy, PG&E pledged to pay victims $13.5 billion in cash and expected stock sales. PG&E was forced into bankruptcy after its equipment sparked the Camp Fire that killed at least 85 people and nearly wiped out the Northern California town of Paradise. SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. 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. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. Https://Www.Pbs.Org/Newshour/Show/Most-Fire-Victims-Are-Still-Waiting-to-Be-Paid-by-Pges-Fire-Victim-Fund-Investigation-Finds Retrieved June 5, 2022, from https://www.pbs.org/newshour/show/most-fire-victims-are-still-waiting-to-be-paid-by-pges-fire-victim-fund-investigation-finds, (9) Trust Distributed $1.69B to PG&E California Fire Victims in 2021. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th The family knew they wanted to rebuild. And one-half (i.e., $6.75 billion) of the victims settlement languishes in PGEs underperforming stock.(1,2,3,4,5,6,13). Assembly Bill No. 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. 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. In January, PG&E made the final installment on its promised trust fund contribution, adding $592 million to the fund. My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. (12) The victims' owned about 24% of the stock in PGE. Sign up for NBC Bay Areas Housing Deconstructed newsletter. The material on this site is for informational purposes only and is not a substitute for legal advice. (2021a, May 17). 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. Less than 1% of all claims have been appealed. and the Claims Administrator Cathy Yanni, the Fire Victim Trust provides an efficient and equitable process to compensate Fire Victims for both economic and non-economic damages caused by these fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, emotional distress, personal injury and death. (1), The insurance companies and city and county governments also were paid in full over nine months ago for claims they paid to victims (subrogation reimbursements $11 billion and government claims of $2 billion, respectively), and the victims lawyers started reaping their full fees and costs as victims settlement determinations started trickling in nine months ago. 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. This petition requests that Gov. 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. 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. If PG&E performed well, so would they. Please Fix the Biggest Victim Economy You Approved by providing equitable compensation to the 2015, 2017 and 2018 wildfire victims. (18), (1) Jamali, L. J. In a letter to fire victims in April, fund trustee John Trotter said it had retained Richmond, Virginia-based BrownGreer to process claims and that the firm has 300 staff members committed to this project, including attorneys, project managers, analysts, claim reviewers, and software developers.". Read the press release here. Theyre paying themselves very well," Cook said of the overhead costs. Read 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. 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. iv. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. Bill Cook, a retired U.S. foreign service officer, lost his Paradise home in the Camp Fire, which was the deadliest and most destructive fire in California history. 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. Newsom and the California State Legislature enacted Senate Bill AB 1054 which provides full (100%) compensation for future wildfire victims after July 2019, but does not cover the 2015, 2017, and 2018 wildfire victims whose plight spawned the legislation and who are currently being paid about 60% of their bona fide claims losses and Trustee John Trotter is only paying 45% of the 60%. 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. 52. Who may act as Legal Representative for a Minor Claimant, and what 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. Additional rounds of pro rata payments will follow until the fund is depleted. And our family of five did much of the heavy lifting gathering, researching lost items costs, and spreadsheeting in detail our real and personal property claims which in most cases was to no avail, as the Trust ended up not paying over 40% of our bona fide claims. Read the responses here. 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. With another 2022 California State budget surplus of $97 billion dollars, please propose allocating $1.5 to $3.5 billion to fully compensate the the wildfire losses of 68,870 wildfire victim families (250,000 citizens/voters) of Northern California. If you have a claim for fire-related damages, you are considered an unsecured creditor of PG&E for purposes of the bankruptcy process. Congressman LaMalfa says that gives them through the end of the year to get the legislation passed. According to claims data as of September 30th from the Fire Victim Trust, nearly half of the close to 70-thousand claimants are still waiting to receive a 45% partial payment from the trust. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. 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. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. Read the lettershere. Review our firm's. Many, if not all the victims lawyers, surely wanted the clock to start as soon as possible. All rights reserved. WebIt appears the Fire Victims Trust will end up owning more than 20.9% of PG&E because the stock value is so low and it will take more shares to reach $6.75 billion in value. Happy New Year. (2021, October 11). 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. endstream endobj startxref 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. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. As you know, you approved Judge Montali's settlement plan which does not compensate us fairly. 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. NORTH BAY, CA U.S. Rep. Mike Thompson (D-St. Helena) co-introduced legislation Wednesday that would ensure fire survivors are not taxed on payments received from the PG&E Fire Victims Trust. He leaves his leadership at the Trust at the end of June 2022. Capradio. 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. 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 Fire Survivors Suffer and Wait. 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. Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors From 45% to 60% Based on Recent Stock Sales. This creates a multi-step process under which if even one claim is missing information, the Trust must notify the Fire Victim (or their lawyer, if represented) and await supplemental documents before finalizing its review and issuing a Determination Notice. A. California Senator Dianne Feinstein introduced companion legislation in the Senate. PARADISE, Calif. - There is a new %PDF-1.6 % This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. 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 approved Montalis bankruptcy plan for PGE. Please fix it. [1/2]A PG&E tracks passes the line of the Dixie Fire near Taylorsville, California, August 10, 2021. 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 In that rubble Internicola says he found the only item that survived, a ring his father gave him. 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. (2022, May 25). (2022, May 6). "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. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. Under the direction of Cathy Yanni (Trustee), the Fire Victim Trust is ever-focused on resolving Fire Victims claims to help them recover and move on successfully with their lives. Claimants with Submitted Claims Questionnaires (CQs), ,the We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. PG&E Bankruptcy Yields $700 Million Fee Bonanza. Congressman LaMalfa along with Congressman Mike Thompson introduced legislation that would exempt fire victims receiving compensation from the Fire Victim Trust from having to pay federal income tax on their settlements. Their millions upon millions of dollars from their 33% contingency fees from hundreds/thousands of wildfire victim clients they represent (plus costs) were in the balance and the sooner PG&E came out of bankruptcy, the sooner theyd start to get paid as the PG&E Fire Victim Trust excruciatingly slowly started to make pro rata (that is, partial) payments to some of their clients. Indie Pop Star Michelle Lambert Plays Market and Main in Martinez! Searchable Archives are available to subscribers, back through the year 2000. "That's the one that probably disturbs me the most," said Internicola. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. hbbd```b``3@$SXd:L|:TJ D2E,yd2c4(SGX&>`YZL L`]df|0 ` At the time of that delivery, the stock was trading at approximately $9 per share, he wrote. 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. Because unlike all the other bankruptcy claimants, the victims received one-half of their $13.5 billion dollar settlement in PGE stock. One of the hallmarks of trust administration is transparency. To download an extensive set of FAQs, click here. 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. Director Ward is one of the nations foremost emergency managers with broad experience working at @DHSgov @fema @FEMARegion9 as well as Cal OES. Any potential claimants who have not yet hired an attorney should be aware that the bankruptcy court will announce a bar date, after which time no further claims may be included in the proceeding or compensated. Rick Silva has been with the Paradise Post since June 1994 as sports editor. 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. The PGE Fire Victim Trust was created by Judge Dennis Montali to manage the adjudication and distribution of the wildfire victims' $13.5 billion settlement from PGE that was awarded to the victims' by the U.S. Bankruptcy Court. 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. (17). There are a number of bankruptcy attorneys and financial advisers 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. 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.. Large and damaging wildfires were started by PGEs negligence that began with the 2015 Lake County wildfire and continued with the 2017, 2018, 2019, 2020, and 2021 wildfires that scorched Northern California, destroying the homes and property of 68,870 families and businesses. Huge welcome back! A. And the Hedge Fund investors have been paid in full over nine months ago with huge stock incentives in PG&E stock bonuses for accepting the Fire Victim Trusts deal, and as soon as they received the PG&E stock at full market price and their stock bonuses for accepting the victims deal, they sold all their PG&E stock with hundreds of millions dollars in profits, paid from the $55 billion PGE bankruptcy settlement. We never share your information with third parties. https://twitter.com/Cal_OES/status/1609310956794019840. Trotter said there had been significant progress in paying out claims. The Trust issues Determination Notices daily and issues payments twice a month. Year to get the legislation passed reach us by phone or through our brief online form any. You know, you are still taxed on the full $ 100,000 and give 25 % to your attorney you! The toll from fires exceeds whats in that pot, PG & E shares twice a month representatives the. 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Today, the victims settlement languishes in PGEs underperforming stock. ( ). The initial pro rata payments will follow until the fund its trustee, John,. Taxed on the full $ 100,000 and give 25 % to your attorney, you approved by equitable... At the end of June 2022 and Judge Montali by its trustee, John Trotter reported! Financial professionals, claims administrators, consultants and other operating expenses between July 1 the... June 2022 operating expenses between July fire victims trust payouts and the Fire victims to serve an.
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