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. However, we encourage all potential claimants to discuss their case with an attorney in a timely manner to begin the process. (2020, December 19). 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.. KQED. 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 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. Governor Newsom. This is different from a class action lawsuit. (2022, May 25). "You know if the state can get it done, why can't the federal government," said LaMalfa. On December Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. 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. 10/31/22 . Hedge Funds Cash Out Billions in PG&E Stock. All rights reserved. We never share your information with third parties. 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. Still today, tens of thousands of these wildfire victims have received no settlement payments whatsoever. Read the responses here. The TCC and its attorneys have a fiduciary duty to advocate for the interests of all fire and other tort claimants in the bankruptcy proceeding. We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. (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). Instead he chose to take a huge loss for us. Without all your input I have no idea how we could have recovered. 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. 15, 2022,the PGE is Fine and Raising Electric Rates on Customers Again. "All legislation that is not passed and signed does lapse as of January 2nd so we would put that bill right out on January 3rd as soon as the swearing in is over with and get going again because our constituents have waited long enough," said LaMalfa. The Trust issues Determination Notices daily and issues payments twice a month. But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. 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.. 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. On the surface, that has potential to be a good thing. CHP Responds To Fatal Rollover Crash On Hwy 128 In Napa County, Napa County Under Coastal Flood Advisory, Flood Watch, Wind Advisory, Most Napa County Government Offices Closed Martin Luther King Jr. Holiday. Trotter, a retired California Appeals Court judge, charges $1,500 an hour, according to court filings, while claims administrator Cathy Yanni bills $1,250 an hour. 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. Trotter also pointed out that the trust was facing tax issues, saying that the state and Federal Capital gains tax rate of more than a 40 percent capital gains tax on any profit above the $9 per stock price. 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. Read the responses, , the Trust sent letters in support of H.R. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. In that rubble Internicola says he found the only item that survived, a ring his father gave him. The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. Furthermore, Gov. 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. 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 At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. Theyre paying themselves very well," Cook said of the overhead costs. 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.. "Did they provide any explanation as to why it took them 5 months to get back to you," asked Woodrow? The PGE Trust Oversight Committee is comprised of nine attorneys. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. Distributing a portion of the bankruptcy settlement funds before claims could be fully evaluated was an unprecedented move, but a necessary one given the extreme hardship facing many individuals whose losses from the wildfires have been compounded by the Covid-19 pandemic and by the 2020 wildfires in Northern California. 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. 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, 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. Im pleased that the Trust is able to start making substantial pro rata payments in what has been a relatively short period of time by any bankruptcy settlement standard. "That's the one that probably disturbs me the most," said Internicola. endstream endobj 116 0 obj <. 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. Sign up for free Patch newsletters and alerts. The initial pro rata payment will be 30% of the total approved and accepted claim amount. 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 "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. 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. "It's a bill everybody should like it's just in the way congress has worked this year or not worked enough perhaps, it's just not getting, hasn't gotten done so far," he continued. 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". 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. 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. Gavin Newsom and U.S. Bankruptcy Judge Dennis Montali and is being implemented. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. The lawsuits were subsequently coordinated into a single mass tort proceeding in San Francisco County Superior Court (JCCP No. So far, he has lost over $212 million dollars selling the victims stock and pays everyone on his Trust team exorbitant salaries and fees. The North Bay fires of 2017 alone claimed 44 lives, burned more than 200,000 acres and destroyed 5,300 homes in Napa, Sonoma, Lake, Mendocino and Solano counties. hbbd```b``3@$SXd:L|:TJ D2E,yd2c4(SGX&>`YZL L`]df|0 ` https://twitter.com/Cal_OES/status/1609310956794019840. 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. Under the terms of their bankruptcy, PG&E pledged to pay victims $13.5 billion in cash and expected stock sales. PGEs trust to pay wildfire victims is millions short; bill proposed would bail them out, but how? The trust initially received around 480 million shares at $9 each. 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. 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. "This trust was set up to help people get back on their feet and recover after a destructive fire. 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). He leaves his leadership at the Trust at the end of June 2022. We speak to claimants every day and know how hard this has been for everyone. PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. My goal from day one has been to put money into the pockets of wildfire survivors as quickly as possible, while ensuring we follow the letter of the law and treat every single claimant fairly and with compassion, said Justice Trotter. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. If you suffered losses in the following or related fires, you may be entitled recover legal damages from PG&E: We invite North Bay and Butte County fire survivors to contact our office at any time to review your case and understand your legal options. Closing this discount would more than double its $18 billion market capitalization. All such claims must still be filed on an individual basis. All Rights Reserved. federal and state agency claims. See here for a complete list of exchanges and delays. (2022, May 6). As part of the bankruptcy proceedings, the U.S. 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. However, that tweaks failure to reduce the need of central bank intervention has left the BOJ with little appetite for more compromises. 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 Her office says it's currently in the Finance Committee. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. On November 15, 2022, the Trustee posted responses to fire survivors' questions submitted during a recent meeting hosted by Sonoma County Supervisors Susan Gorin and James Gore. 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. 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. Congressman LaMalfa says that gives them through the end of the year to get the legislation passed. (4,5,6,7,8). California Court Gives Policyholders a Boost: Appellate Panel Publishes Pro-Policyholder COVID-19 Decision, Storm recovery: Find resources here as Santa Cruz County agencies, community groups scramble to coordinate, Meetings educate public on insurance, resources after floods. 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. Our experienced mass tort attorneys provide consultations at no cost and with no obligation. 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). In the first pro rata payment, each claimant will receive 30% of the value assigned to their claims. 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. And, again, our deal was crafted by these players such that victims would receive a $13.5 billion dollar settlement, but half of that amount (i.e., $6.75 billion) was to be paid to the victims in PG&E stock, only to find out that when PG&E exited bankruptcy the victims stock was already over $1.5 billion underwater. The payments average approximately $13,000. Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. (1,2,5,13), The Sting - The PG&E U.S. Bankruptcy and PG&E Fire Victim Trust, This petition addresses how the unbridled power of the U.S. Bankruptcy system and its Judge (Dennis Montali), Wall Streets Hedge Fund Managers, Pacific Gas & Electric corporation (the largest U.S. public utility) and its lawyers, insurance companies and governments and victims lawyers worked together and/or independently to financially dominate and become the largest beneficiaries of the $55 billion PG&E wildfire bankruptcy payouts. 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Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. 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. The victims had minimal input into this process. But it didnt. The IRS letter echoed articles you have He said the fire victims had to push to get tax relief on the stock sale last year. At the time of that delivery, the stock was trading at approximately $9 per share, he wrote. Insurance Journal. 1054 CHAPTER 79. At the closing of the PG&E bankruptcy trial in July 2020, Judge Dennis Montali (the judge and only judge presiding over the PG&E bankruptcy proceeding) proclaimed and I paraphrase and quote him: This PG&E $13.5 billion dollar wildfire victim settlement will allow for victims of the wildfires to be compensated for their losses quickly and fairly. That finally sounded good to the 68,870 families who lost homes and personal property in 2015, 2017, and 2018 Northern California wildfires for which PG&E was accused of and admitted to in court their negligence for our losses and was now officially named responsible for our losses. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. "I think scheduling for committee time, floor time," said LaMalfa. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. Get a confidential review of your case at no cost. As part of the bankruptcy proceedings, the U.S. "They have these enormous legal costs and theres not much to show for it.. 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. 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. and Cathy Yanni appointed Trustee and Claims Administrator of the Fire Victim Trust (FVT), Bankruptcy Court confirmed PG&Es Chapter 11 Plan of Reorganization, FVT established and funded with $5.4 billion cash and PG&E stock, FVT began accepting claims information on FVT Portal, FVT began issuing Preliminary Payments to Fire Victims, Original Claims Questionnaire filing deadline (later extended to 2/26/21), $758 million cash payment received from PG&E, Claims Questionnaire filing deadline (extended from 12/31/20), FVT began issuing Pro Rata Payments to Fire Victims, $592 million cash payment received from PG&E, Cathy Yanni becomes Trustee of the Fire Victim Trust. 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.". We are making every effort to pay as much as we can, as quickly as we can.. Trotter, who has faced increased criticism in the last six months, including a letter from the Butte County Board of Supervisors asking for more transparency, said at the end of his letter to victims that the decision to resign before the end of July was an effort to keep a promise to his family that he would retire after just two years on the job. 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. (12,19). Our work to process claims continues, and todays news is a sign of significant progress. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. We are in good hands! Reach us by phone or through our brief online form at any time to discuss your claim. Gov. PARADISE, Calif. - There is a new PGE stock is currently trading around $12 per share (currently a $1 billion loss to the victims' PGE shares) and it must trade at about $14.50-plus per share for the victims' stock value to equal $6.75 billion. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. (2022, May 25). Sign up for NBC Bay Areas Housing Deconstructed newsletter. There are a number of bankruptcy attorneys and financial advisers In his letter to victims, Trotter recounted the creation of the trust and its recent history. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th opt-out claim, and issuance 90% of all Determination Notices. Check out Bay Area safety tracker, Bay Area Life; Sundays at 6:30 p.m. on ABC7, Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. Will new regulations do enough to keep homeowners from losing fire insurance. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. Trustee, Most vulnerable in this process are the wildfire victims who were uninsured, underinsured or have potential claims against the company for personal injury and wrongful death. Here's a low/no cost preparedness step that's easy on your budget and time #readyoakland #energysavingtip , Insurance bailout fund crippled by lawsuits, claims as Louisiana policyholders wait for relief https://www.nola.com/news/insurance-bailout-fund-crippled-by-lawsuits-claims-as-louisiana-policyholders-wait-for-relief/article_1bd8be08-7d79-11ed-a34d-a3d14a027624.html?utm_medium=social&utm_source=twitter&utm_campaign=user-share via @nolanews, After more than a decade serving as Director of @Cal_OES I am super excited to hand over leadership to an exceptional emergency manager, leader & public safety professional. "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. (12) The victims' owned about 24% of the stock in PGE. We are part of a significant group of voters. Thats why theyre called trusts., Visalia Times-Delta | Tulare Advance Register, Just hours before the Idaho murders, another grisly scene unfolded outside Bryan Kohberger's window, Polar bear kills woman, boy in remote Alaska village, Hawaii fisherman overboard, missing after hooking large ahi, Reality TV star Julie Chrisley reassigned from Florida prison to federal medical center, The rich and powerful flocked to Davos via private jet to discuss climate change, study finds, How a comedian and Air Force spouse are helping feed military families, How to make cheeseburger dumplings with the Dumpling Mafia, JetBlue plane bumps into another aircraft in JFK Airport's gate area. Up to help uncover hidden risks in business relationships and human networks the... The PGE is Fine and Raising Electric Rates on Customers Again the Trust Determination... Have no idea how we could have recovered but if the state can get done! 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