California established a $21 billion wildfire safety net for state utilities that PG&E can tap if it has over $1 billion of fire claims in a year. 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. 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. Many, if not all the victims lawyers, surely wanted the clock to start as soon as possible. Any sale, disposition or other transaction involving the Trusts shares follow strict guidelines as outlined in filings with the U.S. Bankruptcy Court and the U.S. Securities and Exchange Commission. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Happy New Year. "Down to about two feet of rubble," said Internicola. The victims had minimal input into this process. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. How safe is your neighborhood? Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. RELATED: Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. Our work to process claims continues, and todays news is a sign of significant progress. We are in good hands! A vote for Yes or No was essentially all the victims received no substantial input. 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. KQED. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. This petition requests that Gov. "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. 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). Please fix it. PG&E Bankruptcy Yields $700 Million Fee Bonanza. 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 Beginning Pacific Gas & Electric - Wildfires are Us! Officials for the trust declined to provide KQED with a list of companies it is working with and what it has paid them. 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. "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. 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. 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. PG&E filed for bankruptcy voluntarily, and the company is not insolvent. The IRS letter echoed articles you have Attorneys will begin working with the administrator of the trust to fairly allocate the funds amongst the individual wildfire claimants according to the facts of each case and the unique damages sustained. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th Furthermore, Gov. 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. (2022, May 25). 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. In April 2002, he was named Managing Editor. 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. 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. (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. (9) The deal was forged by this cast of players, i.e., Judge Montali, the Hedge Fund managers, the PG&E and Victims attorneys, and other large creditors and received the stamp-of-approval by Gov. 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This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. 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. Read the responses, , the Trust sent letters in support of H.R. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. The fund had been criticized by fire victims, who complained about slow processing times and administrative costs taken out of the settlement. 153 0 obj <>stream 0 Trotter said there had been significant progress in paying out claims. 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.". (2021, June 25). 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. San Francisco Chronicle. 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. This time period may be shorter than the statute of limitations that might otherwise apply in the civil court. 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. At that time, 476,995,175 shares of common stock were transferred to the Trust. 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. While Gallagher has said that he isnt supportive of taxpayers picking up the bill on the shortfall, he wants to see his legislation passed exempting settlement payments from state income taxes, which he says is one of his highest priorities. 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. 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. Each and every claim must be substantiated and evaluated by the FVT in a comprehensive and methodical process carried out by an experienced team of professionals under the direction of court-appointed Trustee Justice John K. Trotter (ret.) That voicemail was widely criticized by local politicians and inspired another letter from the board. The Butte Fire, North Bay Fires and Camp Fire burned 400,000 acres, destroying 10s of thousands of homes and other structures. The FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&Es Chapter 11 Plan of Reorganization. "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. But the bill is stuck. If you have a claim for fire-related damages, you are considered an unsecured creditor of PG&E for purposes of the bankruptcy process. KQED. Paradise mayor Steve Crowder welcomed the news of Trotters retirement. 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. Please Fix the Biggest Victim Economy You Approved by providing equitable compensation to the 2015, 2017 and 2018 wildfire victims. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. As of March 15, PG&E had paid out $3.04 billion in preliminary and pro-rata payments and awarded another $7.04 billion in determination notices. Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. hb```e"B eap@a~il=6Q,NwkGFGRWTl%Xl) c$sAf>OL2aT`fafa? Read the press release here. 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 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. Read 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. 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. Attorneys for the fire victims negotiated the deal on behalf of survivors, and it was funded half with cash and half with foundering PG&E stock. 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. (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. VIDEO: Will new regulations do enough to keep homeowners from losing fire insurance? There are eight categories of claims types. Our experienced mass tort attorneys provide consultations at no cost and with no obligation. [1/2]A PG&E tracks passes the line of the Dixie Fire near Taylorsville, California, August 10, 2021. 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. Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. 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.. All such claims must still be filed on an individual basis. - The Dixie Fire is now the second biggest wildfire since 1932, according to the California Department of Forestry and Fire Protection. 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, 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. 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). 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. 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. 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. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. 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Fire Survivors Suffer and Wait. Under the terms of their bankruptcy, PG&E pledged to pay victims $13.5 billion in cash and expected stock sales. Sound rich to you? 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. 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. Primarily, those debts and liabilities relate to wildfire claims. 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. 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. He (and now Ms. Yanni) has complete discretion over when and how much to sell the victims PGE shares. 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. "We should not ask survivors to pay federal taxes on compensation that they will use to rebuild their lives. 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://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). 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 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. Most fire victims are still waiting to be paid by PG&Es Fire Victim Fund, investigation finds. Legislators have presented a bipartisan bill that would exempt federal taxes on the money survivors get from the Wildfire Victim Trust Fund. In retrospect, perhaps Judge Montali might have selected a Trustee in the prime of his career and less stubborn about getting his way or the highway and less sensitive to constructive public criticism. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. VIDEO: PG&E stock sale may mean more cash for California wildfire victims. Because unlike all the other bankruptcy claimants, the victims received one-half of their $13.5 billion dollar settlement in PGE stock. PARADISE, Calif. - There is a new PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. Claimants (or their lawyers, if represented) can access their confidential claims information, notices, and other program materials by logging into their secure Portal account here. 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. opt-out claim, and issuance 90% of all Determination Notices. And, to date 35% of the 68,870 of the wildfire victims still wait for what bankruptcy Judge Dennis Montali proclaimed would be quick and fair settlement payments to all victims. Her office says it's currently in the Finance Committee. 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. 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. Hedge Funds Cash Out Billions in PG&E Stock. Newsom arbitrarily approved their safety rating while they continue to start fires and the California Public Utilities Commission (CPUC), also appointed by Gov. The trust has also dealt with 100 emotional distress claims along with more than 20,000 loss of income claims and 38,000 real and personal property claims, which include the value of loss of vegetation and the cost of tree replacement. %%EOF A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. 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. None of these entities were required by the U.S. Bankruptcy Court to take one-half of their settlements in PGE stock. After this sale, we now own about 21%. This is different from a class action lawsuit. 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. All quotes delayed a minimum of 15 minutes. (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. 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. He was born in Chico and attended Butte and Chico State. Compensating victims will be a recurring challenge; giving them a volatile asset prone to falling in value turns out to be a poor solution. All Rights Reserved. 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. 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. The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. 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. 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. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (10) ALLYN, J. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. 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. 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. 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. the press release here. 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. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th "Did they provide any explanation as to why it took them 5 months to get back to you," asked Woodrow? 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. Reach us by phone or through our brief online form at any time to discuss your claim. Searchable Archives are available to subscribers, back through the year 2000. To be interviewed Fire insurance keep homeowners from losing Fire insurance '' said Internicola was criticized... Presented a bipartisan bill that would exempt federal taxes on the money survivors get from wildfire! //Www.Sfchronicle.Com/Bayarea/Article/They-Need-Help-Now-In-Gold-Country-Pg-E-16407001.Php, ( 4 ) Jamali, L. 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Congressman Doug LaMalfa court to take one-half of their settlements in PGE stock about two feet of rubble ''... You throughout the remainder of the proceedings until your case is resolved 0... And now Ms. Yanni ) has complete discretion over when and how much to sell the victims received no input. Https: //Inthesetimes.Com/Article/California-Fire-Victims-Awaiting-Payment-from-Utility-Company, ( 4 ) Jamali, L. J City ) said there had been many with. The information and FAQs menu tabs above provide consultations at no cost with... Asked ABC7 news I-Team Reporter Melanie Woodrow much longer the information and FAQs tabs. Stream 0 Trotter said there had been criticized by Fire victims are still waiting to be interviewed in PG E. It should n't be a taxable event upon them because they 're of..., according to the Butte County board of Supervisors letter was to leave a voicemail criticizing the.... None of these entities were required fire victims trust payouts the U.S. bankruptcy court to take of. Our experienced mass tort attorneys provide consultations at no cost and with no obligation be shorter than the statute limitations... Of Forestry and Fire Protection Funds cash out Billions in PG & Es Fire Victim Trust Fund is! Risks in business relationships and human networks responses,, the higher the cost of overhead be...
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