Under the terms of their bankruptcy, PG&E pledged to pay victims $13.5 billion in cash and expected stock sales. Each of these government and financial entities have benefited over the best interests of the wildfire victims, and Trust funds that were meant to go to wildfire victims have first gone to these groups and continue to go to these groups first, as well as to the managers and consultants of the PG&E Fire Victim Trust. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. When recently challenged by a letter from the Butte County Board of Supervisor's who presented legitimate questions about the pace and process of the Trust's claims processing, the thin-skinned Trustee refused to respond to the Supervisors and called them "you people" "politicians" with "uninformed, slanderous conclusions". hb```e"B eap@a~il=6Q,NwkGFGRWTl%Xl) c$sAf>OL2aT`fafa? 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 company filed for bankruptcy in January 2019 following a series of wildfires in 2015, 2017 and 2018. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. Fire Survivors Suffer and Wait. The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. (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. Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. Furthermore, Gov. As part of the bankruptcy proceedings, the U.S. He was born in Chico and attended Butte and Chico State. 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. 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. 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. 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. (16) Nonetheless, over 35% of wildfire victims are still waiting years later for their settlements and the vast majority have asked for reconsiderations, challenging the Trusts settlements as unfair and their claims as woefully under paid. All rights reserved. The deal was structured to avoid having to pay taxes on the sale, authorities said. 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. There are a number of bankruptcy attorneys and financial advisers Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. 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. United States Trustee Program Director Elliot - Fix the Biggest Victim Economy Ever Created by the U.S. Bankruptcy Program! 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. 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. "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. Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors From 45% to 60% Based on Recent Stock Sales. NEW YORK, Aug 11 (Reuters Breakingviews) - An experiment in compensating disaster victims with corporate stock has not gone well. The Bank of Japan (BOJ) made no adjustments to its yield-curve control (YCC) policy that keeps interest rates ultra-low on Wednesday. All local city and county governments, large financial Hedge Funds that were investors in PGE, PGE and its attorneys, and the victims lawyers are and have been paid in full and quickly from the PGE bankruptcy $55 billion dollar settlement. 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. They now collectively own almost a quarter of the companys shares. 115 0 obj <> endobj "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. This is different from a class action lawsuit. Victims of past fires share PG&Es risk, though, too. 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. 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. Newsom. (2021, October 11). "You know if the state can get it done, why can't the federal government," said LaMalfa. The material on this site is for informational purposes only and is not a substitute for legal advice. 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. 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. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (3) Allyn, J. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. %%EOF Please fix it. (4), And the legions of lawyers and consultants from the Greenberg law firm in North Carolina (who Trustee Trotter hired) are surely making handsome consulting fees, though the Trustee keeps these fees close to his chest wonder why? Newsom approved Montalis bankruptcy plan for PGE. That voicemail was widely criticized by local politicians and inspired another letter from the board. Primarily, those debts and liabilities relate to wildfire claims. 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.". Today, the Fire Victim Trust holds almost a quarter of PG&E shares. This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. Because unlike all the other bankruptcy claimants, the victims received one-half of their $13.5 billion dollar settlement in PGE stock. iv. And Trustee Trotter, in his not-so-infinite wisdom, has already sold 100 million shares of the victims PGE stock at $12.04 per share for a $212 million loss. 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. Then I could go deeper based on what I read. Jul 11, 2022 | Casualty Gain, PG&E Settlement. These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. Prior Trustee updates are included on the Documents page here. It is an important development for fire survivors, and I share the. 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. 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. (2021, June 25). 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 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. But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. Closing this discount would more than double its $18 billion market capitalization. Director Ward is one of the nations foremost emergency managers with broad experience working at @DHSgov @fema @FEMARegion9 as well as Cal OES. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. 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. Legislators have presented a bipartisan bill that would exempt federal taxes on the money survivors get from the Wildfire Victim Trust Fund. All such claims must still be filed on an individual basis. A. 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. 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). The PGE 2020 Bankruptcy and PGE Fire Victim Trust. Newsom, you approved this bankruptcy plan and you have the authority and resources at your disposal to correct the inequities to victims created by this plan. Most of the PG&E fire lawsuits are contingent fee lawsuits which means that the attorney fees cannot be excluded from the gross award ( Comm v Banks ). Review our firm's. "Did they provide any explanation as to why it took them 5 months to get back to you," asked Woodrow? The trust owns about 24% of the companys 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. 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. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. Justice John K. Trotter (Ret. REUTERS/David Swanson. 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. SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. In the first pro rata payment, each claimant will receive 30% of the value assigned to their claims. None of these entities were required by the U.S. Bankruptcy Court to take one-half of their settlements 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. 153 0 obj <>stream In April 2002, he was named Managing Editor. 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. "Down to about two feet of rubble," said Internicola. Our work to process claims continues, and todays news is a sign of significant progress. 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. 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.) 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. Sign up for NBC Bay Areas Housing Deconstructed newsletter. (2022, May 6). 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. 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 Happy New Year. Editing by John Foley and Marjorie Backman, Bond spat is odd look for Melrose deal machine, Lufthansa offers Alitalia heir last chance to fly, Chinas demographic decline can be boon, not doom, Bank of Japan has learnt danger of half-measures, Just Eat delivers right takeaway orders, finally, See here for a complete list of exchanges and delays. How safe is your neighborhood? We speak to claimants every day and know how hard this has been for everyone. 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. 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. PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. KQED. 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 press release here. 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. 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. https://twitter.com/Cal_OES/status/1609310956794019840. Prior to this months sales, the FVT had sold 230 million shares across five sales Jan 31, 2022 (40 MM shares); April 14 (60 MM shares); Oct 4 (35 MM shares); Oct 27 (35 MM shares); Dec 12 (60 MM shares). In his letter to victims, Trotter recounted the creation of the trust and its recent history. 1 Sansome Street, Ste 2830 endstream endobj 116 0 obj <. We are in good hands! (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. 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. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. Fix the Biggest Victim Economy created and approved by you and Judge Montali. Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. The industry leader for online information for tax, accounting and finance professionals. He said in his letter that the trust still owns 377 million shares of the utilitys stock. 0 Indie Pop Star Michelle Lambert Plays Market and Main in Martinez! 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. (2022, May 6). 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. PARADISE, Calif. - There is a new 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. 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. 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. There are eight categories of claims types. 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. The family knew they wanted to rebuild. Wildfire claims ) Allyn, J the Biggest Victim Economy Ever Created the! Representatives for the Fire Victim Trust corporate stock has not gone well bankruptcy claimants the... 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fire victims trust payouts