The PGE 2020 Bankruptcy and PGE Fire Victim Trust. In the aftermath of each fire, thousands of people sought refuge in their vehicles, emergency tent communities or FEMA camps. San Francisco, CA 94104, 2023 | ATTORNEY ADVERTISING MATERIAL | Privacy Policy & Disclaimer | Sitemap. Furthermore, Gov. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. So, out of the gate our settlement went from $13.5 billion to $12 billion, and today the stock is about $1.1 billion underwater and victims have experienced a $212 million dollar loss in their Trust funds because Trustee Trotter chose to sell 100 million of victims' shares at $12.04 per share. He was born in Chico and attended Butte and Chico State. Now valued at over $10 each, Trotter says the difference could be taxed around 45%, meaning more money Fire Victims may accept this initial determination or may request additional review and submit supplemental claim materials as part of the Reconsideration and Appeals processes. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Were not quite there yet, but getting closer! A. Justice John K. Trotter (Ret. Were making every effort to keep Fire Victims and their attorneys apprised of our progress each step of the way. and Claims Administrator Cathy Yanni. Governor Newsom. Butte County survivors similarly filed lawsuits following the 2018 Camp Fire, with a motion to coordinate those cases still pending at the time PG&E initiated bankruptcy proceedings. (2020, December 19). Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. We are making every effort to pay as much as we can, as quickly as we can.. 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. It appears there are no age or competency requirements for retirement in the U.S. Bankruptcy Court system. (17). KQED. VIDEO: PG&E stock sale may mean more cash for California wildfire victims. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. Many, if not all the victims lawyers, surely wanted the clock to start as soon as possible. The Un-Trustworthy PG&E Fire Victim Trust (PVT). 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 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. By filing for Chapter 11, PG&E will be allowed to continue its business operations while restructuring its debts and resolving liabilities. A vote for Yes or No was essentially all the victims received no substantial input. "You know if the state can get it done, why can't the federal government," said LaMalfa. 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. We speak to claimants every day and know how hard this has been for everyone. 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. 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. The House and Senate will be in session in mid-November. - The company filed for bankruptcy in January 2019 following a series of wildfires in 2015, 2017 and 2018. 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). 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. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. PGE Fire Victim Trust (Well-Paid) Bureaucracy, At the top of the fee food-chain heap is, of course, the Fire Victim Trust managers (i.e., the Trustee (John Trotter), the Manager (Cindy Yanni), and the Special Master (Ellen Sickle James) who are reported to earn make $125,000, $200,000 and $176,000 per month, respectively. 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. These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. However, the 68,870 wildfire victims (approximately 250,000 people) have been short-changed and slow-paid pennies on the dollar and were required to take one half of their settlement in PGE stock. (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. REUTERS/David Swanson. 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, The Butte Fire, North Bay Fires and Camp Fire burned 400,000 acres, destroying 10s of thousands of homes and other structures. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. 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. The Bank of Japan (BOJ) made no adjustments to its yield-curve control (YCC) policy that keeps interest rates ultra-low on Wednesday. PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. 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? 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. And, Trustee Trotter, 86 when he was appointed by Judge Montali is now 88 draws a salary of $125,000 per month as the Trustee. Then I could go deeper based on what I read. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. No-fee policy. I recommend them without reservation., We cannot thank you enough for all your support, education and assistance through our recovery from the 2017 Tubbs Fire. 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. In that rubble Internicola says he found the only item that survived, a ring his father gave him. 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 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. Also, the trust gained another $480 million through the sale of 40 million shares of PG&E stock. 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. So, if you receive $100,000 and give 25% to your attorney, you are still taxed on the full $100,000. 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. Sign up for NBC Bay Areas Housing Deconstructed newsletter. WebThe PGE 2020 Bankruptcy and PGE Fire Victim Trust PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. And one-half (i.e., $6.75 billion) of the victims settlement languishes in PGEs underperforming stock.(1,2,3,4,5,6,13). Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th Bankruptcy Judge Robert Montali, a 23-year veteran of the U.S. Bankruptcy system (now 81 years of age) was chosen by the system to preside over the largest bankruptcy in U.S. legal history which concluded in July 2020. Landslide Debris Cancels ACE Train Service Through Niles Canyon, Water Agencies Seek Solution to Unhoused Residents Living in Creek Beds, Man Accused in Wife's Murder Made Shocking Google Searches in Days After Her Disappearance, Michigan Family Gets Life in Prison for Killing Family Dollar Guard Over Face Mask Dispute, SF Residents Give City Officials Earful About Increase in Crime, Decrease in Quality of Life, Rain Wednesday Will Add to Historic Wet Period in Bay Area. ABC7News. Will new regulations do enough to keep homeowners from losing fire insurance. [1/2]A PG&E tracks passes the line of the Dixie Fire near Taylorsville, California, August 10, 2021. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. 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. (18), (1) Jamali, L. J. This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. Newsom approved Montalis bankruptcy plan for PGE. In the first pro rata payment, each claimant will receive 30% of the value assigned to their claims. We never share your information with third parties. The lawsuits were subsequently coordinated into a single mass tort proceeding in San Francisco County Superior Court (JCCP No. 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. 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 He will be replaced by Cathy Yanni, who has been with the trust since it was created two years ago as the claims administrator. Additional rounds of pro rata payments will follow until the fund is depleted. For many Fire Victims, the pro rata payment will not mark the first time they have received compensation from the FVT. Wildfire victims do not lose their right to compensation because of the bankruptcy and should consult an attorney about preparing a claim. Director Ward is one of the nations foremost emergency managers with broad experience working at @DHSgov @fema @FEMARegion9 as well as Cal OES. PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. An unidentified spokesman for the Fire Victim Trust told KQED the fund has now increased its payments to families, putting $195.2 million into the hands of those who lost loved ones, homes and businesses to fires caused by PG&E. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. 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. Insurance Journal. Congressman LaMalfa says the IRS took 5 months to get back to lawmakers about how fire victims who received PG&E settlement money should file their taxes so they wouldn't overpay or underpay and be facing penalties or fines. But the bill is stuck. This is different from a class action lawsuit. 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. 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. endstream endobj 116 0 obj <. 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. Review our firm's. We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. Accordingly, it is important to understand the full scope of your legal damages, how to properly document your losses, how to complete the claim form process, and how to ensure a fair amount is allocated to your claim. Legislation could make PG&E settlement money for CA wildfire victims tax-free from the federal government, but the bill is stuck in Congress. He said in his letter that the trust still owns 377 million shares of the utilitys stock. 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. 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. The family knew they wanted to rebuild. In April 2002, he was named Managing Editor. 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. 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. Once PG&E filed for bankruptcy, however, the civil lawsuits were automatically stayed (or paused). 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. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. What lawyers earn that kind of money perhaps a handful of patent attorneys? An unidentified spokesman for the Fire Victim Trust told KQED the fund has now increased its payments to families, putting $195.2 million into the hands of those who lost loved ones, homes and businesses to fires caused by PG&E. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. Santa Rosa Press Democrat. Take a look at more stories by the ABC7 News I-Team. 1 Sansome Street, Ste 2830 It is surprising to me that the enormous task managing a $13.5 billion trust would go to an octogenarian in the twilight years of his life, let alone his professional career, addressing the adjudication of settlements for 68,870 victim families and businesses. Trotter said there had been significant progress in paying out claims. (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. PARADISE, Calif. - There is a new If you have previously retained an attorney for your wildfire claim, you do not need to take any further action. Capradio. In a bankruptcy settlement, claimants may not ultimately receive the full value of their claims, but they must all receive the same proportionate pro rata value. Today @GavinNewsom announced Nancy Ward as the next Director of Cal OES. 4955). Our experienced mass tort attorneys provide consultations at no cost and with no obligation. They now collectively own almost a quarter of the companys shares. Sign up for free Patch newsletters and alerts. The trust initially received around 480 million shares at $9 each. Happy New Year. (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). 0 Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Hedge Funds Cash Out Billions in PG&E Stock. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. Once they were able to resolve that issue with help of its lawyers, Brown Rudnick, the trust was able to gain another $100 million by having to avoid that capital gains tax, Trotter said. If you have a claim for fire-related damages, you are considered an unsecured creditor of PG&E for purposes of the bankruptcy process. 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 VIDEO: Will new regulations do enough to keep homeowners from losing fire insurance? 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. 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. And these payments have been neither quickly nor fairly paid to victims contrary to Judge Montalis promise to victims. opt-out claim, and issuance 90% of all Determination Notices. 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. Compensating victims will be a recurring challenge; giving them a volatile asset prone to falling in value turns out to be a poor solution. On December 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. We are in good hands! 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). Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. Read the lettershere. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. This was followed on August 3, 2020, with an additional 748,415 shares. 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. Thats between $800 and $1,250 per hour. 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. 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. 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). ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. Less than 1% of all claims have been appealed. Rick Silva has been with the Paradise Post since June 1994 as sports editor. 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. The PGE Trust Oversight Committee is comprised of nine attorneys. 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. He said his rent is triple what he paid for his mortgage in Paradise. Newsom approved, is and continues to be a tragic outcome for the PG&E wildfire victims. My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. , the civil lawsuits were subsequently coordinated into a single mass tort proceeding in san Francisco County Court. E tracks passes the line of the 67,170 victims risks in business relationships human. All victims with claims more cash for California wildfire victims do not lose right... Additional rounds of pro rata payment will not mark the first pro rata payments will until... Deconstructed newsletter an additional 748,415 shares Managing Editor enough to keep Fire victims and attorneys. In that rubble Internicola says he found the only item that survived, a ring his father him. Named Managing Editor, a ring his father gave him tent communities or FEMA camps,... Will be in session in mid-November & Electric stock. ( 1,2,3,4,5,6,13 ) if the State can get done! 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